The Bank of England (BoE) has published a summary of responses received to its October 2013 Discussion Paper on stress-testing framework for UK banks. The feedback was accompanied by a positive reception from respondents and support in continuing this course of action in the future, in an effort to enhance financial stability. The summary of responses includes findings on the:
The European Securities and Markets Authority (ESMA) has published its second risk dashboard for 2014 which provides a snapshot of risk issues in the period from 1 January 2014 to 31 March 2014. The dashboard covers the following:
In September 2013, Sir Richard Lambert was invited by the Chairman of the UK’s biggest banks and building society to develop plans for a professional body to promote high standards in banking.
The Financial Services and Markets Act 2000 (Transparency) Regulations 2014 were laid before Parliament together with an explanatory memorandum.
The European Banking Authority (EBA) has updated its questions and answers (Q&As) on the single rulebook, which relate to the CRD IV package of reforms: the CRD IV Directive, the Capital Requirements Regulation (CRR) and the related technical standards and guidelines developed by the EBA. The 5 updated Q&As cover:
The FCA has published Policy Statement 14/8: Response to CP13/15 – Enhancing the effectiveness of the Listing Regime (PS14/8). The background to the earlier consultation on PS14/8 was the expression of concerns by the investment community about the governance of premium listed companies with a controlling shareholder and the protection of minority shareholders.
The FCA has issued a press release stating that consumer credit firms need to do more to ensure that their adverts and promotions do not mislead potential customers.
The FCA has published a warning notice statement in relation to a director of an appointed representative (AR) of an FCA authorised firm in connection with a breach of Statement of Principle 1 when carrying out the significant influence function of CF1 (Director) of the authorised principal, with responsibility for the AR. The FCA considers that the individual’s conduct demonstrates a lack of integrity.
The FCA has fined Martin Brokers (UK) Limited (Martins) £630,000. Martins was found to be in breach of Principles 3 and 5 in connection with misconduct relating to the London Interbank Offered Rate (LIBOR).
Martins is a voice broker, acting for institutional clients transacting in the wholesale financial markets. During the relevant period (from 1 January 2007 to 31 December 2010) Martins’ main role was to bring together counterparties to execute trades in return for commissions and where necessary, to provide information to clients. The information Martins provided to its clients included advice as to where it believed the published LIBOR rates would be set on particular days.
The European Commission has published its first review of the financial regulation agenda as a whole. The review sets out how the financial regulatory reforms that have been put in place will deliver a safer and more responsible financial system.