Regulation Correspondent, Europe
Huw's Feed
Apr 15, 2015

UK watchdog fines Bank of New York Mellon $185 million

LONDON (Reuters) – Britain’s markets regulator has fined Bank of New York Mellon (BK.N: Quote, Profile, Research, Stock Buzz) 126 million pounds ($185.30 million) for failing to keep customer money safe during the financial crisis.

The Financial Conduct Authority (FCA) said on Wednesday the fine was levied on Bank of New York Mellon’s London branch, and on Bank of New York Mellon International Limited for breaches that spanned nearly six years from November 2007 to August 2013.

Apr 14, 2015

New EU accounting body chief signals more aggressive approach

LONDON (Reuters) – A top European Union accounting body will take a more political approach to its work and not shy away from changing global rules to satisfy EU needs, its new head said on Tuesday.

The comments from Wolf Klinz signal a more aggressive tone and broader role for the European Financial Reporting Advisory Group (EFRAG), an EU body that advises the European Commission on adopting global accounting rules for the 28-country bloc.

Apr 13, 2015

Tribunal slashes record UK fine against Deloitte over MG Rover

LONDON, April 13 (Reuters) – A British tribunal has slashed
a record 14 million pound ($20.5 million) fine on accountancy
firm Deloitte in relation to work done for carmaker MG
Rover Group, saying a key rule needed clarifying.

The case is being closely watched by auditors as it partly
hinges on the need for accountants take the public interest into
account in their work. Deloitte, one of the world’s top four
accountants, had argued it was unclear what regulators meant by
this.

Apr 13, 2015

Regulators in race to strengthen bond market before rate hikes

LONDON, April 13 (Reuters) – The European Commission will
meet bond market players in the next few weeks to discuss how to
avert potentially disorderly market “flash crashes” when
interest rates start to rise, EU and industry sources said.

Although plans by the European Union executive for a Capital
Markets Union to help companies access market funding include
measures to ensure adequate liquidity, warnings that fixed
income trading could be disrupted have added a sense of urgency,
with some asset managers wanting quick action.

Apr 7, 2015

Bank of England to keep close eye on UK current account deficit

LONDON (Reuters) – Britain’s large current account deficit could damage market sentiment towards the country if the economic environment deteriorates, the Bank of England said on Tuesday.

Minutes from the BoE’s Financial Policy Committee meeting on March 24 showed members were worried about Britain’s current account deficit, noting it was high by historical standards.

Apr 1, 2015

UK financial markets watchdog to bare more teeth in policing competition

LONDON, April 1 (Reuters) – British banks and markets are
bracing themselves for a fresh onslaught from their regulator
after it assumed extra powers to police competition in financial
markets on Wednesday.

The Financial Conduct Authority (FCA), launched in 2013 to
shake up supervision after the 2007-09 financial crisis
highlighted failures, already has competition as a core aim.

Mar 31, 2015

EU lawmakers back rules to stop rigging of market benchmarks

LONDON, March 31 (Reuters) – European Union lawmakers have
given their initial backing to a draft EU law making it harder
to rig market benchmarks, while adding changes to help quell
U.S. concerns about the rules.

The draft was proposed after banks were fined for attempting
to manipulate the Libor interest rate benchmark and currency
markets.

Mar 31, 2015

Exclusive – EU presidency wants to ditch ban on proprietary trading at banks

LONDON (Reuters) – European Union plans to ban banks taking market bets with their own money should be scrapped to avoid crimping the flow of funds needed for economic recovery, an EU document showed on Tuesday.

The bloc’s executive European Commission has proposed a draft law to ban proprietary trading at banks and force lenders to isolate other forms of risky trading to help keep the financial system stable.

Mar 31, 2015

EU presidency wants to ditch ban on proprietary trading at banks

LONDON, March 31 (Reuters) – European Union plans to ban
banks taking market bets with their own money should be scrapped
to avoid crimping the flow of funds needed for economic
recovery, an EU document showed on Tuesday.

The bloc’s executive European Commission has proposed a
draft law to ban proprietary trading at banks and force lenders
to isolate other forms of risky trading to help keep the
financial system stable.

Mar 30, 2015

Banks call for rethink of global plans for capital “floors”

LONDON, March 30 (Reuters) – The world’s top banks and other
market participants want regulators to rethink plans that would
set a new minimum level of capital requirements even when risks
from high quality loans are low.

Core capital buffers held by banks are determined by
assessing the likelihood of a loan defaulting, but regulators
have questioned such “risk-weighting” calculations after finding
wide variations in capital to cover similar loans.

    • 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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