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Banking: Law-Now Alerts, Tools and Latest News Banking: Law-Now alerts, tools and latest news Law-Now alerts and other tools Law-Now: “ The Banking Standards Report: The new offence of reckless misconduct ” (18/07/13) Law Now: “ The Government responds to the Parliamentary Commission on Banking Standards Report ” (12/07/13) Law-Now: “ Liability of Credit Rating Agencies – UK Regulations come into force on 25 July 2013 ” (10/07/13) Law-Now: “ Recent banking pay developments ” (25/06/13) Law-Now: “ Parliamentary Commission on Banking Standards Final Report ” (25/06/13) Law-Now: “ The European Financial Transaction Tax - a levy sans frontieres ” (9/04/13) Law-Now: “ Disqualification may be on the horizon for former HBOS directors ” (9/04/13) Law Now: “ Interest Rate Derivative Mis-selling: A new case ” (9/01/13) Click here to access archived Law-Now alerts and other tools Click here to access more general news on remuneration Latest news Topics covered: Reforming the financial regulation of banks and credit rating agencies Payment systems and non-consumer banking Building societies and mutuals Reforming the financial regulation of banks and credit rating agencies HMT: A bank levy banding approach: consultation This consultation considers the case for a revenue neutral reform of the bank levy which would move away from the existing system of headline rates and towards a banding approach for determining banks’ charges under the levy. Responses are required by 8 May 2014. If the Government decides to make changes to the bank levy’s design in response to this consultation, the intention is to introduce legislation at the Report Stage of Finance Bill 2014 (currently expected to be in early July) with changes taking effect for chargeable periods beginning on or after 1 January 2015. (27/03/14) https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/298549/bank_levy_banding_approach_consul tation.pdf HMT: Review of the Dormant Bank and Building Society Accounts Act 2008 The report considers how banks and building societies have transferred dormant account money to the Reclaim Fund Ltd, how much money has been transferred and how promptly as well as how effective financial institutions have been in providing a mechanism for making those entitled to dormant account money aware and how effective the arrangements have been for meeting any reclaims. It concludes that, although alternative schemes have been considered, it will not take any further action at this stage and will undertake a further review in there years’ time. With regard to the efforts of financial institutions, the Government considered that banks and building societies have been effective in providing a mechanism for making those entitled to dormant accounts aware and in meeting any reclaims. (27/03/14) https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/298366/review_of_dormant_accounts_act_20 08.pdf EBA: Guidelines on the applicable notional discount rate for variable remuneration Further to a January 2013 consultation, EBA has published guidelines for the calculation of the discount rate for variable remuneration and clarifying how it should be applied. The variable component of remuneration for categories of staff whose professional activities have a material impact on the risk profile of the institution is capped at 100% of the fixed remuneration or at a maximum of 200%, subject to shareholders' approval. EU legislation foresees that when calculating the ratio between variable and fixed component, Member States may allow institutions to apply a discount rate of 25% (or less subject to national laws) of the variable remuneration, provided the latter is paid in instruments that are deferred over a period of not less than 5 years. (27/03/14) http://www.eba.europa.eu/documents/10180/638871/EBA-GL-2014- 01+%28Final+Guidelines+on+the+discount+rate+for+remuneration%29.pdf BIS: Basel III monitoring Revised documentation in respect of data collection exercises is available via the following link. (26/03/14) http://www.bis.org/bcbs/qis/index.htm EBA: Consultation paper on XBRL taxonomy (v2.1) related to remittance of supervisory data under Regulation (EU) No 575/2013 EBA has published a consultation on a revised version of its XBRL taxonomy for supervisory reporting, which incorporates additional reporting requirements for asset encumbrance, non-performing exposures and forbearance. Responses are required by 14 April 2014. (24/03/14) http://www.eba.europa.eu/documents/10180/632822/EBA+CP+2014+03+%28XBRL+Taxonomy%29.pdf EC/European Parliament: Parliament and Council agree on basic bank accounts for all The European Parliament and Council have announced their agreement with regard to the above, stating that “anyone legally residing in the EU should have the right to open a basic payment account, and this right should not be denied on grounds of nationality or place of residence. …. Fees and rules for all payment accounts should be transparent and comparable and it should be