Regulation Correspondent, Europe
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Jan 16, 2015

EU lawmaker wants workers’ say on bonuses in shareholder rights reforms

LONDON (Reuters) – Employees should have a say on their bosses bonuses and long-term investors should be rewarded with additional powers and benefits, a senior European Union lawmaker has proposed.

The 28-country bloc is revising its rules on shareholder rights to put pressure on companies to focus on long-term sustainable growth and not short-term gains to please markets.

Jan 15, 2015

UK company watchdog to study boards, investor advisers

LONDON, Jan 15 (Reuters) – Britain’s corporate governance
policeman will study whether boards are doing all they can to
improve business standards and if investors get the best advice
on voting at annual meetings.

The Financial Reporting Council (FRC) is acting after its
2014 review of how companies upheld the regulator’s corporate
governance code for boards, as well as the stewardship code for
asset managers and other investors, still found failings.

Jan 14, 2015

BoE’s Carney says IMF may help with stress test of UK lenders

LONDON (Reuters) – The International Monetary Fund (IMF) could play a role in this year’s health check of Britain’s banks to help to reinforce rigor in the exercise, Bank of England Governor Mark Carney told lawmakers on Wednesday.

The central bank published in December the results of its 2014 stress test into how leading lenders such as Barclays, HSBC and RBS fared in a theoretical housing market crash and a sharp rise in unemployment. Some lenders have to boost their capital buffers as a result of the test.

Jan 9, 2015

UK watchdog says trader found guilty of FX investment fraud

LONDON, Jan 9 (Reuters) – Alex Hope has been found guilty of
defrauding investors of five million pounds ($7.6 million) to
help fund his lifestyle, Britain’s market regulator said on

The Financial Conduct Authority said Hope was found guilty
of fraud by Southwark Crown Court in central London on Friday.

Jan 8, 2015

EU lawmakers eye compromise for U.S. on benchmarks

LONDON (Reuters) – European Union lawmakers look set to ease the international impact of rules to stop market benchmarks being rigged, addressing U.S. concerns that global investors could lose out.

The bloc is approving a law to directly regulate benchmarks such as those based on interest rates and currencies that banks have been fined billions of dollars for attempting to manipulate.

Jan 6, 2015

EU lawmaker seeks to dilute bank trading reform

LONDON (Reuters) – Draft European Union rules forcing banks to isolate their risky trading activities should be eased to take national measures into account and avoid harming markets, an EU document written by a senior lawmaker has proposed.

The 28-country bloc is in the process of approving a law that would force banks to legally separate trading activities above a certain size so their collapse in any future market meltdown wouldn’t hurt customer accounts.

Jan 6, 2015

UK watchdog fines Execution Noble for breaching listing rules

LONDON (Reuters) – Britain’s financial regulator has fined brokerage Execution Noble & Co 231,000 pounds ($351,000) for breaching rules on sponsoring companies seeking to list on the stock exchange.

The Financial Conduct Authority (FCA) said on Tuesday this was the first time it had fined a sponsor using tougher powers it gained in 2013.

Dec 18, 2014

EU markets watchdog says crowdfunding needs regulating

LONDON, Dec 18 (Reuters) – New European Union rules are
needed to supervise crowdfunding and protect investors who face
significant risks from the evolving sector, the bloc’s markets
watchdog said on Thursday.

Crowdfunding, often hosted on online platforms such as
Crowdcube, Funding Circle and Kickstarter, allows individuals
and small businesses to raise finance from pools of investors
who put money into peer-to-peer schemes or securities such as
unlisted shares.

Dec 17, 2014

Global insurance rule held hostage to accounting splits

LONDON (Reuters) – The first single global capital rule for cross-border insurers will have to value assets in two ways due to a failure to merge accounting standards and a desire to keep U.S. support.

Leaders of the Group of 20 economies (G20) pledged in 2009, at the height of the financial crisis, to forge common approaches to regulating markets, banks and insurers so that supervisors can compare firms to spot risks and act fast.

Dec 17, 2014

EU shines light on dirty money with central registers

LONDON, Dec 17 (Reuters) – The European Union has agreed
rules to stamp out tax evasion and stop dirty money from
criminal gangs or terrorism finance being channelled through
anonymous companies.

EU states and the European Parliament struck the agreement
on Tuesday evening to update the bloc’s anti-money laundering
rules, a statement from parliament’s economic affairs committee
said on Wednesday.

    • 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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