The European Parliament has updated its procedure file on the proposed Regulation to amend and replace the Regulation on information on the payer accompanying transfers of funds. The procedure file now indicates that Parliament will consider the proposed Regulation at its 2 to 3 April 2014 session.
The European Parliament has updated its procedure file on the proposed Regulation on indices used as benchmarks in financial instruments and financial contracts (Benchmark Regulation). The procedure file now indicates that the Parliament will consider the proposed Benchmark Regulation during its plenary session to be held from 2 to 3 April 2014 despite its original
The European Parliament has published a letter from Sharon Bowles (Chair of the Parliament’s Economic and Monetary Affairs Committee (ECON)), and the rapporteur and shadow rapporteurs on the single resolution mechanism (SRM). The letter highlights ECON’s concerns relating to the intergovernmental agreement on the functioning of a single resolution mechanism.
In an associated press release
The Basel Committee on Banking Supervision (BCBS) has issued a consultative document on revised good practice principles for supervisory colleges. The principles were updated since their first publication in October 2010 and the main proposed changes now include:
The European Securities and Markets Authority has published an updated questions and answers (Q&A) paper on prospectus related issues. The updated Q&A includes two new questions and answers covering:
The Financial Ombudsman Service (FOS) has published a Consultation Paper on its plans and budget for 2014-15, along with an accompanying press release. The Consultation Paper outlines that the FOS intends to:
The Banking Act 2009 was passed in the aftermath of the collapse of Lehman Brothers. It contained provisions allowing for the establishment, by secondary legislation, of a bespoke insolvency regime for investment banks. This is known as the Special Administration Regime (SAR).
When the SAR was created, HM Treasury was required to hold an independent
The Board of Appeal of the European Supervisory Authorities (ESAs) has rejected an appeal made by a firm regarding the European Securities and Markets Authority’s refusal to register it as a credit rating agency.
View Board of Appeal of the European Supervisory Authorities dismisses appeal made by a refused CRA-applicant against ESMA, 13 January
The Council of the EU has published a summary record of the meeting of the European Parliament’s Economic and Monetary Affairs Committee (ECON) held on 9 January 2014. At that meeting, ECON considered the progress of certain legislative proposals including the:
The European Commission has announced that negotiators for the European Parliament and the Council of the EU have informally reached agreement on the proposed Markets in Financial Instruments Directive (recast) and Markets in Financial Instruments Regulation. The details of the agreement now need to be fine-tuned in technical meetings.