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Financial Services Daily News: archive

May 2012

Monday, 21 May 2012
FIG client seminar: Financial Crime - A panel discussion on the latest hot topics

Friday, 18 May 2012
UK Government consultation on DPAs; FSA/BoE paper on designation of investment firms by the PRA; CRD 4 addenda

Thursday, 17 May 2012
EBA discussion paper on a template for recovery plans; High Court rejects claim against bank following SOCA notification; EBA publishes guidelines on Stressed VaR and IRC; FSA publishes finalised guidance on transaction reporting; FSA decision notice against BGC senior executive; FIG client seminar: Financial Crime - A panel discussion on the latest hot topics; Now available through FSnet: Client briefing “New Spanish banking regulations for cleaning up and sale of real estate related assets”

Wednesday, 16 May 2012
CRD 4 – Council Presidency compromise proposal and final text negotiation starts; Update on Solvency II for the London Market - speech by Julian Adams (FSA); Mortgage Credit Directive – indicative date for European Parliament plenary session; FSA fines bank and money laundering reporting officer; FIG client seminar: Financial Crime - A panel discussion on the latest hot topics

Tuesday, 15 May 2012
CRD 4 – Council presidency general approach; ESAs consult on Commission’s review of FCD; Commission Q&A on CRD; FSA publishes guidance on PFOF

Monday, 14 May 2012
Commerzbank bonus decision; EIOPA, Solvency II and the loss adjusting profession - speech by Gabriel Bernardino (EIOPA)

Friday, 11 May 2012
FSA feedback on recovery and resolution plan; FSB establishes enhanced disclosure task force; AFME briefings on CRD 4 related topics; Court of Appeal confirms a side letter was a non-binding agreement to agree; FSA and SEC impose fines for failing to manage a conflict of interest

Thursday, 10 May 2012
Queen’s Speech: Banking Reform Bill; Hong Kong SFC proposes to enhance sponsors regulatory regime; CRD 4 – indicative date for European Parliament plenary session; Responses to EBA questionnaire regarding Pillar 3 disclosures; LSB themed review of compliance with the UK Cards Association best practice guidelines and Lending Code credit card provisions; ABI Solvency II bulletin

Wednesday, 9 May 2012
ESMA call for evidence on transaction reporting; ESMA 2012 regulatory work programme; Responses to Commission consultation on the Acquisitions Directive; Commission guidance on the application of the CCD with regard to costs and APR; Council Presidency partial general approach on MAD 2; EIOPA opinion on external models/data used for the calculation of Solvency II capital requirements; FSA fines wholesale insurer for corporate governance failings and bans its executive chairman; Confiscation order of £570,000 made against insider dealer

Tuesday, 8 May 2012
Commission legislative initiatives for the remainder of 2012; Rebuilding trust and confidence in banks and bankers – speech by Martin Wheatley (FSA); Resolution: a progress report – speech by Paul Tucker (BoE); ECON to vote on Mortgage Credit Directive; BIS issues response to call for evidence on ADR legislation; FSA fines Car Supermarket for PPI sales monitoring failings

Friday, 4 May 2012
EU high-level expert group consults on reforming the structure of the EU banking sector; Hong Kong Securities and Futures (Amendment) Ordinance 2012; BCBS consults on review of trading book capital requirements; ECB report on shadow banking in the euro area; EBA report on the fulfilment of its Recommendation following the 2011 EU-wide stress test; Council Presidency compromise proposal on MAR; Now available through FSnet: Insurance and Reinsurance News – May 2012 issue

Thursday, 3 May 2012
FSCS levies for failed banks; Treasury sub-Committee publishes terms of reference for inquiry into MAS; FSA publishes further update to business plan milestones; Consumer Focus research finds uncertainty regarding continuous payment authority

Wednesday, 2 May 2012
Council Presidency compromise proposal on CRD 4; Financial Services Bill information; FSA fines small portfolio management firm and compliance officer for client money breaches; RDR newsletter; FOS news; FOS note on compensation for non-financial loss; Revised Lending Code

Tuesday, 1 May 2012
FSA consults on consumer redress scheme regarding unsuitable advice to invest in Arch cru funds; Treasury Select Committee announces terms of reference of corporate governance and remuneration for SIFIs inquiry; Court considers rationality of nil valuation; Prison sentence for man convicted of laundering boiler room funds; FSA feedback on regulatory prudent valuation return; FSB publishes blueprint on bilateral complaints handling processes; FSA Handbook Notice; FSCS sets 2012/13 levy at £265m

