Regulation Correspondent, Europe
Huw's Feed
Nov 27, 2014

BDO concerned over patchy roll-out of EU accounting rules

LONDON (Reuters) – New European Union rules to improve auditing of banks and other companies are being blunted by varied implementation from nation to nation, a top accounting official said.

The reform forces companies to switch auditor every few years so that accountants are more likely to challenge what they are told before signing off on annual reports.

Nov 26, 2014

UK plans to make insurance executives more accountable

LONDON, Nov 26 (Reuters) – Chief executives and other senior
officials at insurance companies in Britain will be made more
directly accountable to regulators for their decisions under
plans announced by the Bank of England on Wednesday.

The plans follow those the Bank’s Prudential Regulation
Authority (PRA) has already drawn up for senior bankers,
although they are less demanding in some respects.

Nov 26, 2014

EU markets watchdog reviewing “falsely active funds”

LONDON, Nov 26 (Reuters) – The European Union’s markets
watchdog said on Wednesday it was assessing the extent to which
some actively-managed funds potentially mislead investors by
simply tracking a stock index.

Since the financial crisis, regulators around the world have
intervened in various financial markets to ensure that investors
get a better deal, fining firms for bad practice and changing
the rule-book.

Nov 26, 2014

Bank of England plans accountability regime for insurers

LONDON, Nov 26 (Reuters) – Chief executives and other senior
officials at insurance companies in Britain will be made
directly accountable for the decisions they take under plans
announced by the Bank of England on Wednesday.

The plans are similar to those the Bank’s Prudential
Regulation Authority arm has already proposed for senior
bankers. Lawmakers criticised regulators for bringing so few
bankers to book after lenders had to be shored up by taxpayers
in the 2007-09 financial crisis.

Nov 25, 2014

Global regulators seek ways to avert rule disputes

LONDON (Reuters) – Global regulators want better coordination of rules but not a body to settle disputes like the transatlantic spat over derivatives, a financial watchdog report said on Tuesday.

The International Organisation of Securities Commissions (IOSCO) said its report, based on a survey of regulators and banks, was a first attempt at a broad framework for dealing with differing approaches to cross-border regulation.

Nov 25, 2014

FCA homes in on ‘survival borrowing’ in credit card probe

LONDON (Reuters) – Britain’s credit card market is not working well for struggling customers who over-borrow and pay unexpectedly high rates, the country’s financial regulator said on Tuesday, as it launched a study that could change the way cards are sold.

The Financial Conduct Authority (FCA) said it would study how easy it is for customers in Europe’s biggest credit card market to shop around, how card providers recover costs, and the extent of unaffordable debt.

Nov 25, 2014

Watchdog homes in on ‘survival borrowing’ in credit card probe

LONDON (Reuters) – Britain’s credit card market is not working well for struggling customers who over-borrow and pay unexpectedly high rates, the country’s financial regulator said on Tuesday, as it launched a study that could change the way cards are sold.

The Financial Conduct Authority (FCA) said it would study how easy it is for customers in Europe’s biggest credit card market to shop around, how card providers recover costs, and the extent of unaffordable debt.

Nov 25, 2014

UK watchdog homes in on “survival borrowing” in credit card probe

LONDON, Nov 25 (Reuters) – Britain’s credit card market is
not working well for struggling customers who over-borrow and
pay unexpectedly high rates, the country’s financial regulator
said on Tuesday, as it launched a study that could change the
way cards are sold.

The Financial Conduct Authority (FCA) said it would study
how easy it is for customers in Europe’s biggest credit card
market to shop around, how card providers recover costs, and the
extent of unaffordable debt.

Nov 24, 2014

Bank of England mulls tougher capital rules for clearing houses

LONDON, Nov 24 (Reuters) – Financial institutions that
settle trillions of dollars of derivative contracts a day may
need to hold more capital to stop them requiring a government
bailout if they fail, a senior Bank of England official said on
Monday.

David Bailey, a BoE official responsible for financial
market infrastructure, said clearing houses – also known as
central counterparties (CCPs) – might need to build up bigger
capital buffers, as banks are already being required to do.

Nov 21, 2014

ECB wants flexibility in EU banks trading law

LONDON, Nov 21 (Reuters) – The European Central Bank (ECB)
wants flexibility in how it applies planned EU rules to isolate
high-risk trading at big banks, to avoid harming financing for
the economy, it said on Friday.

The ECB’s opinion will carry clout because from this month,
it became the supervisor for the euro zone’s top banks.

    • 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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