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.
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.
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
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.
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.
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.
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.
LONDON, Sept 28 (Reuters) – The European Union’s markets
watchdog wants to charge foreign clearing houses seeking to cash
in on new derivatives rules being introduced across the
28-country bloc, an EU document showed on Saturday.
The move is a sign of how hard-pressed regulators are
struggling to implement on time a welter of reforms called for
by world leaders during the financial crisis.
LONDON/BRUSSELS Sept 27 (Reuters) – Britain’s challenge to
European Union rules capping bankers’ bonuses is likely to get
bogged down in court long beyond their implementation, and
critics say it is more about pleasing domestic voters
unimpressed by the loss of powers to Brussels.
The UK, which houses Europe’s biggest financial centre, was
outvoted when the European Union agreed that bonuses must be no
more than a banker’s fixed pay, or twice that amount with
LONDON (Reuters) – A broad coalition of investors, asset managers and brokers appealed to the European Union on Wednesday not to dilute proposed rule changes that would open securities trading to more competition.
The bloc’s member states and the European Parliament are in final talks on revising trading rules, known as the Markets in Financial Instruments Directive (MiFID), to reflect rapid advances in technology and apply lessons from the financial crisis.
LONDON (Reuters) – Britain has launched a legal challenge to the European Union’s cap on bankers’ bonuses which London fears will hurt its financial industry.
Finance minister George Osborne has long argued that Brussels has gone too far with reforms aimed at preventing a repeat of the financial crisis. But EU financial services chief Michel Barnier said the bonus cap was legal.