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FCA to Managers- your word is my bond

The FCA have stated their intention to make “substantial and important” changes to the controversial attestation process. Attestation is an informal tool, with unclear legal backing. While the Agency has no formal powers to force attestation, a refusal to comply is almost certain to trigger more intrusive investigation. Director of Supervision Clive Adamson’s letter to […]

Third Phase of Clearing for iTraxx CDS Becomes Effective

On 23 October 2013, the Commodity Futures Trading Commission published a reminder that the final stage of clearing has become effective for certain iTraxx CDS contracts executed by accounts managed by third-party investment managers, ERISA pension plans and certain other entities that were not subject to the previous implementation deadlines on 26 April 2013 and […]

PCBS? …Yes

The BoE and FCA have published their responses to the final PCBS report. They are united in welcoming the report and in emphasising how many of its recommendations they have already implemented.  A brief summary of the report and responses follows; People: BoE pledge the support of the PRA in assigning key risks to Senior […]

Banking Reform Bill Bulks Up

H.M. Treasury yesterday published 86 proposed amendments to the Banking Reform Bill. The bill is due to enter its committee stage in the House of Lords on the 8th October 2013. The proposed amendments were widely-flagged and broadly mirror the 11th March 2013 recommendations of the Parliamentary Commission on Banking Standards.  Highlights are as follows: […]

The Tyrie Report: Now it’s Personal

On 21 June 2013 the Parliamentary Commission on Banking Standards (PCBS) published its Final Report “Changing Banking for Good”, widely referred to as the “Tyrie Report” after its chairman Andrew Tyrie MP.  The PBBS was established in July 2012, with the broad brief to conduct an enquiry into the standards and culture of UK banking […]

Bank Ring-fencing in the UK: The Financial Services (Banking Reform) Bill 2013

Introduction On 4 February 2013, the Financial Services (Banking Reform) Bill 2013 (the “BRB”) was published on the UK Parliament website.  The BRB had its first reading in the House of Commons on 4 February, and its second reading on 5 February.  Its purpose is to implement the recommendations of the Independent Commission on Banking […]

Electrify the Vickers Ringfence Says Commission

On 21 December 2012, the Parliamentary Commission on Banking Standards published its first report, in which it gives consideration to the draft Financial Services (Banking Reform) Bill and associated proposals which give effect to the conclusions detailed in the Vickers’ report. Whilst the Commission supports the introduction of ring-fencing, its Chairman Andrew Tyrie MP, stated […]

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