Financial Services UK

  • June 6, 2016

    US, European Regulators Set Derivatives Partnership

    Regulators in the U.S. and Europe signed an agreement Monday enabling both authorities to swap information on clearing counterparties in their respective jurisdictions, adding more supervision to a key link in global derivatives markets.

  • June 6, 2016

    ECB Adds To Calls For Tighter Shadow Banking Rules

    Shadow banking firms that are exempt from some of the tougher European Union derivatives regulations could be tempted to carry risky levels of debt, the European Central Bank’s vice president said Monday, the latest regulator to call for stiffer regulation of the sector.

  • June 6, 2016

    UK Accounting Watchdog Probes KPMG's Ethical Standards

    The Financial Reporting Council, responsible for overseeing the U.K.’s accountants, is investigating whether KPMG violated ethical standards when offering additional services to a major British fashion retailer, the authority said Monday.

  • June 3, 2016

    EU Takes Step To Create Single Market For Pensions

    The European Commission on Friday advanced planning for a common EU regulatory framework for personal pensions, aimed at generating a market to relieve strains placed on state pension plans by an aging population.

  • June 3, 2016

    EU Parliament 1 Step Closer To Panama Papers Inquiry

    The European Union’s lawmakers will vote June 8 on whether to form an inquiry committee to look into the so-called Panama Papers, which revealed a vast global network of offshore investment companies, after the proposal received unanimous backing from their governing body.

  • June 2, 2016

    EU Watchdog Insists Banks Be Clear On 'Bail-In' Product Risk

    Banks looking to sell instruments that can be easily written off in times of financial stress, otherwise known as "bail in" products, need to be sure investors fully understand the risky nature of such securities, the European Securities and Markets Authority said on Thursday.

  • June 2, 2016

    EU Seeks To Break Down Cross-Border Barriers For Funds

    The European Union’s executive rule-makers on Thursday moved toward knocking down barriers to cross-border trade in investment funds inside the EU, aiming to make the €13 trillion market a cornerstone of the region’s aim to forge a Capital Markets Union.

  • June 2, 2016

    Pressure Mounts On UK Watchdogs To Tackle Online Lenders

    The FCA and the Bank of England need to tightly regulate the billion-dollar peer-to-peer lending and crowdfunding markets due to inherent risks they pose to consumers and investors, a senior British lawmaker argued in a pair of letters Wednesday.  

  • June 2, 2016

    EU Watchdog Launches Blockchain Regulatory Process

    European Union regulators need to catch up with the rapid rise of blockchain technology in financial markets amid concerns over governance gaps and cybersecurity risks, the EU’s top securities watchdog said Thursday.

  • June 1, 2016

    EU Watchdog Questions Capital Test For Market Exemptions

    Using a capital-based test to decide if a company trading commodity derivatives should be exempt from stringent financial market regulation has “significant drawbacks,” the European Securities and Markets Authority has said in response to calls to use the standard from the European Commission.

  • June 1, 2016

    ECB Rebuts Calls For More Leniency In Bank Rules

    European regulators should not weaken banking rules to appease calls from the industry to go easier on smaller firms, a member of the European Central Bank's executive board said in a speech Wednesday.

  • May 31, 2016

    EU Delays Changes To Money Laundering Laws Till July

    Proposals to broaden incoming money laundering and terrorist financing laws to include bitcoin exchanges and prepaid cards have been delayed until July, the European Commission told Law360 on Tuesday.

  • May 31, 2016

    EU Gives Commodity Firms Breathing Room On Capital Regs

    The European Council has officially adopted a regulation that excuses commodity product dealers from stiff capital requirements rules until 2020 after an overdue report on appropriate industry rules left firms facing legislative uncertainty.

  • May 27, 2016

    Money Laundering Inspectors Turn Up Heat On UK Law Firms

    The U.K. legal sector is under scrutiny over its ability to protect itself from money laundering and terrorist financing risks, according to a new HM Treasury report, reflecting a growing national anti-corruption agenda in the wake of the Panama Papers scandal.

  • May 26, 2016

    ECB To Scrutinize EU Bank Business Models

    The European Central Bank wants to examine the sustainability of business models at European banks and their ability to sustain low profitability, ECB board member Ignazio Angeloni said Thursday.

  • May 26, 2016

    EU Moves Toward Regulating Virtual Currencies, Blockchain

    The European Parliament on Thursday took a big step toward regulating virtual currencies like Bitcoin and backed the creation of a new task force to study the technology that could transform financial services.

  • May 26, 2016

    New Rules Force UK's Big Banks To Bulk Up Capital Buffers

    The U.K.’s biggest banks will have to set aside additional capital for their retail banking arms starting in 2019 to help them absorb losses during a financial crisis, the Bank of England said Thursday.

  • May 25, 2016

    Cross-Border Profit Transfers Stall EU Tax Avoidance Deal

    The European Union’s push to stamp out corporate tax avoidance hit a roadblock Wednesday amid disagreement over how to stop multinationals from shifting profits across internal EU borders for better tax rates.

  • May 25, 2016

    Shadow Banking Firms Need More Policing, Watchdog Says

    Shadow banking remains largely unregulated three years after the Financial Stability Board recommended a global policy framework to keep the sector in check, the FSB said in a report released Wednesday.  

  • May 24, 2016

    SFO Hamstrung By Unusual Funding Structure, Watchdog Says

    The U.K.’s Serious Fraud Office should increase its core funding and reduce its reliance on government cash injections for big cases, a model that prevents the agency from developing skills in-house, according to an independent executive agency report released Tuesday.