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Financial Services Daily News: this month's daily news (last 30 days)

Friday, 21 November 2014
First financial penalty imposed by PRA: PRA and FCA fine banks for IT failures; Regulation on reporting and transparency of SFTs – Council agrees general approach; Regulatory measures to prevent another crisis – speech by Steven Maijoor (ESMA); EBA issues responses to consultation on security of electronic retail payments; Why we need a leverage ratio, and how bank boards might take charge – speech by Martin Taylor (FPC); FSMA (Market Abuse) Regulations 2014; Japanese FSA signs memorandum of cooperation with South Korean FSS and FSC; BIS’ response to consultation on implementing the ADR Directive; City of London Police Commissioner warns financial centres about cyber-security attacks

Thursday, 20 November 2014
CRD 4 - Bankers' bonus cap: ECJ’s Advocate General considers that the bonus cap is valid; EIOPA’s strategic priorities – speech by Gabriel Bernardino (EIOPA); Mortgage Credit Directive - House of Lords European Union Committee letter; Court considers restitution to investors in ponzi scheme

Wednesday, 19 November 2014
G20 high-level principles on beneficial ownership transparency; Start of the Single Supervisory Mechanism: from the comprehensive assessment to day-to-day supervision - speech by Sabine Lautenschläger (ECB); MMF Regulation – European Parliament amended text; Mario Draghi’s statement before ECON; Redress for pension mis-selling cases that fall outside the Pensions Review – updated assumptions; ECJ considers scope of the professional secrecy obligations under MiFID; Global regulatory and enforcement trends in market abuse and insider trading: FIG client seminar

Tuesday, 18 November 2014
HM Treasury consults on regulating individual conduct in UK branches of foreign banks; G20 Brisbane Summit Leaders’ communiqué; IOSCO consults on post-trade transparency in the CDS market; CRD 4 – RTS for the specification of the methodology for the identification and for the definition of subcategories of G-SIFIs in OJ; The future of financial reform - speech by Dr Mark Carney (BoE); Treasury Committee report on implementing the recommendations of the PCBS; OECD consults on review of its principles of corporate governance; CRR - ESMA issues responses to consultation on draft ITS on definitions of main indices and recognised exchanges; PRIIPS KID Regulation – ESAs joint discussion paper on key information documents; FCA publishes thematic review on the handling of customer complaints; FCA fines financial advisers £560,000 for misselling Keydata products

Monday, 17 November 2014
FSB reports to G20 Leaders on financial regulatory reform progress; FSB consults on standards and processes for global securities financing data collection and aggregation; IBA issues policy on approach to handling errors post-publication of ICE LIBOR rates; CRD 4 - EBA single rulebook Q&A; REMIT - ACER consults on draft list of organised market places; ESMA risk dashboard no. 4; Tax arrangements for Shanghai-Hong Kong Stock Connect, QFII and RQFII; Hong Kong and US sign agreement to facilitate compliance with FATCA; PRA, FCA & HMRC agree approach to information sharing; FCA issues thematic reviews on how firms should manage financial crime risks; Now available through FSnet: “Global market abuse news – Autumn 2014”

Friday, 14 November 2014
IOSCO peer review of implementation of incentive alignment recommendations for securitisation; IOSCO peer review of regulation of MMFs; AIFMD implemented in Spain; PSR consults on regulatory framework for payment systems; Regulating in a recovery - speech by John Griffith-Jones (FCA); Global regulatory and enforcement trends in market abuse and insider trading: FIG client seminar

Thursday, 13 November 2014
FSB reports to G20 on progress in reforming resolution regimes and resolution planning for G-SIFIs; BCBS reports on Basel capital framework national discretions; CPMI reports on cyber resilience in FMIs; BCBS reports for G20 meeting; CRR - EBA consults on assessment methodology for IRB approach; BRRD – EBA consults on guidelines regarding the rate of conversion of debt to equity and the treatment of shareholders in bail-in; HKMA lifts restriction on RMB conversion; BoE's Oversight Committee's report on the role of BoE officials in relation to conduct issues in the FX market; CMA banking market competition investigation – appointment of group members and issues statement; Supreme Court considers whether non-disclosure of commission in PPI sale can amount to unfair relationship; Global regulatory and enforcement trends in market abuse and insider trading: FIG client seminar

