Regulation Correspondent, Europe
Huw's Feed
Feb 7, 2014

EU says Gazprom yet to satisfy its concerns over prices

LONDON, Feb 7 (Reuters) – Gazprom has not yet satisfied the
European Commission’s concerns over pricing and the European
Union’s executive body may still charge the state-controlled
Russian gas monopoly with antitrust abuses, the EU competition
chief said on Friday.

The world’s top gas producer and the supplier of a quarter
of Europe’s gas needs, has been under EU investigation since
September 2013 for suspected anti-competitive behaviour,
including overcharging customers and blocking rival suppliers.

Feb 6, 2014

EU asks Britain to explain new ‘allowances’ in bankers’ pay

LONDON/BRUSSELS (Reuters) – The European Commission has asked the Bank of England to explain how new allowances in British bankers’ pay comply with an EU bonus cap, an official at the bloc’s executive said, a new flashpoint of friction over the reach of financial control.

Under EU rules, from 2015 bonuses cannot be more than fixed salary, or double this amount with shareholder approval, and most of the bankers affected are based in London.

Feb 4, 2014

Bank of England’s Haldane calls for more global policy coordination

OXFORD, England, Feb 4 (Reuters) – Turmoil in some emerging
markets reflects a failure of advanced and developing economies
to learn from the financial crisis and coordinate policies more
effectively, a senior Bank of England official said on Tuesday.

Investors have been retreating rapidly from emerging markets
as the U.S. Federal Reserve unwinds an economic stimulus policy
that had made such high-yielding assets attractive, sending
currencies skidding and forcing policymakers to hike interest
rates.

Feb 4, 2014

FCA to review pay guidance for financial sector

LONDON (Reuters) – Tougher guidelines on financial sector pay are under consideration by the UK watchdog, though extending a cap on banker bonuses to the wider industry looks a step too far, a top regulator told UK MPs on Tuesday.

Under new European Union rules, banker bonuses can be no higher than an individual’s fixed salary, rising to double that level if shareholder approval is obtained.

Feb 4, 2014

UK watchdog to review pay guidance for financial sector

LONDON, Feb 4 (Reuters) – Tougher guidelines on financial
sector pay are under consideration by the UK watchdog, though
extending a cap on banker bonuses to the wider industry looks a
step too far, a top regulator told UK lawmakers on Tuesday.

Under new European Union rules, banker bonuses can be no
higher than an individual’s fixed salary, rising to double that
level if shareholder approval is obtained.

Feb 4, 2014

UK watchdog says forex probe to stretch into 2015

LONDON, Feb 4 (Reuters) – Britain’s financial watchdog said
it was unlikely to reach any conclusions this year in its probe
into potential manipulation of foreign exchange markets.

Benchmark foreign exchange rates are used to set the value
of trillions of dollars of investments and regulators are
looking at whether traders at some of the world’s biggest banks
colluded to manipulate the rates.

Feb 3, 2014

FCA issues warnings to two bankers over interest rates

LONDON (Reuters) – Britain’s financial watchdog has issued its first warning notices of proposed action against two bankers for their part in alleged manipulation of benchmark interest rates.

The Financial Conduct Authority (FCA) did not name the people, stating only that it gave a warning notice to a submitter of benchmark interest rates for failings over a period of more than two years, and another warning to a manager at a bank for failings over more than three years.

Feb 3, 2014

UK issues warnings to 2 bankers over interest rates

LONDON, Feb 3 (Reuters) – Britain’s financial watchdog has
issued its first warning notices of proposed action against two
bankers for their part in alleged manipulation of benchmark
interest rates.

The Financial Conduct Authority (FCA) did not name the
people, stating only that it gave a warning notice to a
submitter of benchmark interest rates for failings over a period
of more than two years, and another warning to a manager at a
bank for failings over more than three years.

Jan 31, 2014

EU watchdog sets out initial terms of bank health check

LONDON (Reuters) – European Union banks face their toughest probe yet in a bid to weed out the sector’s weaklings, the bloc’s chief watchdog said on Friday, announcing stress tests intended to help draw a line under the financial crisis.

More than half a decade since the start of the 2008-2009 credit crunch, and despite more than 1 trillion euros ($1.4 trillion) of state support, confidence in the sector remains fragile and the EU’s latest health checks are intended to settle any lingering doubts over its finances.

Jan 29, 2014

Deloitte leapfrogs PwC to become top accountant: global survey

LONDON (Reuters) – Deloitte has pipped rival PwC to become the world’s top accountant by revenue in the face of rising pressure on fees and new rules boosting competition, a global survey showed.

The International Accounting Bulletin said Deloitte DLTE.UL, PwC PWC.UL, KPMG KPMG.UL and EY ERNY.UL, dubbed the Big Four, still dominate the sector with over two-thirds of the market, dwarfing the combined 33 percent share of mid-tier firms like BDO and Grant Thornton.

    • 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."
    • Follow Huw