Regulation Correspondent, Europe
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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.

Aug 29, 2014

Market body revises rules for sovereign defaults

LONDON, Aug 29 (Reuters) – Banks, investors and other users
of bond markets have agreed to change how they would deal with
defaulting government debt in an attempt to avoid the disputes
seen with Argentina.

The International Capital Market Association (ICMA)
published a revised framework on Friday that allows a majority
of investors holding sovereign bonds that default to make
changes to the bond terms, such as extending maturities or
reducing the principal.

Aug 28, 2014

UK watchdog fines Deutsche Bank $8 million for reporting errors

LONDON, Aug 28 (Reuters) – Britain’s financial regulator has
fined Deutsche Bank AG 4.7 million pounds ($8
million) for wrongly reporting certain market transactions for
nearly six years.

The Financial Conduct Authority said in a statement on
Thursday the bank failed to accurately report all the
contract-for-difference (CFD) equity swaps, totalling 29
million, it executed between November 2007 and April 2013.

Aug 26, 2014

FCA criticised for demanding personal pledges

LONDON (Reuters) – Britain’s Financial Conduct Authority is too quick to make top staff at firms pledge formally to carry out changes the watchdog orders, a body representing financial firms has said.

Graham Beale, chairman of the Financial Conduct Authority’s Practioner Panel, said there was concern at the increasing use of “attestations”, whereby the watchdog forces an individual at a supervised firm to sign up to making specific changes.

Aug 26, 2014

UK financial watchdog criticised for demanding personal pledges

LONDON, Aug 26 (Reuters) – Britain’s Financial Conduct
Authority is too quick to make top staff at firms pledge
formally to carry out changes the watchdog orders, a body
representing financial firms has said.

Graham Beale, chairman of the Financial Conduct Authority’s
Practioner Panel, said there was concern at the increasing use
of “attestations”, whereby the watchdog forces an individual at
a supervised firm to sign up to making specific changes.

Aug 22, 2014

EU sets out roadmap to boost securitised debt market

LONDON, Aug 22 (Reuters) – The European Union will decide
next year if legal changes are needed to boost the market for
securitised debt, a sector seen as key to injecting funds into
the economy and encouraging growth, an EU document showed on
Friday.

The document is another indicator that concern over the
level of funding to the EU economy, particularly in the flagging
euro zone, has reached the highest political level.

    • 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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