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Daily Financial Services News Reports in Chronological Order and Additional Material (January – June 2009)

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Daily Financial Services News Reports in Chronological Order and Additional Material (January – June 2009) Daily financial services news reports in chronological order and additional material (January – June 2009) 1. General reform covering multiple topics 9.1 Clearing and settlement, moving OTC derivatives onto exchange/central counterparties - regulatory 1.2 Conflicting political agendas "wholesale products" 2.1 Global 9.2 Payment systems and non-consumer banking 2.2 EU 11.1 Insurers/reinsurers/life offices 2.3 UK domestic 11.2 Insurance brokers and intermediaries 3.1 Macro-prudential 12. Funds 4.1 Supervision of firms and individuals 13.1 Consumer banking and finance 4.2 Enforcement (civil and criminal) 13.2 Retail investments 5.1 Too big to fail 13.3 Consumer protection and rights (inc FOS) 5.2 Systemically important firms 13.3A OFT enforcement 5.3 FSCS 13.4 Competition 5.4 Funeral planning 13.4A State aid clearances 5.5 Rescues and administration/Special Resolution 14. Building societies and other mutuals (friendly societies, credit unions, industrial and provident 6.1 Groups, colleges of supervisors and local entity societies) regulation 15. Getting the third pillar to work - active investors 6.2 Extending regulation - holding companies, bank-like and listed company regulation activities, systemically important offshore entities 16. Business as usual (inc money laundering and 6.3 Offshore havens and tax bribery) 7. Financial regulation (general) 7.1 Liquidity 7.2 Capital 7.3 Trading book capital 7.4 Accounting 7.5 Stress testing 7.6 Securitisation 7.7 Credit rating agencies 7.8 MiFID and securities regulation (inc market abuse and short selling) 8.1 Governance and risk management 8.2 Non-exec directors 8.3 Remuneration and bonuses 1. General reform covering multiple topics Chronological materials Speech by Charlie McCreevy: Some aspects of economic and financial crisis Institute of Chartered Accountants in Ireland (26 June 2009) Topics include: prudential requirements for banks; credit rating agencies; alternative investments directive; OTC derivatives market (a forthcoming paper which will explore possible ways to reduce the impact of OTC derivatives markets on financial stability through increased transparency and improved counterparty risk mitigation is noted); accounting; SEPA. (26/06/09) EUROPA - Press Releases - Charlie McCREEVY European Commissioner for Internal Market and Services Some aspects of economic and financial crisis Institute of Chartered Accountants in Ireland (ICAI) Financial Services Breakfast Seminar Dublin, 26 June 2009 Speech by Dan Waters: The future of financial regulation - insights from a regulator (24 June 2009) Text of a speech given at the International Fund Forum in Monaco follows. Topics include: developing European regulatory framework for fund management and aspects of the alternative investment directive (including depositaries and transparency). The Future of Financial Regulation - Insights from a Regulator Speech by Verena Ross: Efficient markets and market regulation (18 June 2009) Text of the above, given at the Chartered Financial Analysts Annual Conference, follows. Topics include: market transparency; the Efficient Markets Hypothesis and regulation; valuation of securities; irrationality from an individual retail investor’s perspective; regulators and inefficient markets. (19/06/09) Efficient markets and market Regulation HMT/BoE: Mansion House speeches Further to today's press reports, the texts of the speeches given last night by Alistair Darling and Mervyn King follow. Alistair Darling remarks "we need to encourage innovation and harness it for the benefit of consumers and investors. But we must also ensure that the greater complexity this involves does not become an excuse for a lack of transparency or for avoiding regulation ... there is also an urgent need for an international mechanism for resolving failed large multinational banks. We will be bringing forward proposals to the G20 finance ministers in the Autumn to ensure that we deal with that. ... we also need to look at the way we approach regulation. I will publish my own proposals shortly, to help lay the foundations of a new financial regime. But it is clear that the solutions must be based on better corporate governance, greater transparency, internationally agreed frameworks, better systems for dealing with bank failure, and greater focus on system-wide risks. We also have to ensure we keep the market for financial products competitive in the face of greater consolidation". He is to set out a new tax code nest week "for how the banks can meet their obligations". (18/06/09) http://www.bankofengland.co.uk/publications/speeches/2009/speech394.pdf Speech by the Chancellor of