Wednesday, 12 November 2014
MMF Regulation – Council presidency compromise proposal; AIFMD/EuSEF and EuVECA Regulations – ESMA Q&As on application; FCA policy statement on price cap rules for payday lenders; LEI ROC consults on codes to harmonise; GSMA code of conduct for mobile money providers; Solvency II - Errors in EIOPA's consultation paper on a risk-free interest rate term structure; Commercial Court allows rescission of transactions in light of bribes given by agent; Global regulatory and enforcement trends in market abuse and insider trading: FIG client seminar

Tuesday, 11 November 2014
FSB consults on proposal for a common international standard on TLAC for G-SIBs; BRRD - EBA consults on valuation in recovery and resolution; PRIIPS Regulation adopted by Council; EMIR - ESMA consults on revised RTS/ITS on reporting to trade repositories; EBA consults on guidelines on product oversight and governance arrangements for retail banking products; DGSD - EBA consults on methods for calculating contributions to DGSs; IMD 2 – Council of the EU notes; PRA webpage on extending the duration of whole-firm liquidity modifications, intra-group liquidity modifications (non-UK DLG) and CRR Article 8 permissions; Mortgage lending in the post-MMR world - speech by Linda Woodall (FCA); Supreme Court considers equitable compensation in breach of trust case; FCA bans and fines broker’s former executives following “aggressive sales strategy” for add-on products; Global regulatory and enforcement trends in market abuse and insider trading: FIG client seminar

Monday, 10 November 2014
FSB updated list of G-SIIs; FPC consults on leverage ratio framework; FSB progress report on OTC derivatives reforms; ODRG report to G20 lenders on OTC derivatives reform on cross-border implementation issues; CRR - RTS for determining the overall exposure to a client or a group of connected clients in respect of transactions with underlying assets in OJ; EBA single rulebook Q&As; CRD 4 – FCA/PRA policy statement on data collection on remuneration practices; AIFMD – ESMA call for evidence on passport and third country AIFMs; Transparency Directive – FCA policy statement on removing requirement to publish interim management statements; Launch of Shanghai-Hong Kong Stock Connect; Consultation conclusions for proposed regulatory regime for stored value facilities and retail payment systems; Ex-Moore Capital trader pleads guilty to insider dealing case; IBA to become administrator of the LBMA gold price; FCA handbook notice; Former CEO of UBS wealth management and business banking acquitted by US jury in US tax evasion trial - corrigendum; Global regulatory and enforcement trends in market abuse and insider trading: FIG client seminar

Friday, 7 November 2014
Regulation on reporting and transparency of SFTs/Liikanen Regulation – indicative dates for European Parliament plenary sessions; IMD 2 - Council of the EU sets out its position; CMA launches investigation into current account and SME retail banking sectors; Former CEO of UBS wealth management and business banking acquitted by US jury in US tax evasion trial

Thursday, 6 November 2014
FSB progress report on compensation practices; Basel III implementation: Progress, pitfalls and prospects – speech by Stefan Ingves (BCBS); IAIS guidance on liquidity management and planning; BRRD – EBA consults on RTS on contractual recognition of bail-in; EBA consults on guidelines to standardise fee terminology of EU payment accounts; Asset management – The regulatory challenges ahead – speech by Steven Maijoor (ESMA); BoE widens access to the Sterling Monetary Framework to broker-dealers and CCPs; IMD 2 – Council of EU note on proposed general approach; Now available through FSnet: briefing “Regulation of the ECB on supervisory fees”

Wednesday, 5 November 2014
ECB banking supervisory responsibility and updates guide to banking supervision; EMIR – AIMA letter to the Commission on concerns regarding the frontloading obligation; Hong Kong SFC reprimands and fines a client adviser; HM Treasury consults on digital currencies; FCA new webpages on fund authorisation and supervision; Court of Appeal rejects arguments re extension of limitation period in negligent advice case; IAIS guidance on liquidity management and planning; CMA decides not to pursue interchange fee investigations

Tuesday, 4 November 2014
CRR – EBA consults on RTS on materiality threshold of past due credit obligations; PSD 2 – Council presidency compromise proposal; Solvency II – EIOPA consults on a risk free interest rate term structure; Now available through FSnet: briefing “Fair and effective markets review: consultation”