April 2012

Monday, 30 April 2012
FSB interim report on securities lending and repos; Shadow banking - speeches by Paul Tucker (BoE), Michel Barnier (European Commission) and Vítor Constâncio (ECB); Developing a single rulebook in banking – speech by Andrea Enria (EBA); House of Lords’ EU Committee urges Government to opt-in to new Directive on Proceeds of Crime; FSA publishes policy statement and final rules on pension transfer value analysis assumptions; IOSCO consultation on MMF systemic risk analysis; FSA policy development update; ESMA approves Brazilian credit ratings for use in the EU; Court seeks to protect privileged information disseminated by FSA; Now available through FSnet "UK, EU and US regulatory update" seminar materials

Friday, 27 April 2012
AIFM Directive: ESMA starts cooperation discussions with non-EU supervisors; MAD: ESMA identifies divergences in the use of sanctions across the EU; Hong Kong Legislative Council approves statutory PSI regime; First FSA fine for a company in breach of rules on related party transactions; Liquidity and the regulation of markets – speech by David Lawton (FSA); IOSCO consults on principles of liquidity risk management for CISs; Commission reports on European financial stability and integration; Commission acts to ensure implementation of E-money Directive in some Member States

Thursday, 26 April 2012
Dodd-Frank Act: final rule regarding designation of non-bank SIFIs; Law Commission reviews unfair consumer terms legislation; FSA confirms TLPIs should not generally be promoted to UK investors; European fund classification categories

Wednesday, 25 April 2012
Delivering effective corporate governance: the financial regulator’s role – speech by Hector Sants (FSA); Tribunal overturns FSA decision to fine CEO; FSA consults on changes to the Training and Competence sourcebook; Commitment to help consumers regarding PPI claims

Tuesday, 24 April 2012
G20 Communiqué of finance ministers and central bank governors; Hong Kong regulator fines and revokes licence of IPO sponsor; FSA publishes factsheet on ETPs; SFO appoints new director

Monday, 23 April 2012
House of Commons report on the Financial Services Bill; ESMA final report on short selling and CDS; ECB consults on recommendations for the security of internet payments; Industry letter on concerns regarding extraterritorial legislation; FRC publishes consultation on UK Corporate Governance Code, Stewardship Code and Auditing Standards; Volcker Rule - clarification regarding conformance periodl; Dodd-Frank Act - Derivatives reform; OFT issues guidance on misleading trading names; JMLSG issues guidance on electronic money; House of Commons publishes response to report on cost of motor insurance; FIG client seminar: UK, EU and US regulatory update

Friday, 20 April 2012
The new approach to insurance regulation and the implementation of Solvency II – speech by Julian Adams (FSA); FSB principles for sound residential mortgage underwriting practices; Payments Council publishes independent governance review; LSB publishes reviews on unarranged overdraft opt-outs and credit assessment of consumer lending products; FIG client seminar: UK, EU and US regulatory update

Thursday, 19 April 2012
EBA consults on the assessment of the suitability of bank board members and key function holders; House of Commons Treasury Committee report into 2012 Budget; Getting ready for the Retail Distribution Review - speech by Linda Woodall (FSA); ACER consults on REMIT registration format; ESMA approves credit ratings from Argentina and Mexico; FSA publishes letter to Andrew Tyrie MP regarding MF Global; Insurance Europe publication: How insurance works

Wednesday, 18 April 2012
AIMA note on differences between the Commission draft AIFM Directive implementing text and ESMA advice; FSA could not withhold names of staff members in response to FOIA request; FIG client seminar: UK, EU and US regulatory update

Tuesday, 17 April 2012
CPSS/IOSCO principles for financial market infrastructures, assessment methodology and disclosure framework; Court of Appeal considers "best/all reasonable endeavours" clauses; FIG client seminar: UK, EU and US regulatory update

Monday, 16 April 2012
G30 publishes report on effective governance; BCBS publishes peer review on implementation of stress testing principles; FIG client seminar: UK, EU and US regulatory update

Friday, 13 April 2012
FSA's role under the PSRs; CLLS/FSA correspondence regarding cleansing statements; ESAs publish reports on money laundering; EBA publishes results of survey on the implementation of the Guidelines on remuneration policies and practices; BCBS publishes results of Basel III QIS

