Regulation Correspondent, Europe
Huw's Feed
Jun 19, 2015

EU report: international accounting rules did not worsen 2008 crisis

LONDON, June 19 (Reuters) – The European Commission said on
Friday there was no clear evidence that adopting international
accounting rules made the bloc’s banking crisis worse and that
its benefits outweighed the costs.

The independent International Accounting Standards Board
(IASB) rules replaced a patchwork of national regulations 10
years ago for the 8,000 listed EU companies, with the aim of
increasing transparency and comparability for investors.

Jun 19, 2015

EU finance ministers back rules to curb bank trading risks

LUXEMBOURG/LONDON, June 19 (Reuters) – EU finance ministers
have agreed on a draft law to rein in trading risks at banks
that exempts Britain’s lenders because they already face similar
curbs.

The deal marks a coup for Britain whose own banking reform
will be accepted as a substitute for the EU law as the country
gears up for a referendum on its membership of the 28-country
club, with financial services a key focus.

Jun 18, 2015

IMF’s Vinals says central banks may have to be ‘market makers’

LONDON (Reuters) – Central banks may need to become “market makers of last resort” if there is not enough liquidity during volatile sell-offs, a senior International Monetary Fund official said on Thursday.

Regulators worry that when interest rates begin rising from their prolonged low levels there will be a stampede for the exits by bond investors and that markets won’t have the liquidity or capacity to deal with it smoothly.

Jun 18, 2015

SEC’s White praises Britain’s new bank accountability regime

LONDON (Reuters) – The top U.S. securities regulator praised new British bank rules on Thursday that make individual managers more accountable and said regulators in the United States should put more emphasis on personal responsibility.

Regulators globally are trying to instill higher standards of behavior at banks after many were fined billions of dollars in the United States, Britain and elsewhere for trying to rig interest rate benchmarks and currency markets.

Jun 17, 2015

Global regulators throw wrench into planned asset manager rules

By Huw Jones

(Reuters) – The world’s umbrella body for market regulators
will launch an immediate full review of potential risks from
asset management activities and products, throwing into doubt
planned new global rules for top funds.

The International Organization of Securities Commissions
(IOSCO) said its board had concluded that a full review was
needed with an immediate focus on identifying potential systemic
risks.

Jun 17, 2015

Global regulators throw spanner into planned asset manager rules

LONDON (Reuters) – The world’s umbrella body for market regulators will launch an immediate full review of potential risks from asset management activities and products, throwing into doubt planned new global rules for top funds.

The International Organization of Securities Commissions (IOSCO) said its board had concluded that a full review was needed with an immediate focus on identifying potential systemic risks.

Jun 17, 2015

UK watchdog defends hefty fines for banks who break rules

LONDON, June 17 (Reuters) – Stiffer fines for banks caught
trying to rig markets have not undermined financial stability or
the ability of lenders to stay solvent, a senior British
regulator said on Wednesday.

Georgina Philippou, acting director of enforcement at the
Financial Conduct Authority (FCA), dismissed criticisms that
recent penalties amounting to billions of pounds were damaging
the stability of the industry.

Jun 16, 2015

ECB’s Mersch says all systems go for new settlement platform

LONDON, June 16 (Reuters) – The euro zone’s new single
securities settlement platform being launched next week will
bolster financial stability in Greece and the wider single
currency area, a top European Central Bank official said on
Tuesday.

The ECB’s T2S platform to unify settlement of
euro-denominated stocks and bonds starts operating on June 22
when Greece, Malta, Switzerland and Romania link in. Settlement
refers to exchanging cash for legal ownership of a security.

Jun 16, 2015

EU executive to propose common tax base for multinationals – again

LONDON (Reuters) – Four years after failing in an initial attempt at common company tax rules across Europe, the EU is set to have a second go as it tries to tackle the low-tax arrangements of some states that have benefited the likes of Amazon, Starbucks and Apple.

The EU’s executive European Commission is due on Wednesday to set out plans for a so-called common consolidated corporate tax base (CCCTB), after its previous attempt met member state opposition to what many saw as a first step to harmonizing tax rates, still regarded as a sovereign issue.

Jun 16, 2015

EU regulators stick to their guns over broker commission rule

LONDON, June 16 (Reuters) – Stock market research used by
asset managers must be paid for separately and not bundled into
broker commission, European Union regulators said on Tuesday in
the face of pushback from some lawmakers.

A new EU law governing financial transactions comes into
effect in 2017 and the European Commission and the European
Securities and Markets Authority (ESMA) are working on how it
will be applied in practice.

    • 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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