Regulation Correspondent, Europe
Huw's Feed
Jun 17, 2013

Insurers, regulators at odds on bid to break capital rule deadlock

FRANKFURT/LONDON (Reuters) – European insurance regulators remained at odds with the industry on Monday after proposals last week on how to supervise the long-term risks associated with life insurance products offering lengthy guarantees.

Proposals to regulate such products, which echo efforts to boost the banking sector’s capital ratios, have been a bone of contention for months, because many in the industry argue they incorrectly assume insurers will always be affected by short-term market volatility.

Jun 17, 2013

Britain wins safeguard in EU market rules deal

LONDON, June 17 (Reuters) – Britain won backing from its
European Union partners on Monday to prevent parts of its
financial services sector potentially having to relocate to the
euro zone.

Britain is already taking the European Central Bank to the
bloc’s highest court for its policy of requiring clearing houses
which help process a significant amount of euro-denominated
transactions to be based in the single currency area.

Jun 17, 2013

Regulators to set post-crisis rules for capping bank risk-taking

LONDON (Reuters) – Regulators decide this week how banks should set a limit to the risk they take onto their balance sheets, with investors likely to pressure lenders to comply before formal implementation in 2018.

Banks will be forced to hold more capital and cash as part of the world’s main regulatory response to the financial crisis, Basel III.

Jun 13, 2013

FCA told to improve its game

LONDON (Reuters) – The FCA lacks clarity and must be bolder about protecting consumers hit by years of misleading sales tactics, two former top policymakers said on Thursday.

The financial crisis prompted Britain to scrap the decade-old Financial Services Authority and replace it with the Financial Conduct Authority in April.

Jun 13, 2013

New UK markets watchdog told to improve its game

LONDON, June 13 (Reuters) – Britain’s new markets watchdog
lacks clarity and must be bolder about protecting consumers hit
by years of misleading sales tactics, two former top
policymakers said on Thursday.

The financial crisis prompted Britain to scrap the
decade-old Financial Services Authority and replace it with the
Financial Conduct Authority in April.

Jun 13, 2013

EU states in deal on market rules-EU official

LONDON, June 13 (Reuters) – European Union states struck a
deal on Thursday to overhaul the bloc’s stock, bond, derivatives
and commodities markets, an EU official said, ending a near
two-year deadlock.

Ambassadors from the 27 member states meeting in Brussels
agreed to update rules known as MiFID to catch up with trading
technology and plug supervisory gaps highlighted by the
financial crisis four years ago.

Jun 13, 2013

Analysis: No quick fix for corporate tax take as pressure to act builds

BRUSSELS/LONDON (Reuters) – Europe’s leaders are talking tough about making companies pay more tax but they are expected to take only baby steps for fear of alienating big business during an economic slump.

Schemes used by Starbucks (SBUX.O: Quote, Profile, Research, Stock Buzz), Apple (AAPL.O: Quote, Profile, Research, Stock Buzz), Amazon (AMZN.O: Quote, Profile, Research, Stock Buzz) and others, operating within existing law to minimize taxes, have prompted British Prime Minister David Cameron to put the matter on the agenda when he hosts a meeting of leaders from the Group of Eight leading industrialized nations on June 17/18.

Jun 13, 2013

No quick fix for corporate tax take as pressure to act builds

BRUSSELS/LONDON, June 13 (Reuters) – Europe’s leaders are
talking tough about making companies pay more tax but they are
expected to take only baby steps for fear of alienating big
business during an economic slump.

Schemes used by Starbucks, Apple, Amazon
and others, operating within existing law to minimise
taxes, have prompted British Prime Minister David Cameron to put
the matter on the agenda when he hosts a meeting of leaders from
the Group of Eight leading industrialised nations on June 17/18.

Jun 12, 2013

BoE’s Haldane says Co-op must take further action

LONDON, June 12 (Reuters) – Britain’s Co-operative Group
needs to be made more resilient after the bank’s
surprise recent credit rating downgrade, a senior Bank of
England official said on Wednesday.

Andrew Haldane, BoE director of financial stability said
Co-op’s situation was “plainly difficult.”

Jun 10, 2013

EU states face showdown over markets overhaul

LONDON, June 10 (Reuters) – EU officials are pressing
Britain, Germany and France to agree a compromise over trading
rules intended to plug gaps exposed by the credit crunch in the
$630 trillion market for derivatives and other specialised
products.

Such financial products have largely been traded
off-exchange in bargains between individual banks, which means a
lack of visibility to regulators of where risks could be
accumulating.

    • 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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