| 1 | AIFM Directive: alternative reality for alternative investment? The publication by the European Commission of the draft Directive on Alternative Investment Fund Managers has provoked intense criticism from the private equity and hedge funds sectors. Many of those within the industry fear the Directive as drafted could severely damage the industry's competitiveness. | Legal update: archive | 22-May-2009 |
| 2 | AIFM Directive: Delegated Regulation published Delegated Regulation 231/2013/EU, which supplements the provisions on exemptions, general operating conditions, depositaries, leverage, transparency and supervision in the Alternative Investment Fund Managers Directive (2011/61/EU) has been published in the Official Journal. | Articles | 01-May-2013 |
| 3 | AMA and IRB guidelines The Committee of European Banking Supervisors has published final guidelines on the implementation, validation and assessment of the Advanced Measurement and Internal Ratings Based approaches under the Capital Requirements Directive. | Legal update: archive | 20-Apr-2006 |
| 4 | Asset-backed securities guarantee scheme The government has published further details of its asset-backed securities guarantee scheme. | Legal update: archive | 21-May-2009 |
| 5 | Auditors and prudential regulation The Financial Services Authority has published a discussion paper, jointly issued with the Financial Reporting Council, on enhancing the contribution of auditors to prudential regulation. | Articles | 28-Jul-2010 |
| 6 | Bailing in creditors: European Commission proposal The European Commission has proposed a debt write-down (or "bail-in") tool as part of its legislative proposal for an EU-wide recovery and resolution framework for banks and investment firms. | Articles | 26-Jul-2012 |
| 7 | Bank of England liquidity scheme The Bank of England has extended the expiry of the special liquidity scheme. | Legal update: archive | 24-Oct-2008 |
| 8 | Bank of England: commercial paper facility The Bank of England has published two market notices relating to its commercial paper facility. | Legal update: archive | 21-May-2009 |
| 9 | Bankers' remuneration: the sky's no longer the limit An assessment of the impact of recent developments on how employers in the financial services sector remunerate their employees. | Articles | 27-Oct-2010 |
| 10 | Banking Act 2009 The Banking Act 2009 received Royal Assent on 12 February 2009. | Legal update: archive | 20-Feb-2009 |
| 11 | Banking market best practices The Institute of International Finance has published its final report on market best practices. | Legal update: archive | 22-Aug-2008 |
| 12 | Banking Reform Bill: proposal The government has proposed a Banking Reform Bill to strengthen the stability of the UK's financial system. | Legal update: archive | 24-Oct-2008 |
| 13 | Banking reform: the quest for stability and growth On 4 February 2013, the government published draft legislation proposing changes to the structure of the UK banking system. The Financial Services (Banking Reform) Bill 2012-2013 is designed to implement the key recommendations of the Independent Commission on Banking, including ring-fencing. | Articles | 27-Feb-2013 |
| 14 | Basel: new capital rules for banks The Group of Governors and Heads of Supervision, the oversight body of the Basel Committee on Banking Supervision, has announced the calibration of the minimum capital ratios for banks. | Articles | 29-Sep-2010 |
| 15 | BCBS: regulatory capital The Basel Committee on Banking Supervision has set out minimum requirements, additional to the Basel III requirements on quality of capital, to ensure that all capital instruments fully absorb losses at the point of a bank’s non-viability. | Articles | 24-Feb-2011 |
| 16 | BoE and FSA paper: PRA banking supervision The Bank of England and the Financial Services Authority have published a joint paper on how the Prudential Regulation Authority will supervise the deposit-takers and designated investment firms that it will regulate. | Articles | 30-Jun-2011 |
| 17 | Bonuses: the end of an era? There has been much in the media relating to bonuses, with the Prime Minister publicly declaring that "the days of big bonuses are over". Indeed, under the terms of the recent refinancings of RBS, HBOS and Lloyds TSB, the three banks agreed to scrap executive bonuses for the current year and to tie future rewards to performance. So what does the future hold for bonuses, particularly in the financial services sector? | Legal update: archive | 29-Oct-2008 |