Thursday, 12 April 2012
Commission publishes report on the Third Anti-Money Laundering Directive; BoE’s 2011 Payment Systems Oversight Report; ACER publishes REMIT timetable; FMLC comments on definition of CIS under FSMA; FMLC paper on the EU market abuse review; FMLC paper on the introduction of bail-in powers under the ICB proposals; Hong Kong Court of Appeal considers limited waiver of privilege

Wednesday, 11 April 2012
OECD publishes recommendations on regulatory policy and governance; EIOPA publishes report on good practices for disclosure and selling of variable annuities; FSA publishes research recommending a reduction of intermediate rate of return for proscribed projections

Tuesday, 10 April 2012
FSB conducts thematic review on risk governance; EBA consults on draft RTS on own funds under CRD 4

Thursday, 5 April 2012
EBA report on results of Basel III monitoring exercise; EBA publishes questionnaire regarding Pillar 3 disclosures; FSA consults on guidance on suitability; Council Presidency compromise proposal on CRD 4; Responses to ESAs consultation on risk mitigation for non-centrally cleared OTC derivatives under EMIR; Court of Appeal rules on interpretation of section 2(a)(iii) of ISDA Master Agreement; Unfair contract terms – ensuring a fair deal for consumers – speech by Clive Gordon (FSA); ABI/BIBA/Government agreement to foster access to insurance for older customers; OECD/StAR publish report on bribery; FSCS decides to compensate consumers in relation to CF Arch Cru funds; Now available through FSnet: European market abuse news – Spring 2012 issue

Wednesday, 4 April 2012
BCBS progress report on Basel III implementation; Responses to ESMA consultation on guidelines for ETFs and other UCITS issues; Commission legislative initiatives for the remainder of 2012; MF Global – investors FAQs; One person arrested as part of FSA investigation of unauthorised business; FSA crackdown on disclosure of price-sensitive information; Now available through FSnet – "International tax: Hot topics for financial services" seminar materials; Now available through FSnet: Insurance and Reinsurance News – March 2012 issue

Tuesday, 3 April 2012
ESRB on principles for macro-prudential framework regarding CRD 4; Timing of bank crisis management draft Directive – statement by Michel Barnier; US agencies clarify effective date for section 716 of the Dodd-Frank Act; FSA policy development update; ESMA publishes Q&As on Transparency Directive; OFT launches anti-money laundering public register; SOCA publishes annual plan 2012/13; Angela Knight to step down from BBA

Monday, 2 April 2012
European Commission publishes discussion paper on the debt write-down tool (bail-in); ESMA publishes draft technical standards on short selling; Lords Committee report on FTT; FSA publishes finalised guidance on financial promotions; Regulation on technical and business requirements for credit transfers and direct debits in euro published in the OJ; Responses to EBA consultation on large exposures reporting published; Financial regulation: how to achieve global convergence - speech by Michel Barnier (European Commission); OECD publishes report on the UK’s implementation of the OECD anti-bribery convention; MAS publishes business plan and debt advice business plan

March 2012

Friday, 30 March 2012
EMIR adopted by European Parliament; FSA publishes finalised guidance on simplified advice; CRD Q&A; Report on the Treasury's response to the financial crisis published; FSA publishes findings of thematic review into anti-bribery and corruption (ABC) systems and controls in investment banks; Responses to FSB consultation on a common data template for G-SIBS; OFT publishes information sheets under Consumer Credit Act 1974; Lloyd’s Market Bulletin on Financial Crime; FOS news; ECON draft report on MiFIR; Court refused permission to apply for judicial review of the FSA’s decision to set up a payment scheme; FSA fines and bans directors for publishing misleading information; Proposed changes to UK withholding tax on interest

Thursday, 29 March 2012
ESMA publishes translations of guidelines on risk measurement and calculation of global exposure for certain types of structured UCITS; EU Regulation on fees charged by ESMA to CRAs published in Official Journal; Supreme Court rules on employer liability insurance for asbestos claims; Commission proposes European cybercrime centre; BBA LIBOR update on technical issues; MiFID Q&A; FOS publishes a provisional determination in a complaint regarding pet insurance; Record of interim FPC meeting; FSA publishes complaints data; FSA censures two credit unions; High Court refrains from referral to ECJ when related proceedings in two Member States

