The Presidency of the Council of the EU has published its latest compromise proposal concerning the draft Regulation on indices used as benchmarks in financial instruments and financial contracts. The compromise proposal is dated 27 October 2014. With respect to the previous compromise proposal, additions and changes are denoted by bold underlining and deletions by strikethroughs.
Latest Presidency compromise proposal on SFT Regulation
The Presidency of the Council of the EU has published its latest compromise proposal concerning the draft Regulation on reporting and transparency of securities financing transactions. The compromise proposal is dated 24 October 2014. With respect to the original Commission proposal, the new text is marked in underlined bold and deletions are indicated in strikethrough.
FSB report on structural banking reforms
The Financial Stability Board (FSB) has published a report which responds to an earlier request from the G20 to assess cross-border consistencies and global financial stability implications of structural banking reforms, taking into account country-specific circumstances.
Government Tables Bill to Overhaul Oversight of Payments Systems
The federal government has tabled legislation that will overhaul the governance and oversight of payments systems in Canada. Bill C-43, referred to as the Economic Action Plan 2014, No. 2, contains amendments to both the Canadian Payments Act and the Payment Clearing and Settlement Act. The former Act regulates the Canadian Payments Association which runs the Automated Clearing and Settlement System and the Large Value Transfer System (LVTS). Together these two systems clear and settle the vast majority of payment items exchanged in Canada, including most cheques and electronic payments. The Payment Clearing and Settlement Act gives the Bank of Canada the ability to designate payment systems that pose systemic risk thereby subjecting them to supervision and regulation. To date the Bank has designated two payment systems under the Act, one of which is the LVTS operated by the Canadian Payments Association.
Council publishes PRIIPs KID Regulation
On 15 April 2014, the European Parliament and the Council of the EU (the Council) agreed the final text of the Regulation on key information documents for packaged retail and insurance-based investment products (the PRIIPs KID Regulation). The Council has now published the text of the PRIIPs KID Regulation in advance of formally adopting it.
Fair and Effective Markets Review consults on FICC markets
The Fair and Effective Markets Review (the Review) was announced on 12 June 2014 by the Chancellor of the Exchequer and the Governor of the Bank of England (BoE). Chaired by Nemat Shafik (Deputy Governor for Markets and Banking, Bank of England) the aim of the Review is to identify ways to reinforce confidence in the fairness and effectiveness of wholesale financial market activity conducted in the UK, and to influence the international debate on trading practices.
FATF risk based approach for the banking sector
The Financial Action Task Force (FATF) is an independent inter-governmental body that develops and promotes policies to protect the global financial system against money laundering, terrorist financing and the financing of the proliferation of weapons of mass destruction.
FATF guidance on transparency and beneficial ownership
The Financial Action Task Force (FATF) is an independent inter-governmental body that develops and promotes policies to protect the global financial system against money laundering, terrorist financing and the financing of the proliferation of weapons of mass destruction.
PRA Policy Statement to CP12/14
The PRA has published Policy Statement 10/14: Responses to CP12/14 (PS10/14).
In PS10/14 the PRA provides feedback and final PRA rules and supervisory statements in the following areas:
ECB’s in-depth review shows banks need to take further action
The European Central Bank (ECB) will assume EU banking supervision tasks in November 2014 in its role within the single supervisory mechanism. In preparation, the ECB has conducted a comprehensive assessment of 130 banks.