Regulation Correspondent, Europe
Huw's Feed
Sep 25, 2014

Global regulator flags change in how banks calculate capital

LONDON (Reuters) – Banks face curbs on their ability to downplay how much capital they should hold, as regulators bid to restore investor confidence in the sector, a top global banking watchdog has said.

Stefan Ingves, chairman of the Basel Committee of supervisors from nearly 30 countries, said there will be “floors” on bank capital, one of the most definitive statements so far on major changes to come.

Sep 25, 2014

BoE’s Carney says top insurance officials face tougher scrutiny

LONDON, Sept 25 (Reuters) – Britain will vet top insurance
officials and actuaries, bringing the sector in line with banks
to make misconduct by individuals easier to punish, Bank of
England Governor Mark Carney said on Thursday.

Insurance officials and actuaries who come under the BoE’s
net will have to prove their suitability to regulators before
they can start the job.

Sep 25, 2014

UK to widen law against benchmark rigging, aims for year-end

LONDON (Reuters) – Britain plans to extend laws criminalizing the rigging of Libor interest rates to seven other financial benchmarks by the end of this year, the finance ministry said on Thursday.

The Treasury launched a consultation on widening the legislation to a range of benchmarks including the WM/Reuters 4pm London fix – the dominant global benchmark in the $5.3 trillion-a-day currency market – and gold, oil and silver.

Sep 24, 2014

New UK regulatory team to track funds to protect investors

LONDON, Sept 24 (Reuters) – Britain’s financial regulator
said it was changing how it supervises the investment sector as
part of a wider push to stop customers being ripped off when
they save for their old age.

The Financial Conduct Authority (FCA) said it would assess
funds from the moment they are authorised to be sold in Britain
through to their eventual closure, its director of wholesale
banking and investment management, William Amos, told a
conference in London.

Sep 23, 2014

EU financial watchdogs warn of funding squeeze

LONDON, Sept 23 (Reuters) – Three European Union financial
watchdogs warned that a funding freeze will hamper their efforts
to help Europe avoid another financial crisis.

The 2007-2009 crisis led to new laws that force banks to
hold more capital so that taxpayers do not have to rescue them
again. Insurers also face tougher capital requirements, while
the EU has also agreed to set up new protections for investors.

Sep 23, 2014

Derivatives industry calls global reporting plan a dream

LONDON (Reuters) – Plans for a global snapshot of risks in the financial derivatives market are a “dream” that must not detract regulators from tackling discrepancies in trade reporting, a top industry official said on Tuesday.

Following market mayhem after the collapse of Lehman Brothers bank in 2008, the Group of 20 economies (G20) agreed that data should be collected on who holds derivatives contracts like interest rate or credit default swaps.

Sep 23, 2014

BoE’s Bailey wants better global coordination over bank fines

LONDON, Sept 23 (Reuters) – Regulators from the United
States and elsewhere should coordinate better how they levy
fines on banks for misconduct to avoid making it harder to
rebuild strength in the banking system, Bank of England Deputy
Governor Andrew Bailey said.

Bailey said at a British Bankers’ Association on Tuesday
that better discussion was needed among regulators to ensure big
fines don’t get in the way of banks building up their capital
buffers.

Sep 22, 2014

EU’s Barnier defends bank rescue fund plans

LONDON, Sept 22 (Reuters) – The European Union must shift
more of the cost of a new rescue fund for banks onto the
region’s biggest lenders, lawmakers told the bloc’s financial
services chief on Monday.

EU leaders have decided to complete a banking union by
setting up an agency to shut failing euro zone banks and
establishing, over eight years, a 55 billion euro back-up fund.

Sep 11, 2014

Top global banks face 16-20 pct combined capital buffer-G20 draft

LONDON (Reuters) – The world’s top 29 banks would have to hold safety buffers of “bail-in” bonds and other capital equivalent to 16 to 20 percent of their risk-weighted assets, under a plan drawn up by global regulators.

The plan, core to global efforts to end “too big to fail banks” and shield taxpayers from having to rescue lenders again, will be discussed by finance ministers from the G20 group of leading economies in Australia next week.

Sep 11, 2014

Top global banks face 16-20 percent combined capital buffer – G20 draft

LONDON (Reuters) – The world’s top 29 banks would have to hold safety buffers of “bail-in” bonds and other capital equivalent to 16 to 20 percent of their risk-weighted assets, under a plan drawn up by global regulators.

The plan, core to global efforts to end “too big to fail banks” and shield taxpayers from having to rescue lenders again, will be discussed by finance ministers from the G20 group of leading economies in Australia next week.

    • 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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