Regulation Correspondent, Europe
Huw's Feed
May 29, 2015

Watchdog suggests EU take less rigid view of foreign derivatives rules

LONDON, May 29 (Reuters) – The European Union may need to be
less rigid in its approach to dealing with financial rules from
outside the bloc to avoid disputes with other countries, the
EU’s top markets regulator said on Friday.

The EU’s executive European Commission and U.S. Commodity
Futures Trading Commission (CFTC) have been at loggerheads for
months over whether to recognise each others’ rules for making
markets for financial derivatives safer in the wake of the
2007-2009 financial crisis.

May 28, 2015

Tesco scandal puts spotlight on UK’s annual company audit checks

LONDON, May 29 (Reuters) – Tesco’s book-keeping
scandal has prompted Britain’s accounting policeman to turn a
spotlight on annual reports in the retail sector to check for
similar irregularities.

The Financial Reporting Council (FRC) has already opened a
probe into Tesco’s accounts, and it said on Friday that scrutiny
of sample audits in the coming year will focus in particular on
the food, drinks and retail sector.

May 28, 2015

FCA says bankers need ‘common sense’ to comply with new conduct rules

LONDON (Reuters) – Bankers in Britain must use common sense when applying new rules on being held personally responsible for wrongdoing in their business as there won’t be detailed guidance that lawyers can use in their defence, a top watchdog said on Thursday.

The new Senior Manager Regime (SMR) comes into effect in March 2016 to make it easier for regulators to punish individuals for wrongdoing.

May 28, 2015

UK watchdog says bankers need “common sense” to comply with new conduct rules

LONDON, May 28 (Reuters) – Bankers in Britain must use
common sense when applying new rules on being held personally
responsible for wrongdoing in their business as there won’t be
detailed guidance that lawyers can use in their defence, a top
watchdog said on Thursday.

The new Senior Manager Regime (SMR) comes into effect in
March 2016 to make it easier for regulators to punish
individuals for wrongdoing.

May 26, 2015

EU vote sends draft law to rein in bank risks back to drawing board

LONDON (Reuters) – A panel of European Union lawmakers narrowly rejected a draft law aimed at curbing trading risks at banks after they failed to bridge a deep divide between the main parties.

The European Parliament’s economic affairs committee voted to reject the draft law on bank structural reform by 30 votes to 29 in a relatively rare move.

May 26, 2015

Lehman collapse shapes Bank of England’s trading test for lenders

LONDON, May 26 (Reuters) – Britain’s top banks will be
tested this year for their ability to cope with the type of
market mayhem that followed the collapse of U.S. bank Lehman
Brothers in 2008, the Bank of England said on Tuesday.

The specific test for risks from trading books will be
applied to seven banks and will supplement the broader annual
stress tests announced in March.

May 22, 2015

Global regulators to meet in London, fix rules after rigging scandals

LONDON (Reuters) – Global regulators meet in London next month to try to tighten their grip on markets after banks were fined billions of dollars for manipulating interest rates and currencies, Britain’s top financial supervisor said.

The hefty penalties on British, American and Swiss banks have forced authorities to rethink regulation for a chunk of the market hitherto left to discipline itself, said Martin Wheatley, chief executive of the Financial Conduct Authority (FCA).

May 22, 2015

UK referendum will not affect push for capital markets union – EU finance chief

LONDON, May 22 (Reuters) – A push towards a capital markets
union in the European Union will continue regardless of a
planned referendum in Britain on its membership of the
28-country bloc, EU financial services chief Jonathan Hill said
on Friday.

London is the bloc’s biggest financial centre and regarded
as a core part of Hill’s efforts for a pan-EU effort to increase
the ability of markets to raise finance, to drive economic
growth in Europe as banks rein in lending.

May 22, 2015

FCA details competition probe into primary market banking services

LONDON (Reuters) – Britain’s market watchdog said it will use its competition powers for the first time to check whether customers are getting adequate choice and value for money in wholesale banking services.

The main focus will be on the primary market where companies issue bonds and shares to raise funds for financing expansion and getting advice on mergers, the Financial Conduct Authority (FCA) said on Friday.

May 22, 2015

UK watchdog details competition probe into primary market banking services

LONDON, May 22 (Reuters) – Britain’s market watchdog said it
will use its competition powers for the first time to check
whether customers are getting adequate choice and value for
money in wholesale banking services.

The main focus will be on the primary market where companies
issue bonds and shares to raise funds for financing expansion
and getting advice on mergers, the Financial Conduct Authority
(FCA) said on Friday.

    • About Huw

      "Huw is based in London and covers European regulatory issues and global rulemaking bodies such as the G20, Financial Stability Board, IOSCO, IASB and the Basel Committee. He has covered EU regulation in Brussels, the emergence pan-European stock markets, and has also been a Wall Street reporter in New York."
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