easy to switch to another payment account that offers better terms, under the agreed new rules”. To take effect, the new rules must be approved by the European Parliament as a whole during the April II plenary session and endorsed by the member states. (20/03/14) http://europa.eu/rapid/press-release_STATEMENT-14- 75_en.htm?locale=en http://www.europarl.europa.eu/pdfs/news/expert/infopress/20140317IPR39141/20140317IPR39141_en.pdf EC: Regulation (EU) No 248/2014 of the European Parliament and of the Council of 26 February 2014 amending Regulation (EU) No 260/2012 as regards the migration to Union-wide credit transfers and direct debits This has now been published in the Official Journal. (20/03/14) http://new.eur-lex.europa.eu/legal- content/EN/TXT/PDF/?uri=OJ:JOL_2014_084_R_0001_01&from=EN HMT: The Budget 2014 - Banking The Budget report discusses competition and banking, announcing plans to “switch on” competition powers of the Payment Systems Regulator one year ahead of schedule; notes the recently announced agreement regarding standardised data for current account providers and announces a consultation on legislating to help match SMEs who are turned down for a loan 2 with alternative lenders and plans by the British Business Bank to issue a request for proposals to implement an innovative wholesale guarantees programme alongside the Budget. The Budget report notes that PRA and FCA are to publish a review of their work on removing barriers to entry and expansion in retail banking later this year, including setting out publicly for the first time how they will treat the relationships between potential new banks and third party service providers of off-the-shelf banking solutions. It also notes that FCA will launch a review in September 2014 into the effectiveness of the current account switching service and will also begin a study of the costs and benefits of account number portability as a way of increasing competition in banking. Changes have been announced with regard to the bank levy, effective from January 2015, and the Government is to consult next week on the merits of a new charging mechanism for the bank levy. (19/03/14) https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/293759/37630_Budget_2014_Web_Accessibl e.pdf HMT/DBIS: Current account data The Government has announced an agreement from Barclays, HSBC, Lloyds, Nationwide, RBS, and Santander to give customers their account data in a simple, standardised format that can be used in comparison sites for the first time. It is noted that the Government expects all current account providers to publish such data in due course. (17/03/14) https://www.gov.uk/government/news/government-to-make-it-easier-to-check-that-youve-got-the-right-bank-deal EC: Regulatory technical standards to implement the single rule book in banking The EC has announced that it has adopted a package of standards needed to implement provisions of the Capital Requirements Regulation and Directive (CRR/CRD). The nine standards, developed by EBA, define the ways in which competent authorities and market participants must, inter alia, handle disclosures linked to securitisation instruments, measure potential losses from derivative positions and counterparty failure and specifying the types of instruments that can be used for paying bonuses. It is noted that the European Parliament and the Council have one month to exercise their right of objection, with the possibility to extend this period for a further two months at their initiative. Following the expiry of this objection period, the standards will be published in the Official Journal and will enter into force on the twentieth day following the date of their publication. Their provisions will be directly applicable from the date of entry into force. (13/03/14) http://europa.eu/rapid/press-release_IP-14-255_en.htm?locale=en http://europa.eu/rapid/press-release_MEMO-14- 181_en.htm?locale=en ECB: Asset quality review manual ECB has published this document, which was written for national competent authorities and their third party support to provide the information necessary to execute Phase 2 of the review. (12/03/14) http://www.ecb.europa.eu/pub/pdf/other/assetqualityreviewphase2manual201403en.pdf?e8cc41ce0e4ee40222cbe148574e 4af7 BIS: Banks and capital requirements: channels of adjustment This working paper looks at bank capital ratios since the financial crisis and suggests: “the adjustment process to Basel III is not yet complete. The evidence presented here, however, suggests that most banks have achieved most of the adjustment to date through the accumulation of retained earnings”.(12/03/14) http://www.bis.org/publ/work443.pdf OFT/FCA/CMA: SME banking market study OFT has published an update on the above, including an announcement that CMA will complete the study as part of a wider examination of competition in retail banking. It is also noted that FCA has been working closely with OFT on the market study, and will continue to do so with the CMA.
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