Monday, 3 November 2014
BCBS issues final NSFR standard; FPC’s review of the leverage ratio; CRD 4 - EBA single rulebook Q&As; FCA statement on promotion of shares in Emmit plc; Solvency II - EIOPA submits first set ITS to the Commission; Solvency II - EIOPA final report on guidelines on operating functioning of colleges of supervisors; 200 organisations participate in largest ever cybersecurity exercise; Now available through FSnet: insurance and reinsurance news – October 2014 issue – Solvency II – Matching adjustment eligibility

Friday, 31 October 2014
FSB global shadow banking monitoring report; ECB Regulation on supervisory fees; CRD 4 – Commission report on assessment of economic consequences of country-by-country disclosure requirements; EMIR – Commission equivalence discussions for third country CCP regulatory; CRD 4 – EBA opinion on the application of prudential requirements for credit and investment institutions; CRD 4 - EBA single rulebook Q&A; Corrigendum to Deposit Guarantee Schemes Directive and CRD 4 RTS in OJ; ESAs’ consultation on draft ITS on the mapping of ECAIs’ credit assessments - addendum; The Central Securities Depositories Regulations 2014; FCA consults on charges in workplace personal pension schemes; HM Treasury consults on FPC’s housing market powers; EIOPA action plan for colleges of supervisors; OECD announces its foreign bribery report; FCA fines financial advisor network for “pay to play” scheme; BIS discussion paper on the register of people with significant control of UK companies

Thursday, 30 October 2014
FCA consults on restrictions on the retail distribution of regulatory capital instruments; FPC updates guidance for firms not taking part in the concurrent stress test of the UK banking system; IAIS guidance and resolution of main issues on BCR for G-SIIs; IAIS paper on approaches to conduct of business supervision; IAIS reports on findings of self-assessment and peer review of observance of certain insurance core principles; IAIS paper on supervisory colleges; EIOPA consults on proposal for guidelines on product oversight and governance arrangements; IMD 2 – Council presidency compromise proposal; FCA fines Yorkshire Building Society £4,135,600 for treating borrowers unfairly; SFO charges former Tullett Prebon Group Ltd employee for manipulation of LIBOR; Now available through FSnet: briefing “Landmark ruling in New York, the ‘Separate Entity Rule’ lives on”

Wednesday, 29 October 2014
FSB reports on implications of structural banking reforms; Regulation on benchmarks and Regulation on reporting and transparency of SFTs – Council presidency compromise proposals; ESMA agrees to emergency short selling measures introduced by Italian CONSOB; ESMA publishes responses received to consultations on UCITS; Implementation of the Kay Review on equity markets – progress report

Tuesday, 28 October 2014
Results of ECB comprehensive assessment and EBA EU-wide stress test of banks; BoE consultation on fair and effective markets review; IAIS paper on approaches to corporate governance of insurance groups; CRD 4 – PRA policy statement on rules for credit risk mitigation, credit risk, governance, and market risk; IAIS paper on combating bribery and corruption; EIOPA reports on the EU-US insurance project event on increased transatlantic cooperation; Outcomes of plenary meeting of the FATF; FATF guidance on transparency and beneficial ownership; FATF guidance for a risk-based approach for the banking sector; EU Banking Union: FIG client webinar series

Monday, 27 October 2014
Mortgage Credit Directive – RTS on the minimum professional indemnity insurance to be held by credit intermediaries in OJ; CRD 4 - EBA single rulebook Q&As; EMIR – ESMA Q&As; Market Abuse Directive/Regulation fact sheet; EU Banking Union: FIG client webinar series

Friday, 24 October 2014
BoE approach to resolution of failed institutions; SSM - ECB consults on draft Regulation on reporting of supervisory financial information; House of Commons Treasury Committee reports on Project Verde regarding the Co-operative Bank; IAIS reports on basic capital requirements for G-SIIs; Now available through FSnet "What to expect from the EU in the next year" seminar materials

Thursday, 23 October 2014
European Parliament approves appointment of new European Commission; ESMA updated Q&As on prospectus issues; EU Banking Union: FIG client webinar series

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