Regulation Correspondent, Europe
Huw's Feed
Dec 8, 2014

U.S. SEC official: Close to recommendations on global accounting

NEW YORK/LONDON (Reuters) – A U.S. Securities and Exchange Commission official said on Monday he may have recommendations “in the near future” on the use by U.S. corporations of global accounting standards, suggesting a formal decision may be near after a long impasse.

SEC Chief Accountant James Schnurr said in a speech that he does not have a predetermined view on an approach to the long-standing issue of harmonizing corporate accounting worldwide. He noted that full adoption of global accounting standards generally does not have support in the United States.

Dec 8, 2014

Global watchdog to review company audit sector

LONDON (Reuters) – Global regulators are reviewing the auditing sector after policymakers questioned the quality of book-keeping at banks in the run up to the financial crisis.

David Wright, secretary-general of the International Organisation of Securities Commissions (IOSCO), a global body of regulators, said a task force would look at inconsistency in financial reporting.

Dec 8, 2014

Supervision chief to leave in shake-up of UK financial regulator

LONDON (Reuters) – The official responsible for supervising firms is among three senior figures who will leave Britain’s financial watchdog in an overhaul to “sharpen” its focus, it said on Monday.

The announcement comes ahead of what is expected to be a critical report on Wednesday of the Financial Conduct Authority’s (FCA) handling of an insurance industry review.

Dec 5, 2014

Europe barely passes global bank rules test

LONDON (Reuters) – The European Union only scraped through a test of whether it complies with global banking rules aimed at making the financial system safer and avoiding another global markets meltdown.

The United States fared better in complying with bank capital rules know as Basel III which constitute the world’s core regulatory response to the 2007-09 financial crisis that saw under-capitalized lenders being rescued by taxpayers.

Dec 5, 2014

EU may ditch plan to separate bank trading activities

LONDON, Dec 5 (Reuters) – The European Union may ditch plans
to force banks to keep high-risk trading activities separate
from their main businesses because of opposition from some
member states.

European commissioner Jonathan Hill said in a letter to
senior commissioner Frans Timmermans there was a need to see how
much progress could be made on the plan to force banks to
separate out risky trading to avoid contagion and shield
customer deposits if things go wrong.

Dec 4, 2014

UK banks body says lenders risk break-up if they don’t behave

LONDON, Dec 4 (Reuters) – Banks risk being broken up if they
don’t behave better and have to pay ever increasing fines for
misconduct, an influential banking lobbyist said on Thursday.

Nigel Wicks, chairman of the British Bankers’ Association
(BBA), said there has been progress in improving standards,
ethics and culture at banks but more needs to be done.

Dec 4, 2014

Asset managers to invest 9 billion pounds directly in UK firms, projects

LONDON (Reuters) – Six asset managers will invest about 9 billion pounds over the next five years in British firms, schools and roads following tax changes, a funds industry body said on Thursday.

Chancellor George Osborne announced on Wednesday a new exemption from withholding tax for interest on private placements — a form of long-term, non-bank debt financing for smaller firms and infrastructure projects.

Dec 4, 2014

Asset managers to invest $14 bln directly in UK firms, projects

LONDON, Dec 4 (Reuters) – Six asset managers will invest
about 9 billion pounds ($14 billion) over the next five years in
British firms, schools and roads following tax changes, a funds
industry body said on Thursday.

Britain’s finance minister George Osborne announced on
Wednesday a new exemption from withholding tax for interest on
private placements — a form of long-term, non-bank debt
financing for smaller firms and infrastructure projects.

Dec 2, 2014

FCA says banks remain complacent over culture

LONDON (Reuters) – Banking is still in the early stages of the cultural change needed to regain public trust after a series of scandals that are already prompting customers to switch lenders, Britain’s top financial watchdog said on Tuesday.

Martin Wheatley, chief executive of the Financial Conduct Authority (FCA) said “culturally complacent” banks should realise that customers can switch to new entrants far more easily now if they don’t like the behaviour they see.

Dec 2, 2014

UK regulator says banks remain complacent over culture

LONDON (Reuters) – Banking is still in the early stages of the cultural change needed to regain public trust after a series of scandals that are already prompting customers to switch lenders, Britain’s top financial watchdog said on Tuesday.

Martin Wheatley, chief executive of the Financial Conduct Authority (FCA) said “culturally complacent” banks should realize that customers can switch to new entrants far more easily now if they don’t like the behavior they see.

    • 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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