Financial Services Regulation

This network is for financial professionals interested in staying up to date on financial services regulation happening anywhere in the world. CFOs, bankers, fund managers, treasurers welcome.

Retired Member 

PRA consults on implementation of CRD IV

In this consultation the Prudential Regulation Authority (PRA) sets out the proposed changes to its rules to implement CRD IV. Proposed supervisory statements are made giving more information on the PRA’s approach to certain CRD IV provisions. All banks, building societies and PRA designated investment firms are affected by these proposals. The...

09 September 2013

Retired Member 

FCA consults on implementation of CRD IV

CRD IV is the EU implementation of Basel III for banks, which affects approximately 2,400 investment firms that are prudentially regulated by the FCA. It comprises two sections: the Capital Requirements Regulation (CRR) and the Capital Requirements Directive (CRD). The CRR is directly binding on firms as an EU regulation. The scope of this cons...

06 September 2013

Retired Member 

EMIR: delegated regulations adopted

The European Commission has adopted: a delegated regulation amending the European Markets Infrastructure Regulation (EMIR) to exempt the central banks and debt management offices of Japan and the United States. The Commission will monitor and report on the developments in finalising OTC derivatives rules in other G20 jurisdictions and will exempt...

06 September 2013

Retired Member 

MiFID: approach to rolling spot forex clarified

The European Commission has published a new answer in its Q&As on the Markets in Financial Instruments Directive (MiFID). This is about whether a rolling spot foreign exchange on margin takes the form of a derivative contract or a contract for difference to be considered a financial instrument under MiFID. The Q&A explains that as oppose

05 September 2013

Retired Member 

HMRC consults on Taxation of Regulatory Capital Securities

HM Revenue and Customs (HMRC) has published a draft of the Taxation of Regulatory Capital Securities Regulations 2013. The Regulations set out provisions in relation to the taxation of Additional Tier 1 and Tier 2 regulatory capital securities that financial institutions need to issue to meet their regulatory requirements. The Regulations are int...

05 September 2013

Retired Member 

RBS fined by FCA

RBS transaction reporting fine emphasises that FCA expects firms to get it right: The Financial Conduct Authority (FCA) has announced that it has fined the Royal Bank of Scotland (RBS) £5,620,300 for incorrectly reporting transactions it made in wholesale markets, and in some instances, failing to report transactions at all. RBS agreed to settle ...

04 September 2013

Retired Member 

FCA sets out its approach to advancing its objectives

Release from the FCA on how it intends to deliver on its responsibilities, will be very interesting to see how much of this is reiterated in the Regulation and Rebuilding Trust plenary session at Sibos on Weds 18th Sept. What feedback will the panel provide and where do they see the key challenges and conflicts with the national regulators? If yo...

03 September 2013 /sibos

Retired Member 

IOSCO publishes paper with the WFE

The International Organization of Securities Commissions (IOSCO) published a working paper, with the World Federation of Exchanges (WFE), on cyber-crime, securities markets and systemic risk. The report explores the evolving nature of cyber-crime in securities markets and the threat it poses to the functioning of markets. This first report found ...

03 September 2013

Amit Agrawal NA at in transit

Basel III : Centralised Reporting Platform

Basel III regulations will change the way bank address, manage risk and finance. The new emphasis on risk management that is inherent in it requires the introduction/evolution of a risk management framework that is as robust as the existing finance management infrastructures. As well as being a regulatory regime, Basel III in many ways provides a ...

02 September 2013 /security /regulation

Retired Member 

BCBS publishes reporting templates

The Basel Committee on Banking Supervision (BCBS) has published the reporting templates and accompanying instructions for two consultations on proposals for: the non-internal model method for measuring counterparty credit risk; and revisions to the capital requirements for bank exposures to central counterparties. Related link: http://www.bis.o

02 September 2013