July 2016

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FSB reports on Compensation Tools to Address Misconduct in Banks

The Financial Stability Board (FSB) hosted a round table on compensation practices to share experiences and lessons on the use of compensation tools to address misconduct in banks on 10 May 2016 and published a respective summary today. The round table considered the processes for governing and applying compensation and related risk management tools to …

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UK establishes FinTech Bridge with South Korea

The FCA today published a statement today regarding the establishment of a FinTech Bridge with the Republic of Korea, which aims to support international expansion of UK and Korean FinTech firms. The new FinTech Bridge, an agreement that makes it easier for UK and the Republic of Korea to invest in FinTech, will help UK FinTech firms and …

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Bank of England consults on establishment of Enforcement Decision Making Committee

The Bank of England today published a consultation paper on the Establishment of the Enforcement Decision Making Committee – CP/EDMC2016. This consultation paper (CP) sets out the Bank of England (the Bank) and the PRA’s proposal for the establishment of a unified Enforcement Decision Making Committee (EDMC) to take decisions in respect of: (1) the PRA; (2) …

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EBA provides updates on non-performing loans in EU banking sector

The EBA today issued a report on recent trends in asset quality in the EU banking sector. The analysis is based on supervisory data on non-performing loans (NPLs) and forbearance (FBL) for over 160 EU banks. The report shows that despite improvements NPLs remain high, with associated implications for the economy and bank’s profitability. The …

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ESMA fines Fitch Ratings over €1m for breaches of the CRA Regulation and lack of sound internal controls

The European Securities and Markets Authority (ESMA) has fined Fitch Ratings Limited (Fitch) €1.38 million for a series of negligent breaches of the Credit Rating Agencies (CRA) Regulation. ESMA found certain senior analysts in Fitch transmitted nformation about upcoming rating actions on sovereign ratings to certain senior persons in a parent company of Fitch before …

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FCA reports on dark pools for UK equity markets

Following a survey the UK equity marketplace, focusing on dark pools and broker crossing networks,  by examining promotional activity and the identification and management of conflicts of interest by dark pool operators, the FCA today published its Thematic Review TR16/5 “UK equity market dark pools – Role, promotion and oversight in wholesale markets”. The FCA  has …

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FSB discusses current vulnerabilities and priorities for financial markets

The Financial Stability Board (FSB) met in Chengdu today to discuss current vulnerabilities and progress in addressing priority areas and deliverables for the G20 Leaders’ Summit in Hangzhou in September, including: Supporting the full, timely and consistent implementation of post-crisis reforms, while remaining ready to address any material unintended consequences. Addressing new and emerging vulnerabilities …

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FCA wants to play active role in RegTech

The UK financial regulator, the Financial Conduct Authority (FCA), aims to play an active role in RegTech by concentrating its efforts on increasing its engagement and collaboration with the RegTech community, using its convening authority to help bring together market participants to work on shared challenges and to act as a catalyst for change that …

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Global Head of FX Cash Trading arrested for front-running and charged with criminal fraud

The U.S. Department of Justice has published a statement with regard to the arrest of  a senior investment banker at JFK airport in relation to allegations of criminal fraud. The head of global foreign exchange cash trading at HSBC Bank plc, a subsidiary of HSBC Holdings plc (collectively HSBC), and HSBC’s former head of foreign exchange cash …

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ESMA comments on International Financial Reporting Standards

The European Securities and Markets Authority (ESMA) has today published a Public Statement which aims to promote the consistent application of International Financial Reporting Standard (IFRS) 15, Revenue from Contracts with Customers, by issuers listed on regulated markets. In light of the expected impact and importance of the implementation of IFRS 15, ESMA highlights the …

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