Regulation Correspondent, Europe
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Feb 25, 2015

EU calls for treaty to avoid transatlantic regulatory spats

LONDON (Reuters) – Transatlantic spats over regulating banks and markets could be avoided under a treaty-based system of cooperation, the European Union’s financial services chief said on Wednesday.

The EU and United States are locked in talks over the finer details of recognizing each other’s rules on clearing houses for derivatives, part of global efforts to make markets safer after the 2007-09 financial crisis.

Feb 25, 2015

Money market funds set for partial reprieve in EU vote – document

LONDON, Feb 25 (Reuters) – Europe’s trillion euro money
market funds industry faces major reform on Thursday when
European Union lawmakers vote on new rules aimed at avoiding
investor runs in a crisis.

However, according to parliamentary compromises seen by
Reuters, one type of money market fund (MMF) looks set to escape
a requirement that industry said would spell its demise.

Feb 25, 2015

HSBC bosses reject calls to quit after “terrible list” of problems

LONDON (Reuters) – HSBC (HSBA.L: Quote, Profile, Research) bosses rejected calls from British lawmakers for them to quit over the bank’s Swiss tax scandal, but said they were having to clean up after a “terrible list” of control and compliance failings.

HSBC Chairman Douglas Flint and Chief Executive Stuart Gulliver told a panel of UK lawmakers they shared collective responsibility for failings at HSBC’s Swiss bank that allowed clients to dodge taxes.

Feb 25, 2015

HSBC says more clean up work to do after ‘terrible’ list of problems

LONDON (Reuters) – HSBC is more than halfway through a series of major reforms and still has more to do to guarantee the bank does not add to a “terrible list” of failures, its chairman said on Wednesday.

Europe’s biggest bank has admitted failings in compliance and controls in its Swiss private bank after media reports said it helped wealthy customers conceal millions of dollars of assets in a period up to 2007.

Feb 25, 2015

Bank regulation takes back seat to kick-starting economy

LONDON/FRANKFURT (Reuters) – As the banking crisis fades in memory, only to be replaced by a lingering economic slowdown, governments are losing interest in financial reform despite warnings that dangers still lurk.

The shift could mark the beginning of an era reminiscent of the more hands-off approach to regulation preceding the 2008 financial crash, albeit one that follows a raft of reforms – from capping bonuses to boosting capital – that have curbed banks’ freedom to take risks.

Feb 25, 2015

FCA says status quo unacceptable in forex market

LONDON (Reuters) – Trading practices in currency markets must change and good cooperation seen from the industry bodes well for a “sensible” set of reforms, Britain’s Financial Conduct Authority (FCA) said on Wednesday.

Last November the watchdog fined banks $1.7 billion (1.09 billion pounds) for seeking to manipulate foreign currency benchmarks.

Feb 25, 2015

UK watchdog says status quo unacceptable in forex market

LONDON, Feb 25 (Reuters) – Trading practices in currency
markets must change and good cooperation seen from the industry
bodes well for a “sensible” set of reforms, Britain’s Financial
Conduct Authority (FCA) said on Wednesday.

Last November the watchdog fined banks $1.7 billion for
seeking to manipulate foreign currency benchmarks.

Feb 24, 2015

BoE says markets review may include new regulation

LONDON, Feb 24 (Reuters) – A British review of conduct in
currency, fixed income and commodity markets may recommend new
rules but won’t impose uniform remedies, a Bank of England
official said on Tuesday.

The BoE, British finance ministry and the Financial Conduct
Authority are conducting a Fair and Effective Markets review
after banks were fined for trying to rig currency and interest
rate benchmarks.

Feb 24, 2015

Aviva Investors pays out 150 million pounds for control failures

LONDON (Reuters) – Aviva Investors Global Services, part of insurance company Aviva, has paid out 150 million pounds ($232 million) in fines and compensation after failing to control conflicts of interest, Britain’s markets watchdog said on Tuesday.

The Financial Conduct Authority said it fined Aviva Investors 17.6 million pounds for systems and controls failings spanning eight years to June 2013.

Feb 23, 2015

UK banking watchdog reduces reach of new accountability rules

LONDON, Feb 23 (Reuters) – It has been decided that new
rules making senior bankers in Britain more accountable for
their actions will not now apply to non-executive directors who
don’t have specific duties such as scrutinising bonuses,
regulators said on Monday.

The rules, known as the senior managers’ regime and due to
take effect by 2016, are designed to plug a gap highlighted by
the 2007-09 financial crisis when few individuals were held
responsible after taxpayers had to rescue several lenders.

    • 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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