Wednesday, 28 March 2012
FSA consults on changes to the FSCS; Further implementation of Omnibus I Directive; EU legislative initiatives - indicative dates for European Parliament plenary sessions; The Banking (Disclosure, Responsibility and Education) Bill; ESMA publishes responses to discussion paper on key concepts of the AIFM Directive and types of AIFM; FOS: plans and budget for 2012/2013

Tuesday, 27 March 2012
FSA policy statement on the CASS resolution pack; Omnibus I Directive and CRD 3 implemented in part; Regulation on short selling and CDS published in OJ; ECON draft report on MiFID 2; ECON draft report on MAR and MAD 2; US banking regulators propose revisions to leveraged finance guidance; ESMA revises pre-trade transparency waiver document; Updates on TRS and reporting of product sales data; FSCS gives details of interim levy; FOS and LSB issue statement on their roles and responsibilities; ICO publishes guidance on section 31 DPA; Bank fined for anti-money laundering control failings

Monday, 26 March 2012
FPC statement on policy meeting; ESAs’ medium term strategy; FSA publishes finalised guidance on structured product review; MoU between SEC and ESMA; Court rules that no implied duty of care owed by broker when closing out a client's positions following failure to meet a margin call

Friday, 23 March 2012
ESRB meeting; FSA's business plan for 2012/13; FSA feedback on distribution of retail investments; ESMA report on examinations of CRAs; ESMA issues discussion paper on proxy advisors; IOSCO issues updated systemic risk data requirements for hedge funds; FSA Handbook Notice; OFT publishes its annual plan for 2012-2013; OFT’s new debt management guidance; CFTC adopts final rule on customer clearing documentation, timing of acceptance for clearing and clearing member risk management; FSA update on Solvency II implementation: internal model approval material; FIG client seminar: International Tax: Hot Topics for Financial Services

Thursday, 22 March 2012
FSB on risk disclosure; Budget 2012 – impact on financial services; FSA obtains judgment of £32m against the operators of a land banking scheme; ECJ rules Member States can legislate to void unfair terms in consumer contracts; FIG client seminar: International Tax: Hot Topics for Financial Services

Wednesday, 21 March 2012
Commission consults on bank accounts; EMIR: Trilogue compromise proposal published; ESMA publishes responses to discussion paper on draft technical standards for EMIR; High Court considers additional directions for transfer of insurance business; FIG client seminar: International Tax: Hot Topics for Financial Services

Tuesday, 20 March 2012
Commission publishes green paper on shadow banking; High Court rules that lawful but unethical behaviour can be economic duress; High Court made third party debt order over payment from pension funds; FIG client seminar: International Tax: Hot Topics for Financial Services

Monday, 19 March 2012
FSA consults on regulating bidding for emissions allowances under the EU Emissions Trading Scheme; Hector Sants to leave the FSA at the end of June

Friday, 16 March 2012
Shadow banking and financial instability – speech by Lord Turner (FSA); ESMA permits EU-registered CRAs to endorse credit ratings issued in the US, Canada, Hong Kong and Singapore; EIOPA report on expected profits arising from future premiums; Undertaking from Cheshire Mortgage Corporation Limited to amend potentially unfair contractual terms; Good practice guide on reporting by private equity owned portfolio companies; FIG client seminar: International Tax: Hot Topics for Financial Services

Thursday, 15 March 2012
HM Treasury issues discussion paper on policy options for implementing the AIFM Directive; IOSCO consults on regulation of ETFs; OFT cash ISA progress review; OFT notice on deadline for PPI providers to submit compliance reports; Now available through FSnet: Client briefing “Lehman client money judgment – Supreme Court confirms equal treatment for all clients”; FIG client seminar: International Tax: Hot Topics for Financial Services

Wednesday, 14 March 2012
FSA publishes retail conduct risk outlook; Responses to ESMA’s consultation on short selling and CDS; IMF paper on capital regulation, liquidity requirements and taxation of banks; Senior manager fined for breach of proper standards of market conduct

Tuesday, 13 March 2012
Public censure against Bank of Scotland; Commission proposes Directive on freezing and confiscation of proceeds of crime in the EU; The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2012; FOS online technical resource on rediscovered old passbooks and dormant accounts

Monday, 12 March 2012
ABI guide for insurers on the Equality Act 2010; Consumer Insurance (Disclosure and Representations) Act 2012 – published; EMIR – indicative date for European Parliament plenary session – update; The Solvency II policy landscape – speech by Martin Etheridge (FSA); Pritchard Stockbrokers Ltd enters special administration regime

