Regulation Correspondent, Europe
Huw's Feed
Oct 4, 2015

Global regulators finalize new capital rule for big insurers

LONDON (Reuters) – The world’s nine biggest insurance companies will have to hold more capital under new rules just finalised by global regulators that aim to prevent taxpayer bailouts of the industry in a crisis.

Regulators decided to look at the multi-trillion dollar insurance industry following the massive public rescue of insurer AIG in the United States during the 2007-2009 financial crisis.

Oct 2, 2015

EU ratings watchdog says competition still patchy

LONDON, Oct 2 (Reuters) – Attempts to boost competition in
credit ratings has made little impact in parts of the European
Union and stronger enforcement powers are needed, the sector’s
regulator said on Friday.

The European Securities and Markets Authority (ESMA)
regulates 24 ratings agencies currently authorised in the EU, a
sector dominated by the “Big Three”, Moody’s, Fitch and Standard
& Poor’s.

Oct 2, 2015

FCA to set 2018 deadline for PPI insurance claims against banks

LONDON (Reuters) – Britain’s financial regulator said on Friday it intended to set a 2018 deadline for people to claim compensation for being mis-sold repayment insurance, drawing a line under Britain’s costliest consumer finance scandal.

Over the last five years banks have already set aside more than 28 billion pounds to meet compensation claims from customers sold payment protection insurance (PPI) policies.

Oct 2, 2015

Britain to set 2018 deadline for PPI insurance claims against banks

LONDON (Reuters) – Britain’s financial services industry regulator said on Friday it intended to set a 2018 deadline for retail borrowers to claim compensation for being mis-sold repayment insurance, drawing a line under Britain’s costliest consumer finance scandal.

Over the last five years banks have already set aside more than 28 billion pounds to meet compensation claims from customers sold payment protection insurance (PPI) policies.

Sep 30, 2015

EU to ease capital rules for banks, insurers to boost economy

BRUSSELS (Reuters) – The European Union will ease capital rules it imposed on banks and insurers since the financial crisis to help markets raise more funds for reviving sluggish economic growth.

The bloc’s financial services chief, Jonathan Hill, announced on Wednesday his “action plan” to put in place the building blocks of “capital markets union” or CMU by 2019.

Sep 29, 2015

Carney say firms must be more open about carbon footprint

LONDON (Reuters) – Bank of England Governor Mark Carney said on Tuesday that companies must be more open about their “climate change footprint” to avoid abrupt changes in asset prices that could destabilise markets.

The speed at which assets such as coal, oil and gas reserves are re-priced to reflect the impact of climate change is vital to reduce potentially “huge” financial risks to British insurers and other investors, he said.

Sep 29, 2015

BoE’s Carney say firms must be more open about carbon footprint

LONDON, Sept 29 (Reuters) – Bank of England Governor Mark
Carney said on Tuesday that companies must be more open about
their “climate change footprint” to avoid abrupt changes in
asset prices that could destabilise markets.

The speed at which assets such as coal, oil and gas reserves
are re-priced to reflect the impact of climate change is vital
to reduce potentially “huge” financial risks to British insurers
and other investors, he said.

Sep 29, 2015

Britain consults on EU’s accounting shake up

LONDON, Sept 29 (Reuters) – Britain’s accounting watchdog
kicked off a public consultation on Tuesday to apply a sweeping
European Union reform of company accounting from next June.

The EU law followed lawmaker anger that accountants gave
banks a clean bill of health just months before some of them had
to be rescued by taxpayers in the 2007-09 financial crisis.

Sep 29, 2015

EU’s banking watchdog wants more power to preserve single market

LONDON, Sept 29 (Reuters) – The European Union’s banking
regulator should be given freer rein to forge a more integrated
banking system and preserve the bloc’s single market, the
watchdog’s chairman has said.

In a speech that will be seen as call for more independence
by some regulators, Andrea Enria said the London-based European
Banking Authority (EBA) should be allowed to take decisions on
technical issues in limited areas on its own.

Sep 28, 2015

EU watchdog finalises biggest securities reform in a decade

LONDON, Sept 28 (Reuters) – More light on bond markets, caps
on “dark pool” or anonymous share trading, and limits on
commodity holdings were the objectives of reforms put forward by
European Union regulators on Monday to improve transparency for
investors.

The European Securities and Markets Authority (ESMA)
unveiled its batch of 28 final rules to flesh out the Markets in
Financial Instruments Directive II (MiFID II) law due to come
into force in January 2017.

    • 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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