FSA & regulatory experts urge banking industry to take proactive approach in shaping European regulation
December 15, 2011 - Speakers at Wolters Kluwer Financial Services' FRSGlobal breakfast briefing advised industry to participate in consultation and ensure preparation is on track for COREP before 1st January 2013 deadline.
Make way for the chief data protection officer, as EU puts finishing touches to new rules
December 8, 2011 - Financial services firms may have to appoint chief data protection officers under new rules being drawn up the European Commission.Bureaucrats in Brussels are putting the finishing touches to a new set of legislation designed to reform data protection laws across the EU.
Dodd Frank and EMIR unlikely to reduce systemic risk, says industry
December 5, 2011 - OTC clearing reform will not reduce systemic risk, according to 50% of market participants surveyed at a recent industry debate. Nevertheless, 79% have identified the need for collateral optimisation within their organisations, driven by regulatory changes on the horizon.
Banking official calls for rule overhaul
November 14, 2011 - Rules relating to accounting practises among banks in Europe and the US should be amended to make sure they give a clearer representation of the truth.
UK government plans Payments Council regulation
November 11, 2011 - Following its bungled and abandoned attempt to scrap cheques, the UK Payments Council looks set to face new government-imposed regulations. In July, Britain's banks scrapped their plans to abolish cheques by 2018 after pressure from MPs, consumer groups and charities.
GAO: Dodd-Frank Implementation Could Benefit from Additional Analyses and Coordination
November 10, 2011 - Federal financial regulators are required to conduct a variety of regulatory analyses, but the requirements vary and none of the regulators are required to conduct benefit-cost analysis. All financial regulators must analyze the paperwork burden imposed by their rules and consider the impact of their rules on small entities as part of their rulemaking process. The Commodity Futures Trading Commission and the Securities and Exchange Commission are also required under their authorizing statutes to consider certain benefits and costs of their rules.
Bank of England 'needs better governance'
November 8, 2011 - Governance protocols within the Bank of England (BoE) need to be reformed sooner rather than later in the aftermath of the global economic downturn. That is according to a new report published today (8 November) by MPs on the Treasury Committee, which has stated that the financial institution is currently controlled under outdated internal rules and regulations
Regulators 'need more power over banks'
November 4, 2011 - Regulators should be granted significantly more powers when overseeing the activities of banks following the global economic downturn. That is according to Mervyn King, governor of the Bank of England (BoE), who has called for the government to respond to the issues that contributed to the recession in the banking industry by creating fresh rules.
