Regulation Correspondent, Europe
Huw's Feed
Aug 28, 2014

UK watchdog fines Deutsche Bank $8 million for reporting errors

LONDON, Aug 28 (Reuters) – Britain’s financial regulator has
fined Deutsche Bank AG 4.7 million pounds ($8
million) for wrongly reporting certain market transactions for
nearly six years.

The Financial Conduct Authority said in a statement on
Thursday the bank failed to accurately report all the
contract-for-difference (CFD) equity swaps, totalling 29
million, it executed between November 2007 and April 2013.

Aug 26, 2014

FCA criticised for demanding personal pledges

LONDON (Reuters) – Britain’s Financial Conduct Authority is too quick to make top staff at firms pledge formally to carry out changes the watchdog orders, a body representing financial firms has said.

Graham Beale, chairman of the Financial Conduct Authority’s Practioner Panel, said there was concern at the increasing use of “attestations”, whereby the watchdog forces an individual at a supervised firm to sign up to making specific changes.

Aug 26, 2014

UK financial watchdog criticised for demanding personal pledges

LONDON, Aug 26 (Reuters) – Britain’s Financial Conduct
Authority is too quick to make top staff at firms pledge
formally to carry out changes the watchdog orders, a body
representing financial firms has said.

Graham Beale, chairman of the Financial Conduct Authority’s
Practioner Panel, said there was concern at the increasing use
of “attestations”, whereby the watchdog forces an individual at
a supervised firm to sign up to making specific changes.

Aug 22, 2014

EU sets out roadmap to boost securitised debt market

LONDON, Aug 22 (Reuters) – The European Union will decide
next year if legal changes are needed to boost the market for
securitised debt, a sector seen as key to injecting funds into
the economy and encouraging growth, an EU document showed on
Friday.

The document is another indicator that concern over the
level of funding to the EU economy, particularly in the flagging
euro zone, has reached the highest political level.

Aug 21, 2014

G20 edging towards deal on ‘bail-in’ bond cushion for banks

LONDON, Aug 21 (Reuters) – Government leaders are expected
to agree in November that the world’s top banks must issue
special bonds to increase the amount of capital which can be
tapped in a crisis instead of calling on taxpayers to come to
the rescue, industry and G20 officials said.

The bonds, known as “gone concern loss absorption capacity”
or GLAC, are seen by regulators as essential to stopping the
world’s 29 biggest lenders from being “too big to fail”.

Aug 20, 2014

Exclusive: Funds could face market curbs after lobbying backfires

LONDON (Reuters) – Fund managers may face tougher scrutiny by global regulators than planned after their intense lobbying against a first proposal backfired, industry sources and G20 officials said.

A global G20 task force is rethinking its initial approach which involved targeting the biggest funds, and could opt for a more intrusive method that would affect more funds by limiting their market activities during periods of turbulence, the sources told Reuters.

Aug 20, 2014

Funds could face market curbs after lobbying backfires

LONDON, Aug 20 (Reuters) – Fund managers may face tougher
scrutiny by global regulators than planned after their intense
lobbying against a first proposal backfired, industry sources
and G20 officials said.

A global G20 task force is rethinking its initial approach
which involved targeting the biggest funds, and could opt for a
more intrusive method that would affect more funds by limiting
their market activities during periods of turbulence, the
sources told Reuters.

Aug 18, 2014

More UK companies reviewing their auditors – PwC

LONDON, Aug 18 (Reuters) – Britain’s top companies are
reviewing early who checks their books ahead of new rules to
increase competition introduced to counter concerns about
accounting, figures from auditor PwC showed on Monday.

All listed companies have long had to hire an outside firm
of accountants to sign off on their annual accounts.

Aug 13, 2014

Global banks back most of G20 plans to reform forex benchmark

LONDON (Reuters) – The world’s top banks have backed the bulk of recommendations from regulators to reform the setting of the leading global currency benchmark following allegations of market rigging, making changes inevitable.

The $5.3 trillion-a-day foreign exchange market is the world’s largest and least regulated financial market and is being investigated for collusion.

Aug 12, 2014

Bischoff to become chairman of JPMorgan in Europe

LONDON, Aug 12 (Reuters) – Win Bischoff, chairman of
Britain’s accounting watchdog the Financial Reporting Council,
will also become chairman of JPMorgan Chase’s European
arm from January, the investment bank said on Tuesday.

His appointment to JPMorgan comes at a time when British
lawmakers are keen for the FRC to scrutinise the accounts of
banks more closely.

    • 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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