Friday, 9 March 2012
The Consumer Insurance (Disclosure and Representations) Act 2012; FSA fines and bans finance director; ABI proposals to help older customers; OFT revokes Yes Loans’ licence

Thursday, 8 March 2012
Commission issues draft Regulation on CSDs; EBA consults on capital requirements for CCPs under EMIR; ESAs consult on risk mitigation for non-centrally cleared OTC derivatives under EMIR; House of Commons Committee publishes report on debt management; FSA quarterly consultation paper; FSA policy statement on protecting with-profits policyholders; FSA statement on transactions in flex derivatives contracts conducted through Eurex OTC; FATF adopts first best practices paper for revised Recommendations; FSB LEI expert group provides early guidance; March issue of the Journal of the BILA

Wednesday, 7 March 2012
BIS reports on collateral requirements for mandatory central clearing of OTC derivatives; FSA publishes finalised guidance on the regulated covered bond regime; FSA proposes guidance on PPI customer contact letters; FOS publishes online technical resource on personal accident insurance; Now available through FSnet – "Competition law enforcement in financial services: how the priorities are changing and what's coming next" seminar materials

Tuesday, 6 March 2012
Commission publishes common understanding on third country equivalence; Treasury issues statement on money laundering controls in overseas jurisdictions; Council Presidency compromise proposal on CRD 4

Monday, 5 March 2012
ESMA publishes final report on PD; Hong Kong’s SFC establishes unit on risk management; Treasury response on Mortgage Credit Directive; FSA publishes supervisory recommended scenario on Pillar 2 stress testing; Commission Initiatives for the remainder of 2012

Friday, 2 March 2012
Undertaking from AXA in relation to potentially unfair term; Three arrested in FSA insider dealing investigation; Advocate general opinion on travel insurance offered when booking an airline flight; Advocate general opinion on travel insurance offered when booking an airline flight; JMSLG publishes further amendment to guidance on electronic money issuers; FSA finalises guidance on Transaction Reporting User Pack; CEA changes its name to ‘Insurance Europe’; FSA confirms expiry of modification by consent of INSPRU 2.1.22R

Thursday, 1 March 2012
House of Commons European Scrutiny Committee publishes report of session 2010-12; IOSCO reports on requirements for OTC derivatives mandatory clearing; Stakeholder group advice to ESMA on MiFID guidelines; FSA publishes feedback to FG12/16; Review of equity markets – interim report; FSA reports on possible sources of systemic risk from hedge funds; EPC brochures on SEPA

February 2012

Wednesday, 29 February 2012
Lehman client money appeal - Supreme Court Judgment; House of Commons’ Treasury Committee report on shortcomings of proposed structure and objectives of the FCA; BBA comments on crisis management aspects of the Financial Services Bill; FSA publishes proposals on the calculation of pension transfer values; Council adopts SEPA Migration Regulation; Solvency II implementation update – speech by Julian Adams (FSA); FOS issues latest complaints data on individual financial businesses; RDR newsletter; IAIS publishes report on supervisory co-operation and information exchange

Tuesday, 28 February 2012
PRA’s approach to consultation; FSPP publishes briefing on Financial Services Bill; FSA feedback on RDR adviser charging – treatment of legacy assets; FSA proposes guidance on RDR rules on independent and restricted advice; FSA publishes summary of feedback to consultation on distributor-influenced funds factsheets; FSA feedback to guidance consultation on RDR roadshow FAQs; FSA Handbook Notice; Responses to consultation on the review of MiFID; Commission publishes Q&A on MiFID - outsourcing; Solvency II submissions – new FSA webpages

Monday, 27 February 2012
EMIR: Council adjusts its position ahead of talks with the European Parliament; An update on the FSA’s investigations and enforcement regime – speech by Tracey McDermott (FSA); FSA policy development update; Commission publishes press release on consumers switching bank accounts; OFT launches review into payday lending; ESMA guidelines on future automated trading regime translated; FOS News; Sir David Lees re-appointed Chair of the Court of the BoE; Connecticut become first US insurance regulator to join international information exchange agreement; FIG client seminar: Competition law enforcement in financial services: how the priorities are changing and what's coming next

