Regulation Correspondent, Europe
Huw's Feed
Apr 17, 2015

EU prepares rules for tackling failed financial firms outside banking

LONDON (Reuters) – The European Union is looking at creating rules on how to deal with financial firms outside the banking industry that run into trouble, including clearing houses, insurers and asset managers, the EU’s financial services chief said on Friday.

The 28-country bloc has already introduced rules on how to wind down troubled banks without turning to taxpayers for cash. It now wants a similar regime for other so-called systemic financial market participants.

Apr 17, 2015

EU’s British finance chief woos London capital market leaders

LONDON, April 17 (Reuters) – European Union plans to help
markets raise more funds for the economy play to London’s
strengths as a global trading centre, the bloc’s financial
services chief Jonathan Hill told leading bankers and dealers on
Friday.

In his first speech to London’s financial community since
his appointment to the European Commission last November, the
former Conservative minister went out of his way to praise
London for its ability to innovate and adapt to change.

Apr 16, 2015

EU bank supervisors focus on bonuses, cyber resilience, conduct

LONDON, April 16 (Reuters) – European Union regulators will
focus this year on whether banks are complying with the bloc’s
new cap on bonuses, and doing enough to withstand cyber attacks
and prevent misconduct.

The cap, limiting bonuses to no more than fixed salary, or
twice that amount with shareholder approval, became law last
year but in practice applies to awards handed out from this year
onwards.

Apr 16, 2015

EU lawmaker backs supervisory discretion on bank trading risks

LONDON, April 16 (Reuters) – Supervisors should have
discretion when it comes to deciding if a bank must isolate
trading activities under planned European Union rules, a senior
EU lawmaker said on Thursday.

EU member states and the European Parliament are
scrutinising a law on reining in risks from trading derivatives,
stocks and bonds at banks to apply lessons from the 2007-09
financial crisis.

Apr 15, 2015

FCA fines Bank of New York Mellon 126 million pounds

LONDON (Reuters) – Britain’s markets regulator has fined Bank of New York Mellon (BK.N: Quote, Profile, Research) 126 million pounds for failing to keep customer money safe during the financial crisis.

The Financial Conduct Authority (FCA) said on Wednesday the fine was levied on Bank of New York Mellon’s London branch, and on Bank of New York Mellon International Limited for breaches that spanned nearly six years from November 2007 to August 2013.

Apr 15, 2015

UK watchdog fines Bank of New York Mellon $185 million

LONDON (Reuters) – Britain’s markets regulator has fined Bank of New York Mellon (BK.N: Quote, Profile, Research, Stock Buzz) 126 million pounds ($185.30 million) for failing to keep customer money safe during the financial crisis.

The Financial Conduct Authority (FCA) said on Wednesday the fine was levied on Bank of New York Mellon’s London branch, and on Bank of New York Mellon International Limited for breaches that spanned nearly six years from November 2007 to August 2013.

Apr 14, 2015

New EU accounting body chief signals more aggressive approach

LONDON (Reuters) – A top European Union accounting body will take a more political approach to its work and not shy away from changing global rules to satisfy EU needs, its new head said on Tuesday.

The comments from Wolf Klinz signal a more aggressive tone and broader role for the European Financial Reporting Advisory Group (EFRAG), an EU body that advises the European Commission on adopting global accounting rules for the 28-country bloc.

Apr 13, 2015

Tribunal slashes record UK fine against Deloitte over MG Rover

LONDON, April 13 (Reuters) – A British tribunal has slashed
a record 14 million pound ($20.5 million) fine on accountancy
firm Deloitte in relation to work done for carmaker MG
Rover Group, saying a key rule needed clarifying.

The case is being closely watched by auditors as it partly
hinges on the need for accountants take the public interest into
account in their work. Deloitte, one of the world’s top four
accountants, had argued it was unclear what regulators meant by
this.

Apr 13, 2015

Regulators in race to strengthen bond market before rate hikes

LONDON, April 13 (Reuters) – The European Commission will
meet bond market players in the next few weeks to discuss how to
avert potentially disorderly market “flash crashes” when
interest rates start to rise, EU and industry sources said.

Although plans by the European Union executive for a Capital
Markets Union to help companies access market funding include
measures to ensure adequate liquidity, warnings that fixed
income trading could be disrupted have added a sense of urgency,
with some asset managers wanting quick action.

Apr 7, 2015

Bank of England to keep close eye on UK current account deficit

LONDON (Reuters) – Britain’s large current account deficit could damage market sentiment towards the country if the economic environment deteriorates, the Bank of England said on Tuesday.

Minutes from the BoE’s Financial Policy Committee meeting on March 24 showed members were worried about Britain’s current account deficit, noting it was high by historical standards.

    • 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