the Exchequer, the Rt Hon Alistair Darling MP, at Mansion House - HM Treasury HoC Communities and Local Government Select Committee: Local authority investments Following the Icelandic banking system collapse, which revealed that local authorities had invested nearly £1bn in Iceland, this report considers current practice and roles and responsibilities of various groups and individuals involved in the world of local authority investments, and makes recommendations intended to limit the exposure of local authority funds to risk in future. The report notes that the Committee's inquiry "has exposed a degree of misunderstanding, misinformation and complacency on the part of some crucial players, both within local authorities and in the wider financial sector, which contributed to the putting of taxpayers’ money at unnecessary risk". One of the recommendations is that regular meetings at an appropriately senior level are held between the Audit Commission, the local authority associations, the Chartered Institute of Public Finance and Accountancy and the Department for Communities and Local Government to ensure that the treasury management system is kept under review and that such meetings include links with FSA and BoE to ensure consistent and up-to-date information is passed onto these bodies. (12/06/09) http://www.publications.parliament.uk/pa/cm200809/cmselect/cmcomloc/164/164i.pdf (NB: over 70 pages long) FSA: Board minutes FSA has now published the minutes of its 23 April 2009 meeting. Topics include: retail and wholesale management updates (re the latter, it was noted that "FSA would consider disclosure requirements for financial services firms’ accounts, particularly those taking part in the Asset Protection Scheme"); management information; bank charges; FSA’s EU and international engagement in the wake of the financial crisis. (5/06/09) http://www.fsa.gov.uk/pubs/board-minutes/apr09.pdf FSA: Board minutes FSA has now published the minutes of its 26 March 2009 meeting. Topics include: risk and audit committees; retail and wholesale management updates; FSCS and temporary high deposit balances; FSA's Annual Report; FSPP objectives operating model and appointments. (22/05/09) http://www.fsa.gov.uk/pubs/board-minutes/mar09.pdf HoC Regulatory Reform Committee: Themes and trends in regulatory reform This is the uncorrected transcript of sessions held on 12 May 2009. Verena Ross of FSA was among the attendees and was questioned on risk and principles based regulation and Stephen Haddrill of ABI was questioned on regulation and the insurance sector. (19/05/09) Uncorrected Evidence 329 FSA: Board minutes FSA has now published the minutes of its 25 February 2009 meeting. Topics include: retail and wholesale management updates; the Turner Review; update on transparency as a regulatory tool; CDS market, risks and workstreams; remuneration policies in banks; mortgage market review. (14/05/09) http://www.fsa.gov.uk/pubs/board-minutes/feb09.pdf FSA: Board minutes FSA has now published the minutes of its 22 January 2009 meeting. Topics include: retail and wholesale management updates; Management Information report and update on value for money indicators; FSA's 2009/10 Business Plan; Regulatory Fees and Levies 2009/10; Assessing Conduct Risk Outcomes: the example of PPI; December Reports from the Consumer and Practitioner Panels. (11/05/09) http://www.fsa.gov.uk/pubs/board-minutes/jan09.pdf Budget 2009: General regulatory/financial stability This section of the Budget Report sets out the Government’s response to financial market disruption in two areas: its immediate response aimed at ensuring the stability of the financial system, and the Government’s view of the longer-term action required to renew financial markets for the future. It introduces the forthcoming White Paper (to be published "before the summer") which will cover: key elements of the Government’s approach to the future of financial markets; steps already taken to achieve this approach, including the Turner Review, leading work in the G20, and the Banking Act 2009; and further important action, including renewing financial regulation (including legislative changes where needed to support changes recommended in the Turner Review and to deliver the G20 conclusions), reducing the impact of bank failure (including implementing actions under the Banking Act 2009 and securing action internationally to improve cross-border arrangements for dealing with failures), protecting and supporting consumers, improving efficiency and competition in capital markets, and strengthening regulators and the international regulatory framework. Further to last year's Pre-Budget Report, it notes the establishment of Retail Financial Services Forum (RFSF), chaired by the Economic Secretary to HMT. This has a remit to champion retail financial consumers’ interests and help restore confidence in financial services. The
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