Friday, 24 February 2012
HM Treasury publishes consolidated version of FSMA; Commissioner Barnier appoints members of expert group to assist in reform of EU banking sector; ESMA discussion paper on key concepts of the AIFM Directive and types of AIFM; Hong Kong court decision strengthens the SFC’s powers to pursue market misconduct offences; Commission statements regarding SEPA Migration Regulation; OFT chief to step down later this year

Thursday, 23 February 2012
IOSCO consults on suitability requirements for complex financial products; FOS publishes draft MoU with proposed FCA; ESMA publishes list of prospectuses and supplements on its website; Lloyd’s market bulletin on distribution costs, broker remuneration and additional charges; FIG client seminar: Competition law enforcement in financial services: how the priorities are changing and what's coming next

Wednesday, 22 February 2012
ESMA publishes new Q&As on a common definition of European money market funds; Council adopts Regulation on short selling and CDS; House of Commons’ Treasury Committee to take evidence from the FSA on mortgage market review; FIG client seminar: Competition law enforcement in financial services: how the priorities are changing and what's coming next

Tuesday, 21 February 2012
IOSCO consults on principles for ongoing disclosure for ABS; Basel III implementation monitoring instructions; Council Presidency compromise proposal on Mortgage Credit Directive; Commission conference on regulating shadow banking; Court of Appeal considers Tribunal's refusal to grant witness summons; Court of Appeal confirms liability of solicitors; FSA fine against bank for failing to explain application of FSCS

Monday, 20 February 2012
ESMA consults on EMIR and announces open hearing; Commission to propose a Regulation on CSD; Transaction reporting regarding flex derivatives contracts conducted via Eurex OTC; FATF identifies jurisdictions with strategic deficiencies in regard to AML/CFT; HSFB strengthens standards with international dimension; FSA publishes update to business plan milestones; Client briefing “US Treasury releases proposed FATCA Regulations”

Friday, 17 February 2012
FSA fines former banker for market abuse (improper disclosure); FATF publishes revised recommendations to combat money laundering and terrorist financing; IOSCO consults on revised CIS valuation principles; Competition in UK banking – speech by John Fingleton (OFT); Further search warrants and arrest in an FSA and SOCA insider dealing investigation

Thursday, 16 February 2012
FRC reports on its “comply or explain” approach to corporate governance; ISDA report on MiFID2/MiFIR and transparency for OTC derivatives; EMIR – indicative date for European Parliament plenary session – update; ESMA consults on short selling and CDS; European Commission reports on corruption; FSA announces Margaret Cole to leave this year; Code of practice for members’ agents and guidance note in relation to the transfer of interests in Lloyd’s corporate members

Wednesday, 15 February 2012
EBA consults on draft ITS on reporting of large exposures; HM Treasury consults on regulating certain bidders in auctions of EU emissions allowances; European Parliament adopts SEPA legislation; Joint Forum publishes report on intra-group support measures; MoJ publishes Claims Management Regulation Business Bulletin; ESMA publishes responses received to consultation on short selling and CDS

Tuesday, 14 February 2012
European Parliament study on potential of venture capital in the EU; FSA update on changes to approved persons regime with regard to those selling mortgages; EIOPA publishes action plan 2012 for colleges of supervisors; SFC announces final changes to upcoming Short Sale Reporting Rules; Now available through FSnet: Client briefing “Banking litigation highlights from 2011”; Now available through FSnet: Client briefing “FSA enforcement review - February 2012”

Monday, 13 February 2012
EMIR: European Parliament and Council come to an agreement; EBA preliminary assessment of banks’ capital plans; Financial markets legislative review impacts data protection; Commission delegated act on CRAs fees; FSA publishes RDR guide; FSA confirms industry guidance; Court considers bank's duty to comply with instructions from company director in context of joint mandate

Friday, 10 February 2012
FSB publishes peer review on deposit insurance systems; Fundamental review of financial conglomerates: Commission call for evidence; Solvency II: update on progress; Tightening of disclosure obligations for interests in German listed companies; Dates for European Parliament consideration of the Mortgage Credit Directive

Thursday, 9 February 2012
ICMA examines role of haircuts in European repo market; Joint Statement regarding international tax compliance and implementing FATCA; Simple Financial Products Steering Group; OFT publishes statement of consumer protection enforcement principles; Court considers claim against professional indemnity insurer for mitigation costs; Court applied contractual limitation period to reject claim; Court considers interpretation of condition precedent in “after the event” litigation insurance; FSA publishes life and general insurance newsletters