| 18 | Capital requirements The European Commission has published a third consultation paper on the proposed new capital requirements framework for banks and investment firms. | Legal update: archive | 24-Jul-2003 |
| 19 | Capital Requirements Directive: Treasury consultation The Treasury is consulting on amendments to the Capital Requirements Directive (2006/48/EC and 2006/49/EC). | Articles | 24-Feb-2010 |
| 20 | Capital standards: FSA consultations The Financial Services Authority has published the consultation papers “Strengthening capital standards 3” and “Capital planning buffers”. | Articles | 27-Jan-2010 |
| 21 | CEBS: high-level principles for risk management The Committee of European Banking Supervisors has published the final version of its high-level principles for risk management. | Articles | 24-Mar-2010 |
| 22 | Coalition agreement roundup An overview of aspects of the coalition agreement and the Queen's speech with relevance for commercial lawyers. | Articles | 26-May-2010 |
| 23 | Corporate governance: a long way to go? A look at key corporate governance developments over the past year, and at prospective developments that are likely to lead to further changes affecting listed companies. | Articles | 01-Sep-2011 |
| 24 | Corporate hybrid securities: debt equity chameleons Sara Catley of PLC looks at corporate hybrid securities and considers whether they may be set to take off in the UK. | Articles | 25-May-2006 |
| 25 | Council of the European Union adopts CRD 3 The Council of the European Union has adopted the text of CRD 3, a directive forming part of a sequence of directives amending the Capital Requirements Directive (2006/48/EC and 2006/49/EC). | Articles | 27-Oct-2010 |
| 26 | CRAs: regulatory technical standards Four delegated regulations establishing regulatory technical standards for credit rating agencies have been published in the Official Journal. | Articles | 28-Jun-2012 |
| 27 | CRD 3: published in Official Journal The text of CRD 3 (2010/76/EU), a directive amending the Capital Requirements Directive (2006/48/EC and 2006/49/EC), has been published in the Official Journal and has entered into force. | Articles | 26-Jan-2011 |
| 28 | CRD3: FSA further consultation The Financial Services Authority is consulting on the implementation of changes to the Capital Requirements Directive (2006/48/EC and 2006/49/EC) made by Directive 2010/76/EU. | Articles | 30-Jun-2011 |
| 29 | Credit rating agencies: CESR consultation The Committee of European Securities Regulators is consulting on its guidance on the new legal framework for credit rating agencies. | Articles | 26-Nov-2009 |
| 30 | Credit rating agencies: EU and international developments The European Commission has published two consultations on its proposals to regulate credit rating agencies at EU level and two global industry initiatives relating to credit rating agencies have been announced. | Legal update: archive | 26-Aug-2008 |
| 31 | Credit rating agencies: proposed regulation The European Commission has published a proposal for an EC Regulation on credit rating agencies. | Legal update: archive | 21-Nov-2008 |
| 32 | Economic capital modelling practices The Basel Committee on Banking Supervision has published a consultative document on the range of practices and issues in economic capital marketing. | Legal update: archive | 29-Sep-2008 |
| 33 | Electronic money: FSA policy statement The Financial Services Authority has published a policy statement on the implementation of the second Electronic Money Directive (2009/110/EC). | Articles | 25-Mar-2011 |
| 34 | EMIR capital requirements: EBA draft technical standards The European Banking Authority has adopted draft regulatory technical standards on capital requirements for central counterparties. | Articles | 24-Oct-2012 |
| 35 | Equitable Life: government response The government has responded to the Parliamentary Ombudsman's report into the regulation of Equitable Life. | Legal update: archive | 20-Feb-2009 |
| 36 | Equitable Life: initial proposals Sir John Chadwick has set out initial proposals on relevant issues for the proposed compensation scheme for investors. | Legal update: archive | 21-Jul-2009 |
