Regulation Correspondent, Europe
Huw's Feed
Apr 9, 2014

European policymakers seek to reshape bundled debt market

LONDON, April 9 (Reuters) – European policymakers are
drawing up plans to revive the market for repackaged debt in a
bid to lure investors back to a sector that was at the heart of
the worst financial crisis in a generation.

Securitisation is seen as key to helping banks fund
themselves and the economy but the market has shrivelled since
packages of high-risk U.S. home loans pooled to create bonds
imploded in 2007 when the underlying assets proved to be
bankrupt.

Apr 9, 2014

EU proposes bigger shareholder say over executive pay

LONDON (Reuters) – Listed companies across the European Union must get shareholder approval on pay policy for top executives under a draft European Union law aimed at making firms more answerable to their owners.

EU financial services chief Michel Barnier has proposed toughening up the 28-country bloc’s law on shareholder rights to end “short-termism”, though stopping short of capping pay in the way he has separately done for banker bonuses.

Apr 9, 2014

FCA launches inquiry into insurance review announcement

LONDON (Reuters) – The Financial Conduct Authority (FCA) has appointed an independent lawyer to lead an inquiry into how it prematurely disclosed details of a review of the insurance industry, sending shares in insurance firms plunging last month.

The move follows complaints from the insurance industry body, which called on the FCA to learn lessons from the incident, but stopped short of demanding the removal of senior staff.

Apr 8, 2014

UK regulator launches inquiry into insurance review announcement

LONDON (Reuters) – Britain’s financial regulator has appointed an independent lawyer to lead an inquiry into how it prematurely disclosed details of a review of the insurance industry, sending shares in insurance firms plunging last month.

The move follows complaints from the insurance industry body, which called on the Financial Conduct Authority (FCA) to learn lessons from the incident, but stopped short of demanding the removal of senior staff.

Apr 7, 2014

Top mutual funds try to limit growing regulatory scrutiny

LONDON, April 4 (Reuters) – Top mutual funds face extra
scrutiny in the United States and Britain, regardless of whether
global regulators push ahead with new rules based on a
consultation that closed on Monday.

The consultation by the Financial Stability Board (FSB), the
regulatory arm of the world’s leading economies (G20), raised
hackles by proposing that funds with more than $100 billion in
assets are systemically important. That would mean they face
extra supervisory requirements that have yet to be spelt out.

Apr 4, 2014

Bank of England Haldane says big funds can be ‘too big to fail’

LONDON (Reuters) – The world’s $87 trillion asset management industry is getting riskier and echoes some of the “too big to fail” risks already being addressed at banks, Bank of England director of financial stability Andy Haldane said on Friday.

In a speech likely to leave the funds sector bristling, Haldane said some recent trends in activities raise the question whether funds can also be “too big to fail”, meaning they need curbs to avoid a failure wreaking havoc in markets and requiring a potential bailout by taxpayers.

Apr 4, 2014

BoE’s Haldane says big funds can be “too big to fail”

LONDON, April 4 (Reuters) – The world’s $87 trillion asset
management industry is getting riskier and echoes some of the
“too big to fail” risks already being addressed at banks, Bank
of England director of financial stability Andy Haldane said on
Friday.

In a speech likely to leave the funds sector bristling,
Haldane said some recent trends in activities raise the question
whether funds can also be “too big to fail”, meaning they need
curbs to avoid a failure wreaking havoc in markets and requiring
a potential bailout by taxpayers.

Apr 4, 2014

FCA to probe credit card market

LONDON (Reuters) – Britain’s financial watchdog will investigate the 150 billion pound credit card market to assess if “survival borrowers” who find it difficult to repay are being treated fairly, it said on Thursday.

The decision by the Financial Conduct Authority comes just two days after the year-old watchdog took over supervision of Britain’s consumer credit market with its 50,000 firms.

Apr 3, 2014

Britain to probe $250 billion credit card market

LONDON (Reuters) – Britain’s financial watchdog will investigate the 150 billion pound ($250 billion) credit card market to assess if “survival borrowers” who find it difficult to repay are being treated fairly, it said on Thursday.

The decision by the Financial Conduct Authority (FCA) comes just two days after the year-old watchdog took over supervision of Britain’s consumer credit market with its 50,000 firms.

Apr 3, 2014

EU approves rules to shake up company book-keeping

LONDON, April 3 (Reuters) – The European Union has approved
some of the world’s toughest rules for accountants in a bid to
avoid a repeat of banks being given a clean bill of health just
before taxpayers had to rescue them after the financial crisis
of 2007-2009.

The 28-country bloc’s European Parliament approved a law on
Thursday designed to stop any listed company from using the same
accountantcy firm for more than 20 years, a reform the United
States has shied away from as a step too far.

    • 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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