Regulation Correspondent, Europe
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Jan 23, 2014

Germany, France attack EU plan to curb big banks

LONDON, Jan 23 (Reuters) – Germany and France have attacked
European Union plans to curb big banks, warning that this could
jeopardise a delicate economic recovery, a paper seen by Reuters
showed.

Next week, the European Commission will unveil a blueprint
to challenge the power of big banks, tackling one of the biggest
risks exposed by the 2007-2009 financial crisis.

Jan 23, 2014

Banker Bischoff to head Britain’s accounting watchdog

LONDON, Jan 23 (Reuters) – Britain named Win Bischoff as the
Financial Reporting Council’s new chairman who will face major
changes from Europe and several high-profile investigations at
the accounting watchdog.

The government said Bischoff, who is stepping down from his
current post as chairman of Lloyds Banking Group, will
join the FRC on May 1, replacing Baroness Hogg whose departure
had already been announced.

Jan 23, 2014

UK’s European court blow to shape Libor supervision

LONDON (Reuters) – Britain’s defeat in the European Union’s top court over short-selling rules strengthens the case for EU-level supervision of market benchmarks like Libor, lawmakers said on Thursday.

The European Court of Justice ruled on Wednesday that an EU body, the European Securities and Markets Authority (ESMA), does have the power in emergencies to ban short-selling or bets on falling share prices.

Jan 22, 2014

EU’s top court rejects UK challenge to short-selling law

BRUSSELS/LONDON, Jan 22 (Reuters) – The European Union’s top
court has dismissed Britain’s challenge to a law on banning the
short-selling of shares in market emergencies, dealing a blow to
UK attempts to limit the influence of EU rules on the City of
London.

British Prime Minister David Cameron had been seeking to
limit EU controls on London, the bloc’s biggest financial
centre, reflecting a broader attempt to renegotiate the
country’s membership of the EU ahead of a promised referendum on
staying in the bloc.

Jan 21, 2014

European court to rule on UK’s clash with EU over short-selling

LONDON, Jan 21 (Reuters) – Europe’s top court will rule on
Wednesday on a UK challenge to a European Union market
watchdog’s powers to ban short-selling in an emergency, which
Britain argues unduly shackles national supervisors.

A win at the European Court of Justice in Luxembourg could
force Brussels to limit the scope of financial rules and lend
momentum to UK Prime Minister David Cameron’s push to
renegotiate the country’s membership of the EU and put it to a
referendum in 2017.

Jan 20, 2014

Regulators start work on new bank asset valuation rule

LONDON, Jan 20 (Reuters) – Global regulators are planning
the world’s first common rule within three years to value
hard-to-price assets held by banks after unexpected revisions
have unsettled investors, the man overseeing the plan told
Reuters.

The initiative may face resistance from a banking sector
worried that assets will be more conservatively priced, hitting
bonuses and bumping up capital requirements.

Jan 17, 2014

UK to review accounting changes after EU deal

LONDON, Jan 17 (Reuters) – Britain’s competition watchdog
will review changes it has ordered to prise open an accounting
sector dominated by four big players after the European Union
agreed a tougher set of reforms.

Britain’s Competition Commission decided in October the
country’s top 350 companies must put their book-keeping out to
tender at least once a decade, to shake up a market dominated by
KPMG, PwC, EY and Deloitte.

Jan 16, 2014

Exclusives: Derivatives may escape euro zone transaction tax – document

LONDON (Reuters) – The “bogeymen” of derivatives and securitized debt, blamed for deepening the financial crisis, may escape a new euro zone transactions tax as policymakers fear harming funding for companies and the economy, a document seen by Reuters showed.

The 11 euro zone countries currently discussing the tax, which include France and Germany but not Britain, are meeting on Thursday to hammer out a revised proposal for the tax, which will make banks repay some of the public money that kept them going during the 2007-09 financial crisis.

Jan 15, 2014

EU securities reform may shine light on market’s dark corners

LONDON, Jan 15 (Reuters) – Sweeping revisions to EU
securities trading law agreed late on Tuesday mark the latest
step in efforts to avert a repeat of the financial crisis,
ushering in a new market landscape with major implications for
banks and other participants.

Some were quick to complain that attempts to increase the
transparency of trading in derivatives, currently carried out
over the counter (OTC) or away from official exchanges, would be
seriously detrimental to that market.

Jan 14, 2014

EU reaches deal on sweeping securities reform

LONDON (Reuters) – Curbs on commodity speculation and ultra-fast share trading will be introduced across the European Union (EU) under an agreement reached on Tuesday on a broad reform of securities markets.

The measures will be implemented by the end of 2016 and aim to plug gaps highlighted by the 2007 to 2009 financial crisis, imposing tighter controls on the financial markets and catching up with advances in trading technology.

    • 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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