Wednesday, 8 February 2012
FSA “Dear CEO” letter – update on transition to new regulatory structure; EIOPA’s overview of key consumer trends in the EU; FOS online technical resource on GAP insurance

Tuesday, 7 February 2012
Delivering “twin peaks” within the FSA – speech by Hector Sants (FSA); Dodd-Frank: joint report on international swap regulation; Equitable Life Payment Scheme – progress report; MoU between FSA and IFA published

Monday, 6 February 2012
Financial Services Bill: House of Commons’ library research paper; FSA publishes guidance consultation on sale and rent back; European Commission letter to EIOPA on equivalence of third countries under Solvency II

Friday, 3 February 2012
ESMA announces launch of central repository for credit ratings’ past performance; FSCS publishes its plan and budget 2012/13; FSA consults on regulated fees and levies

Thursday, 2 February 2012
FCA supervision – speech by Clive Adamson (FSA); Mark Hoban’s comments on the market abuse draft proposals; FOS decisions – summary of responses; FLA Lending Code relaunched; Solvency II: EIOPA’s chairman raises concern with the Commission about delay of Omnibus II Directive; Court considers claim and remedy for solicitor’s negligence in property transaction

Wednesday, 1 February 2012
FSA guidance on counterparty credit risk management by CCPs; MiFID II: A Regulator’s viewpoint - speech by David Lawton (FSA); CLLS comments on MAD 2; FSA fines former CEO £2.86 million for fraudulent invoicing scheme; Updated Q&A on the PSD

January 2012

Tuesday, 31 January 2012
ESMA consults on guidelines for UCITS ETFs and other UCITS issues; CRD 4: ECB opinion; Study on the implementation of the CCD; FSA guidance on unfair contract terms; FSA policy development update; New investment banking adviser appointed at FSA

Monday, 30 January 2012
Financial Services Bill; EMIR: ECOFIN agrees compromise text; FSC note on the legal powers of UK financial authorities; FOS publishes PPI disputes material; FSA fines former compliance officer at Greenlight and trader for failures relating to insider dealing by others

Friday, 27 January 2012
FSA consults on large exposures regime; FSA consults on amendments to the Listing Rules, Prospectus Rules, Disclosure Rules and Transparency Rules; Commission refers Portugal to the European Court of Justice; FSA fines investment fund and owner over £7 million for market abuse

Thursday, 26 January 2012
IOSCO follow-on analysis to the report on trading of OTC derivatives; Credit Rating Agencies: What are the next steps? – speech by Verena Ross (ESMA); My vision for the FCA – speech by Martin Wheatley (FSA); FSA consults on proposed guidance on transaction reporting strategy trades; SFO publishes guidance for boardrooms on serious economic crime; Judgment on VAT chargeable on transfers of insurance business

Wednesday, 25 January 2012
ESMA consults on draft technical standards for short selling and CDS trading; Council of the EU adjusts position on EMIR; Banking sector and state aid – speech by Joaquín Almunia (European Commission); EIOPA Work Programme 2012; FIG client seminar: Critical remuneration issues for financial institutions

Tuesday, 24 January 2012
European Commission answers question on the MiFID exemption for insurers; Treasury Committee publishes report on the Court of the Bank of England’s memorandum on accountability; FSA discussion paper on the Alternative Investment Fund Managers Directive; Financial Regulation, a review of 2011 and a forward look to 2012 – speech by Michel Barnier (European Commission)

Monday, 23 January 2012
FSA feedback on Client Assets sourcebook – custody liens; IOSCO principles on suspension of CIS redemptions; Updated Q&As on the PSD; GFMA posts provisional LEIs

Friday, 20 January 2012
FSA fines insurance firms over £2 million for failure to prevent files from being altered; FIG client seminar: Critical remuneration issues for financial institutions

Thursday, 19 January 2012
Industry letter regarding ESAs; BIS reports on stress testing and its limitations and benefits; Transposition of Company Law and Anti-Money Laundering Directives; The Recognised Auction Platforms Regulations 2011 – correction; FIG client seminar: Critical remuneration issues for financial institutions

