Regulation Correspondent, Europe
Huw's Feed
Nov 25, 2013

EU lawmaker says deal on company auditing edging closer

LONDON, Nov 25 (Reuters) – The European Union could be less
than a month away from a deal forcing the bloc’s listed
companies to change their accountant every decade, a senior EU
lawmaker said on Monday.

Sajjad Karim, a British centre-right member of the European
Parliament, is leading a team of lawmakers looking to bridge a
gap with the bloc’s member states over how often companies must
switch their book-keepers.

Nov 25, 2013

FCA to crack down on fund manager fees to brokers

LONDON (Reuters) – Britain’s financial watchdog has proposed banning the country’s 5.2 trillion pound asset management industry from allowing fees paid to brokers for trading to be used to arrange meetings with top company executives.

Asset managers are allowed to use client money to pay a broker commission for executing share trading orders.

Nov 25, 2013

Britain to crack down on fund manager fees to brokers

LONDON (Reuters) – Britain’s financial watchdog has proposed banning the country’s 5.2 trillion pound ($8.4 trillion) asset management industry from allowing fees paid to brokers for trading to be used to arrange meetings with top company executives.

Asset managers are allowed to use client money to pay a broker commission for executing share trading orders.

Nov 22, 2013

FRC scrutinising Co-op Bank’s financial reports

LONDON (Reuters) – Britain’s accounting watchdog is scrutinising financial reports from Co-operative Bank but has yet to open a formal investigation, it said on Friday.

The move comes after allegations relating to the bank’s former chairman Paul Flowers which have increased the pressure on a bank which promotes itself as an ethical alternative to the biggest lenders.

Nov 22, 2013

UK watchdog scrutinising Co-op Bank’s financial reports

LONDON, Nov 22 (Reuters) – Britain’s accounting watchdog is
scrutinising financial reports from Co-operative Bank
but has yet to open a formal investigation, it said on Friday.

The move comes after allegations relating to the bank’s
former chairman Paul Flowers which have increased the pressure
on a bank which promotes itself as an ethical alternative to the
biggest lenders.

Nov 21, 2013

EU reaches outline deal to cap “dark pool” share trading

LONDON, Nov 21 (Reuters) – The European Union reached an
outline deal on Thursday to try to shine a light on shadowy
areas of the financial markets by capping off-exchange share
trading, known as “dark pools”, a senior EU lawmaker said on
Thursday.

The outline agreement is likely to hit the City of London
financial centre, which is home to several “dark pools” or
anonymous trading platforms. But stock exchanges and big banks
will likely benefit.

Nov 19, 2013

FCA to begin major review of wholesale financial markets

LONDON (Reuters) – Britain’s financial regulator will start a root and branch review early next year of whether wholesale markets used by banks, fund managers and exchanges are competitive.

“This will be a wide-ranging piece of work and, as part of it, we will be inviting market participants to tell us where they currently encounter issues,” David Lawton, director of markets at the Financial Conduct Authority, said on Tuesday.

Nov 19, 2013

UK watchdog to begin major review of wholesale financial markets

LONDON, Nov 19 (Reuters) – Britain’s financial regulator
will start a root and branch review early next year of whether
wholesale markets used by banks, fund managers and exchanges are
competitive.

“This will be a wide-ranging piece of work and, as part of
it, we will be inviting market participants to tell us where
they currently encounter issues,” David Lawton, director of
markets at the Financial Conduct Authority, said on Tuesday.

Nov 19, 2013

New Libor administrator signals caution over compilation changes

LONDON (Reuters) – Replacing the quote-based Libor with an index drawing on actual market trades won’t happen anytime soon, the benchmark’s new administrator said on Tuesday.

The London Interbank Offered Rate is compiled from quotes by banks of the rate they believe they would pay to borrow from another bank.

Nov 19, 2013

FCA to consider forex rules after probes completed

LONDON (Reuters) – The first set of rules for the unregulated multi-trillion dollar foreign currency market will be considered after the completion of probes into possible manipulation, a British regulator said on Tuesday.

The Financial Conduct Authority (FCA), along with watchdogs from the United States and Asia, is investigating if traders tried to rig foreign exchange benchmarks, such as the so-called London fixing at 4 p.m. each day, which is the nearest thing to a closing price in the 24-hour, self-regulated market.

    • 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