Financial Regulatory Forum

UK auditors face possible ban on some non-audit work

LONDON, Oct 6 (Reuters) – Auditors in Britain may be banned from offering consultancy and other non-audit services to firms whose books they check, a UK watchdog said on Tuesday.

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EU unveils blueprint to overhaul policing of banks

European Commissioner in charge of Internal Market and Services Charlie McCreevy speaks during a news conference at EC Headquarters in Brussels September 23, 2009. The European Union unveiled its blueprint on Wednesday for an overhaul of the way banks and financial markets are policed, a central plank to new rules designed to prevent a repeat of the global economic crisis.  REUTERS/Sebastien Pirlet   (BELGIUM POLITICS BUSINESS) By John O’Donnell

BRUSSELS, Sept 23 (Reuters) – The European Union unveiled its blueprint for an overhaul of the way banks and financial markets are policed, a central plank in new rules designed to prevent a repeat of the global economic crisis. It plans to create a banking super-watchdog, with power to overrule countries such as Britain, and a pan-European supervisor that would warn of early signs of crisis.

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UK to crack down on tax avoidance

Britain's Financial Secretary to the Treasury Stephen Timms arrives at 11 Downing Street in London June 8, 2009. LONDON, Sept 21 (Reuters) – Britain’s Labour government will use its upcoming prebudget report to clamp down on tax avoidance, Treasury minister Stephen Timms said on Monday.

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UK’s Darling to force ‘living wills’ on banks – report

LONDON, Sept 15 (Reuters) – UK Finance Minister Alistair Darling plans to force the country’s banks to draw up ‘living wills’ that would allow them to be dismantled more easily in the event of another financial crisis, the Financial Times reported.

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Regulator blocks Royal Bank of Scotland payout of subordinated bonds

By Jane Baird and Jane Merriman
LONDON, Sept 4 (Reuters) – Royal Bank of Scotland will not exercise options to redeem more than $1.5 billion of subordinated debt next month after regulators objected to it using state aid to repay the low-ranked bondholders.

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UK, France, Germany urge G20 post-crisis plan, tougher regulation and tax measures

German Chancellor Angela Merkel (R) speaks with French President Nicolas Sarkozy and British Prime Minister Gordon Brown (C) at the start of a meeting in the Chancellery in Berlin, February 22, 2009. By Yann Le Guernigou
CALIGNY, France, Sept 3 (Reuters) – Britain, France and Germany called on the G20 on Thursday to discuss exiting measures implemented to tackle economic crisis, as well as limits on bank bonuses, at an upcoming summit in Pittsburgh.

In a joint letter to European leaders, British Prime Minister Gordon Brown, German Chancellor Angela Merkel and French President Nicolas Sarkozy said major economies had to avoid creating new global imbalances as the recession receded.

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U.K. banks said to reject applicants over fears of regulator disapproval

By Kirstin Ridley
LONDON, Sept 1 (Reuters) – Britain’s leading banks are dropping around 9 percent of applicants for top management positions for fear the regulator will reject them and publicly damage reputations, a law firm said on Tuesday.

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London court blocks move to claim Lehman assets

LONDON, Aug 21 (Reuters) – Clients of Lehman Brothers in Europe may have to wait longer to get their assets back after a judge blocked a move to speed the unwinding of the bankruptcy, accountants warned on Friday.

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UK’s FSA steps into EU hedge fund spat with study

UK’s FSA steps into EU hedge fund spat with study
LONDON, Aug 21 (Reuters) – Britain’s Financial Services Authority has commissioned a cost study of a draft European Union law on the regulation of alternative investment managers, a step hedge funds hope will provide more ammunition to dilute the measure. (more…)

Britain to unveil banking reform blueprint

    By Christina Fincher and Huw Jones
   LONDON, July 8 (Reuters) – Britain is to set out its blueprint for beefing up financial regulation later on Wednesday in a bid to prevent a re-run of the crisis that forced it to bail out banks with billions of pounds of taxpayers’ money. (more…)

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