Wednesday, 18 January 2012
ESRB recommendation on the macro-prudential mandate of national authorities; ESRB recommendation on funding of banks in US dollar; Commission creates expert group to assist in reform of EU banking sector; CPSS-IOSCO report on requirements for OTC derivatives data reporting and aggregation; Court of the BoE comments on the accountability of BoE; European Parliament’s public hearings on review of MAD and CRAs legislation; Undertaking from NHBC in relation to potentially unfair term; Financial Ombudsman News; Transposition of Post-Financial Services Action Plan Directives; FOS’ technical note on debt collecting; FSCP reports on the regulation of Consumer Credit; Court of Appeal considers advice required for mortgages to counter risk of undue influence; FIG client seminar: Critical remuneration issues for financial institutions

Tuesday, 17 January 2012
UK and Hong Kong announce measures to promote RMB trading in London; Capital instruments: pre-issuance notification to the FSA; Council Presidency compromise proposal on Mortgage Credit Directive; Dodd Frank - CFTC's "Volcker Rule" proposal; Dodd Frank - final rules regarding business conduct standards for swap dealers and major swap participants; Dodd Frank - final rules - registration of swap dealers and major swap participants; EFCC’s letter on the Financial Conglomerates Directive; EACH survey on fails management and penalties; FIG client seminar: Critical remuneration issues for financial institutions

Monday, 16 January 2012
House of Commons’ Treasury Committee report on the FCA; FSA feedback on auctioning of greenhouse gas emission allowances; House of Commons’ further report on cost of motor insurance; Solvency II – FSA update; SFO obtains civil recovery order against shareholder of Mabey & Johnson; Commission guidance to Test-Achats case published in OJ; FIG client seminar: Critical remuneration issues for financial institutions

Friday, 13 January 2012
Commission DG for Internal Market and Services’s management plan 2012; FSA guidance on using switching terms in mortgage contracts under the UTCCRs; ESMA publishes annual report on application of the CRA Regulation; Dodd-Frank - new rules approved by CFTC regarding protection of cleared swaps customer contracts and collateral; NAO reports on efficiency of FOS complaints handling; Tribunal upholds FSA decision to refuse applications for approval and authorisation to sole trader; FIG client seminar: Critical remuneration issues for financial institutions

Thursday, 12 January 2012
FSB’s 2012 work plan; Commission consults on integration of EU market for card, internet and mobile payments; FSA changes deadline for consultation on NEDs; Individual charged with insider dealing; FIG client seminar: Critical remuneration issues for financial institutions

Wednesday, 11 January 2012
HM Treasury consults on contractual schemes for collective investment; EU investigates consumer credit websites; Council Presidency compromise proposal on CRD 4; IMF working paper on next generation system-wide liquidity stress testing; FIG client seminar: Critical remuneration issues for financial institutions

Tuesday, 10 January 2012
BCBS’ GHOS endorses Basel III liquidity standard and strategy for assessing Basel implementation; ESMA Q&A on common operation of MAD; EMIR – indicative date for European Parliament plenary session; FSA appoints new Board Chairman for FSCS; Now available on FSnet: Regulatory developments - fact sheets; FIG client seminar: Critical remuneration issues for financial institutions

Monday, 9 January 2012
EBA guidelines on AMA extensions and changes; Programme of the Danish Presidency of the Council of the EU 2012; Ministerial statement on reform of public bodies; FOS consults on plans for dealing with record complaints workload; Lloyd’s censures syndicate member; Court of Appeal ruling on Lehman “rascals” process; FIG client seminar: Critical remuneration issues for financial institutions

Friday, 6 January 2012
EBA work programme for 2012; Mortgage Credit Directive – indicative date for European Parliament plenary session

Thursday, 5 January 2012
ESMA work programme for 2012; Update on FSA’s role under the Payment Services Regulations 2009; Updated Q&A on the E-Money Directive; BBA issues mortgage fraud industry good practice guidance note

Wednesday, 4 January 2012
ESRB’s future work; ESMA endorses Australian CRA regime and issues draft RTS for CRAs; ESMA consults on MiFID guidelines; ESMA publishes final report on future automated trading regime; ACER user guide for reporting delayed publication of inside information and suspicious transactions; FSA rules and guidance on recognised auction platforms; FSA to publish updated Transaction Reporting User Pack in early 2012; Dodd-Frank: new CFTC rules; SOCA annual report 2011; European Commission adopts guidelines to help the insurance industry implement unisex pricing; EIOPA consultation on proposed add-on quantitative reporting templates for financial stability purposes; FSCS update on CF Arch cru Funds; Insurance Fraud Enforcement Department launched