Regulation Correspondent, Europe
Huw's Feed
Oct 8, 2013

Exclusive: EU lawyers warn of limits in building banking union

LONDON/ BRUSSELS (Reuters) – Parts of Europe’s proposals for a banking union may fall foul of European Union law, lawyers have said in a fresh setback to plans aimed at strengthening the financial system after the debt crisis.

The opinion from the European Council’s legal service is a blow to efforts to break the link between indebted European countries and their banks via the creation of a banking union that would jointly deal with stressed lenders.

Oct 8, 2013

Britain launches home loan guarantee plan as property prices climb

LONDON, Oct 8 (Reuters) – Britain launched a flagship scheme
on Tuesday to help people get on the property ladder, defying
critics who believe the state-backed mortgage programme could
fuel another housing bubble.

“Help to Buy” was launched hours after a survey suggested
British house prices were rising at their fastest pace in 11
years.

Oct 8, 2013

Britain launches mortgage guarantee plan, sets out rules for banks

LONDON, Oct 8 (Reuters) – Britain launched a flagship
programme to help people buy their own homes on Tuesday,
offering banks the chance of providing high loan-to-value
mortgages without having to set aside punitive amounts of
capital.

The scheme, which allows home-buyers to put down a deposit
of as little as 5 percent, has raised fears that housing prices
may be heading for a new boom-bust cycle.

Oct 7, 2013

Proposed agency to close failing EU banks would violate treaties: document

LONDON (Reuters) – A proposed agency with sweeping powers to close failing banks in the European Union would violate the bloc’s founding treaties and must have its authority narrowed or shared with a core EU institution, a legal document showed on Monday.

The so-called single resolution mechanism was proposed by the EU’s executive European Commission in July and is a central plank in efforts to stabilise the region’s banking system.

Oct 7, 2013

Top UK prosecutor wants law change to snare more companies

LONDON, Oct 7 (Reuters) – Britain’s top fraud prosecutor
said on Monday the law must be changed if critics want to see
more companies in court for misconduct.

Serious Fraud Office Director David Green said he was
constantly being compared unfavourably with U.S. enforcement
agencies, which prosecute far more companies for fraud.

Oct 4, 2013

EU states in breakthrough over accounting reform – sources

LONDON, Oct 4 (Reuters) – The European Union moved closer on
Friday to forcing companies to change accountants and avoid
close ties that could lower the quality of book-keeping, sources
with knowledge of the matter said.

After two years member states reached an agreement at a
meeting on Friday which enables them to open talks with the
European Parliament and thrash out the detail of a final law.

Oct 3, 2013

UK backs global accounting rules, wants “prudence” back

LONDON, Oct 3 (Reuters) – Britain still believes a specific
reference to “prudence” would improve international accounting
standards, but reasserted on Thursday the rules as they stand
are legally binding, hoping to end any uncertainty over the
matter.

Rules on how companies are audited, drawn up by the
International Accounting Standards Board (IASB), are mandatory
in Britain and elsewhere in the European Union, but a decision
in 2010 to drop a specific reference to prudence has been
questioned by some investors.

Oct 2, 2013

Britain won’t intervene in catastrophe bond market for now

LONDON, Oct 2 (Reuters) – British regulators see no case for
intervening to stop a wave of money moving into insurance-linked
securities such as catastrophe bonds, saying the trend should
not be overstated.

Billions of dollars from investment funds have flooded into
the insurance sector, hunting for better yields, allowing
insurers and re-insurers to spread risk and drive down prices.

Oct 1, 2013

UK banks face higher capital demands under new tests

LONDON, Oct 1 (Reuters) – Banks in Britain may have to hold
more capital than their international rivals under proposals for
an annual stress test of lenders put forward by the Bank of
England on Tuesday.

The BoE, spelling out how it will check that banks do not
pose risks to the UK economy by being short of backing, said it
would hold annual tests for major lenders like Barclays
, RBS and HSBC starting in 2014.

Sep 30, 2013

Watchdog warns EU not to water down insurance rules

LONDON (Reuters) – The European Union’s top insurance regulator warned the bloc’s member states on Monday not to dilute rules forcing the sector to hold enough capital and protect policyholders.

Gabriel Bernardino, chairman of the European Insurance and Occupational Pensions Authority (EIOPA) said it was a matter of urgency to finalize the rules known as Solvency II.

    • 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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