Clearing obligation comments. The European Securities and Markets Authority published the responses it has received to its consultation on clearing obligations. (8/29/2014)
EBA publishes new XBRL taxonomy. The European Banking Authority published a new XBRL taxonomy to be used by competent authorities for remittance of data under the EBA Implementing Technical Standards (ITS) on supervisory reporting. The new taxonomy will begin December 31, 2014, and will be used for the first reports on asset encumbrance and funding plans. The new taxonomy presents the data items, business concepts, relations, visualizations and validation rules described by the EBA Data Point Model, which are contained in the ITS on supervisory reporting and in the EBA Guidelines on definitions and templates on funding plans. (8/18/2014) EBA press release.
UK firms shop accountants. Reuters summarized the findings of a PricewaterhouseCoopers review of “tendering activities” of UK firms. The UK, and more recently the EU, has adopted new rules requiring auditor rotation, leading to an increase in the number of UK firms seeking bids from possible accounting firms. (8/18/2014) Tendering surge.
US FDIC prepares EU counterparts. Bloomberg recounted a recent seminar that the US Federal Deposit Insurance Corporation held for EU regulators on how to quickly and quietly close a failing bank. (8/17/2014) Training program.
ISDA briefing note. A briefing note was issued by the International Swaps and Derivatives Association concerning the implementation of the EU’s Bank Recovery and Resolution Directive. (8/13/2014) ISDA briefing note.
Transposition of Solvency II. The UK Prudential Regulation Authority issued a consultation paper proposing changes to the PRA’s rules to implement the Solvency II Directive and containing draft supervisory statements which set out the PRA’s expectations of firms and what firms may expect of the PRA. The consultation paper, the third on the transposition of Solvency II, consults on rules to transpose the amendments to the Directive introduced by the Omnibus II Directive and on the implementation of areas deferred from the previous two consultation papers issued by the Financial Services Authority. Comments should be submitted by November 7, 2014. (8/11/2014) PRA press release.
ECB publishes stress test manual. The European Central Bank published a manual detailing how it will incorporate findings from its asset quality review into stress test projections. The manual also describes the stress test quality assurance process. The final results from the comprehensive assessment will be published in the second half of October 2014. (8/8/2014) ECB press release.
UK FCA publishes changes to its Knowledge Base. The UK Financial Conduct Authority published Primary Market Bulletin Issue No. 8, which summarizes the feedback it received and the actions it is taking in response to Primary Market Bulletin No.6, on a new listing principle and a technical amendment related to reverse takeovers; and Primary Market Bulletin No.7, which proposed guidance to amend the Knowledge Base concerning the prospectus disclosure requirements for retail investors in non-equity securities, the FCA’s powers in relation to sponsors, and the application of a sponsor’s obligation to deal with the FCA in an open and cooperative manner. (8/6/2014) FCA press release.
UK FCA consults on use of social media. The UK Financial Conduct Authority published proposed guidance on its approach to the supervision of financial promotions on social media. Comments should be submitted by November 6, 2014. (8/6/2014) FCA press release.
UK FCA consults on independent governance committees. The UK Financial Conduct Authority published a proposed rule that would require providers of workplace personal pension schemes to establish and maintain independent governance committees. Comments should be submitted by October 10, 2014. (8/6/2014) FCA press release.