Banking union milestones. Bloomberg outlined the upcoming milestones in the European Union’s efforts to forge a banking union. (8/28/2014) Milestones. 

UK FCA use of attestations. The UK Financial Conduct Authority published the August 22, 2014 letter from Clive Adamson, FCA director of supervision, to Graham Beale, Chairman of the FCA Practitioner Panel, clarifying the FCA’s use of attestations. (8/25/2014)

UK FCA consults on implementing the resource extractor transparency requirements. The UK Financial Conduct Authority opened a consultation on the early implementation of the Transparency Directive Amending Directive 2013/50/EU requirement for issuers that are active in the extractive or logging of primary forest industries to prepare a report annually on payments made to the governments in the countries in which they operate. Comments should be submitted by October 7, 2014. (8/25/2014) FCA press release. 

ESMA opinion on the application of guidelines on money market funds. The European Securities and Markets Authority published its opinion on how national competent authorities should apply the modifications to the CESR guidelines on money market funds set out in the report on Mechanistic Reference to Credit Ratings in the ESA’s Guidelines and Recommendations issued by the Joint Committee of the three ESAs, when monitoring the application of the CESR guidelines by the relevant financial market participants. (8/22/2014) ESMA notice. 

PRA supervisory statements for insurers. The UK Prudential Regulation Authority issued two supervisory statements. The first concerns the PRA’s expectations of insurance firms in relation to the valuation of financial assets. The statement seeks to reduce the risk to the PRA’s objectives caused by intended or unintended misstatement of values, and hence misstatement of capital resources, by clarifying the PRA’s existing expectations. (8/22/2014) PRA press release(valuation of financial assets). The second concerns the PRA’s expectations of insurance firms in relation to the use of subordinated guarantees. (8/22/2014)PRA press release (subordinated guarantees). 

Retrospective examples. The UK Financial Conduct Authority is asking firms to provide it with examples of when they believe the FCA (or the Financial Services Authority) applied its rules retrospectively. Examples should be submitted by October 10, 2014. (8/21/2014) FCA press release. 

EBA publishes final templates for the 2014 EU-wide stress test. The European Banking Authority published the final templates for the 2014 EU-wide stress test. These are common templates for all EU banks and illustrate the type and the format of data that will be disclosed on a bank by bank basis. (8/20/2014) EBA press release.