The Inland Revenue (Amendment) (No. 2) Ordinance 2015 (Amendment Ordinance) was gazetted and came into force on 17 July 2015. It amends the Inland Revenue Ordinance. Before the enactment of the Amendment Ordinance, the Inland Revenue Ordinance offered a profits tax exemption for certain transactions conducted by offshore funds in respect of eligible overseas portfolio
On 2 July 2015, the Italian Parliament approved a delegation to the Government to issue a legislative decree to transpose the Bank Recovery and Resolution Directive (BRRD).
The decree will ensure that Italy transposes the requirements of the BRRD including those relating to bail-in, which shall be applicable from 1 January 2016. It also provides
The FCA has published Consultation Paper 15/24: Cash savings remedies (CP15/24).
CP15/24 follows the publication in January 2015 of the FCA’s findings of the cash savings market survey. In that survey the FCA found that the cash savings market is not working well for many consumers and proposed remedies in four areas: disclosure; switching savings
The FCA has published Policy Statement 15/2: Improving complaints handling, feedback on CP14/30 and final rules (PS15/2).
In PS15/2 the FCA explains its response to the feedback it received to Consultation Paper 14/30: Improving complaints handling (CP14/30). The FCA also explains its new rules on complaints handling for financial services firms, as well as its
The European Securities and Markets Authority (ESMA) has published a Consultation Paper on proposed Guidelines on sound remuneration policies under the UCITS V Directive and the Alternative Investment Fund Managers Directive (AIFMD).
The Consultation Paper represents the first step in the development of guidelines on remuneration policies required by the UCITS V Directive and sets
The Bank of England has issued a press release stating that the settlement day for CHAPs will be extended by one hour and forty minutes from summer 2016. In the future, these systems will close at 18:00 for direct participants, such as the major banks.
The European Banking Authority (EBA) has published two reports on the consistency of risk weighted assets (RWAs) across large EU institutions for large corporate, sovereign and institutions’ internal ratings based (IRB) portfolios (collectively referred to as “low default portfolios” – LDP), as well as for the calculation of counterparty credit risk exposures under the Internal Model Method and the credit value adjustments (CVA) according to the advanced approach. The findings in the report will inform the EBA’s work on internal models. A deeper understanding of what drives differences in RWAs will allow the EBA to explore a number of options to address specific concerns, as put forward in the EBA report on CVA as well as in the discussion paper on the future of the IRB approach published by the EBA in February and March 2015 respectively.
The Basel Committee on Banking Supervision and the International Organisation of Securities Commissions have published final Criteria for identifying simple, transparent and comparable securitisations (the Criteria). The Criteria does not serve as a substitute for investors’ due diligence but rather to identify and assist in the financial industry’s development of simple and transparent securitisation structures. The Criteria apply only to term securitisations and are non-exhaustive and non-binding. Additional and/or more detailed criteria may be necessary based on specific needs and applications. The Criteria are not, of themselves, a prescription for regulatory action.
On 8 July the Basel Committee (BIS) issued a paper setting out 13 corporate governance principles for banks. These principles supersede the 2010 BIS principles and are to be applied and adapted by national bank regulators as they see fit. This work has been some time in the making with a peer review
On July 20, 2015, the Federal Reserve Board issued a final rule imposing an additional capital surcharge on the largest US bank holding companies. This additional capital surcharge would be in addition to the capital conservation buffer already required under existing bank holding company capital requirements, and would be applicable to those bank holding companies