Bank of England consultation paper on bonus clawback. The Bank of England announced that it is consulting on proposals to require all firms authorized by the Prudential Regulation Authority to amend employment contracts to ensure bonus awards that have been vested can be clawed back from individuals where necessary. The Bank already has powers to require firms to stop payment of unvested bonuses, called malus; the proposals in the new document would represent a further strengthening of the remuneration code. (3/31/2014) BOE news release.

FCA consultation paper on fee proposal. The UK’s Financial Conduct Authority will consider comments on its proposed 2014-15 fees and levies rates and plans to publish a Policy Statement, including feedback on those comments and final rules, at the end of June 2014. (3/31/2014) Consultation paper. 

FCA investigates benchmark manipulation. The UK’s Financial Conduct Authority announced plans to look into how firms can reduce the risk of traders manipulating key benchmarks as a central part of its Business Plan for 2014/15. The review will assess whether firms have learned lessons from the LIBOR and other recent controversies, and determine whether adequate controls on trader behavior and activity are now in place.(3/31/2014) FCA press release.

Bank of England Financial Policy Committee statement. The Bank of England’s Financial Policy Committee reviewed its assessment of risks to financial stability and progress against its existing set of policy recommendations, in light of that assessment. (3/27/2014) BOE news release.

ESMA consults on major shareholders disclosures. The European Securities and Markets Authority launched a consultation on draft Regulatory Technical Standards under the revised Transparency Directive, relating to the notification of major shareholdings and the indicative list of financial instruments subject to notification requirements. (3/21/2014) ESMA press release.