Regulation Correspondent, Europe
Huw's Feed
Jun 3, 2015

FCA proposes new rules to avoid excessive fees for benchmarks

LONDON (Reuters) – Britain’s financial watchdog has proposed rules to ensure that widely-followed market benchmarks like Libor interest rates, gold or oil are available to all at a fair price.

After banks were fined for trying to rig the Libor interest rate benchmark and currency markets, Britain has required eight major market benchmarks to be run by an independent administrator to reduce the chances of manipulation.

Jun 3, 2015

UK watchdog proposes new rules to avoid excessive fees for benchmarks

LONDON, June 3 (Reuters) – Britain’s financial watchdog has
proposed rules to ensure that widely-followed market benchmarks
like Libor interest rates, gold or oil are available to all at a
fair price.

After banks were fined for trying to rig the Libor interest
rate benchmark and currency markets, Britain has required eight
major market benchmarks to be run by an independent
administrator to reduce the chances of manipulation.

Jun 2, 2015

UK’s BoE to scrutinise insurer investment in infrastructure

LONDON, June 2 (Reuters) – The Bank of England (BoE) will
scrutinise whether insurers are taking on too much risk by
investing in infrastructure projects which may not be suitable
for traditional portfolio management, it said on Tuesday.

Insurers have been coming under pressure from policymakers
to invest in economic growth through building new roads, bridges
and telecoms networks, projects that can offer higher yields
than government bonds.

Jun 2, 2015

Global regulators concerned over banks’ own capital risk models

LONDON (Reuters) – Banks should not depend on internal models for assessing the size of their capital buffers, a trio of global regulators said on Tuesday.

“Supervisors should be cautious against over-reliance on internal models for credit risk management and regulatory capital,” the Joint Forum said in a statement.

May 31, 2015

Top asset managers unite to push back on global rules – again

LONDON, May 31 (Reuters) – The world’s multi-trillion dollar
asset management industry has presented a united front to reject
proposals aimed at mitigating risks in the sector, even after
they were revised by regulators.

The Group of 20 economies’ (G20) task force, the Financial
Stability Board (FSB), wants funds above a certain size to face
closer, yet-to-be-detailed, scrutiny.

May 29, 2015

Watchdog suggests EU take less rigid view of foreign derivatives rules

LONDON, May 29 (Reuters) – The European Union may need to be
less rigid in its approach to dealing with financial rules from
outside the bloc to avoid disputes with other countries, the
EU’s top markets regulator said on Friday.

The EU’s executive European Commission and U.S. Commodity
Futures Trading Commission (CFTC) have been at loggerheads for
months over whether to recognise each others’ rules for making
markets for financial derivatives safer in the wake of the
2007-2009 financial crisis.

May 28, 2015

Tesco scandal puts spotlight on UK’s annual company audit checks

LONDON, May 29 (Reuters) – Tesco’s book-keeping
scandal has prompted Britain’s accounting policeman to turn a
spotlight on annual reports in the retail sector to check for
similar irregularities.

The Financial Reporting Council (FRC) has already opened a
probe into Tesco’s accounts, and it said on Friday that scrutiny
of sample audits in the coming year will focus in particular on
the food, drinks and retail sector.

May 28, 2015

FCA says bankers need ‘common sense’ to comply with new conduct rules

LONDON (Reuters) – Bankers in Britain must use common sense when applying new rules on being held personally responsible for wrongdoing in their business as there won’t be detailed guidance that lawyers can use in their defence, a top watchdog said on Thursday.

The new Senior Manager Regime (SMR) comes into effect in March 2016 to make it easier for regulators to punish individuals for wrongdoing.

May 28, 2015

UK watchdog says bankers need “common sense” to comply with new conduct rules

LONDON, May 28 (Reuters) – Bankers in Britain must use
common sense when applying new rules on being held personally
responsible for wrongdoing in their business as there won’t be
detailed guidance that lawyers can use in their defence, a top
watchdog said on Thursday.

The new Senior Manager Regime (SMR) comes into effect in
March 2016 to make it easier for regulators to punish
individuals for wrongdoing.

May 26, 2015

EU vote sends draft law to rein in bank risks back to drawing board

LONDON (Reuters) – A panel of European Union lawmakers narrowly rejected a draft law aimed at curbing trading risks at banks after they failed to bridge a deep divide between the main parties.

The European Parliament’s economic affairs committee voted to reject the draft law on bank structural reform by 30 votes to 29 in a relatively rare move.

    • 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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