Regulation Correspondent, Europe
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Sep 9, 2014

MPs ‘fed up’ with ‘obstructive’ financial watchdog

LONDON (Reuters) – MPs accused the country’s financial watchdog on Tuesday of failing to volunteer details about how it operates and takes key decisions affecting millions of investors.

The Treasury Select Committee clashed repeatedly with John Griffith-Jones, chairman of the Financial Conduct Authority over requests to share privately the watchdog’s internal workings.

Sep 9, 2014

UK lawmakers “fed up” with “obstructive” financial watchdog

LONDON, Sept 9 (Reuters) – British lawmakers accused the
country’s financial watchdog on Tuesday of failing to volunteer
details about how it operates and takes key decisions affecting
millions of investors.

The Treasury Select Committee clashed repeatedly with John
Griffith-Jones, chairman of the Financial Conduct Authority over
requests to share privately the watchdog’s internal workings.

Sep 8, 2014

EU’s Barnier seeks result of probe into banker allowances by end of September

LONDON (Reuters) – Banks use of so-called allowances to soften a European Union cap on bonuses could face a “coordinated policy response”, the EU’s financial services chief Michel Barnier has warned, prompting bankers to argue politicians should steer clear of pay.

The EU imposed controls on banker bonuses, blamed for encouraging risk-taking by staff whose year-end haul was linked to their revenue-generating record, after taxpayers were forced to shore up lenders whose shaky finances were suddenly exposed in the financial crisis of 2007-2009.

Sep 5, 2014

Exclusive: G20 signals flexibility on big bank failures – sources

LONDON (Reuters) – Regulators trying to end the problem of “too big to fail” banks are moving closer to a landmark deal that will give large banks more flexibility about how to deal with losses when they go bust and cut the amount of fresh bonds they will need to issue.

Global regulators, led by Bank of England governor Mark Carney, want to agree a set of rules that would force bondholders to cover the losses that arise when a major bank fails, to avoid a repeat of the last financial crisis when taxpayers were forced to foot the bill.

Sep 5, 2014

Britain eases rules for foreign bank branches

LONDON, Sept 5 (Reuters) – Foreign banks can operate as
branches in Britain but only if they hold minimal deposits and
meet other safeguards under new Bank of England (BoE) rules
partly aimed at making it easier for Chinese wholesale banks to
set up shop in London.

The new rules mark a formal change of tack by Britain whose
regulators since the 2007-09 financial crisis have put pressure
on all types of foreign bank branches to become subsidiaries
that are more accountable to local supervisors.

Sep 5, 2014

EXCLUSIVE: G20 finalising flexible “bail in” bond deal for big banks – sources

LONDON (Reuters) – The world’s biggest banks may be able to count surplus capital towards new buffers of special bonds being imposed by regulators, two sources familiar with draft proposals said.

In order to secure a deal the regulators have agreed to a more flexible approach to cater for differences in banking models across the world, both sources said.

Sep 4, 2014

Exclusive: G20 finalizing flexible ‘bail in’ bond deal for big banks – sources

LONDON (Reuters) – The world’s biggest banks may be able to count surplus capital toward new buffers of special bonds being imposed by regulators, two sources familiar with draft proposals said.

In order to secure a deal the regulators have agreed to a more flexible approach to cater for differences in banking models across the world, both sources said.

Sep 3, 2014

Banking regulators still see supervisory gaps at global financial firms

LONDON (Reuters) – Financial industry regulators need better coordination in the event of a big multinational financial institution failing or breaching compliance rules, the world’s top supervisory bodies have concluded in a survey.

Arrangements for handling failures of diverse financial groups are inadequate according to the survey by the Joint Forum which comprises the Basel Committee of global banking supervisors, the International Organization of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS).

Sep 2, 2014

Rekindling Europe’s repackaged debt market will take years

LONDON, Sept 2 (Reuters) – Reviving Europe’s repackaged debt
market to fund economic recovery will take years and hinge on a
re-invention of the sector rather than quick regulatory tweaks,
bankers and regulators say.

The securitised debt, also known as asset-backed securities
or ABS, is created by banks pooling mortgages, and corporate,
auto or credit card loans and selling them to insurers, pension
funds and even the European Central Bank (ECB). This could help
wean the banks off cheap ECB money and provide funds that can be
lent to other businesses, helping economies to grow.

Sep 2, 2014

UK accounting watchdog fines Mazars two million pounds

LONDON, Sept 2 (Reuters) – Britain’s accounting watchdog has
fined audit and advisory firm Mazars 2 million pounds ($3.3
million) for failing in 2007 to meet regulatory standards while
advising a pension fund.

It is the latest example of how the Financial Reporting
Council (FPC) is using its enhanced armoury of sanctions in a
bid to raise standards in a sector criticised for its
performance in the run up to the global financial crisis.

    • 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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