| 37 | EU banking structure: Liikanen report The European Commission has published the final report of the high-level expert group chaired by Erkki Liikanen on reforming the structure of the EU banking sector and is also consulting on its recommendations. | Articles | 24-Oct-2012 |
| 38 | EU banking supervision: taking it to the next level European Commission proposals go further than a "regulator of regulators", and propose direct EU-level supervision of systemically important financial institutions. | Legal update: archive | 19-Jun-2009 |
| 39 | Financial groups The Financial Services Authority and HM Treasury are consulting on proposals to implement the Financial Groups Directive. | Legal update: archive | 28-Nov-2003 |
| 40 | Financial instruments: fair value practices The Basel Committee on Banking Supervision has published guidance for banks and banking supervisors to strengthen banks' valuation processes for financial instruments and the supervisory assessments of those processes. | Legal update: archive | 21-May-2009 |
| 41 | Financial regulation reform: the role of competition This article examines the role of competition in the new financial services regulatory regime, and the tensions that may arise in the new structure. | Articles | 01-Dec-2011 |
| 42 | Financial regulatory reform: enforcement checks and balances Attention surrounding the financial regulatory reforms has focused on the detail of the new powers and the division of responsibility between the new regulators but there has been less debate on the implications for the enforcement process. However, the proposals could have a significant impact on the ability to challenge an enforcement or regulatory decision. | Articles | 01-Sep-2011 |
| 43 | Financial Services Act 2012: Royal Assent The Financial Services Act 2012 has received Royal Assent. | Articles | 30-Jan-2013 |
| 44 | FSA Handbook: short selling amendments The Financial Services Authority has published a policy statement setting out the final amendments to the FSA Handbook to implement the Short Selling Regulation (236/2012/EU). | Articles | 30-Jan-2013 |
| 45 | FSA policy statement: CRD 3 implementation The Financial Services Authority has published its final rules for the implementation of the changes to the Capital Requirements Directive (2006/48/EC and 2006/49/EC) made by Directive 2010/76/EU. | Articles | 01-Dec-2011 |
| 46 | FSA Remuneration Code: more pay regulation for financial ... On 29 July 2010, the Financial Services Authority announced a consultation on the extension of its Remuneration Code from 1 January 2011 to cover 2,500 financial services firms, and other proposed changes. | Articles | 02-Sep-2010 |
| 47 | International liquidity risk management This article examines the regulatory changes to liquidity risk management being considered in the wake of the financial crisis. | Articles | 30-Jun-2010 |
| 48 | Lehman: client money claims The Supreme Court has upheld the Court of Appeal’s decision relating to the scope of the statutory trust over client money held by investment firms, and the entitlement of clients to recover client money in the event of a firm’s insolvency. | Articles | 29-Mar-2012 |
| 49 | Liquidity and prudential regulation: lessons to be learnt The Parliamentary Ombudsman's recent report on Equitable Life and the current focus on the financial health of the banking sector both raise the question of how liquidity and prudential regulation should be managed within financial institutions. | Legal update: archive | 26-Aug-2008 |
| 50 | Liquidity buffer guidelines: CEBS consultation The Committee of European Banking Supervisors is consulting on liquidity buffers and survival periods. | Legal update: archive | 20-Aug-2009 |
| 51 | Liquidity regime: transitional provisions The Financial Services Authority is consulting on transitional measures for the liquidity regime. | Legal update: archive | 21-Jul-2009 |
| 52 | Liquidity reporting: FSA consultation The Financial Services Authority is consulting on liquidity reporting. | Legal update: archive | 21-May-2009 |
| 53 | Liquidity risk management for CIS: IOSCO consultation The Technical Committee of the International Organization of Securities Commissions is consulting on principles of liquidity risk management for collective investment schemes. | Articles | 31-May-2012 |
| 54 | Liquidity risk management for CIS: IOSCO report The International Organization of Securities Commissions has published a final report on principles of liquidity risk management for collective investment schemes. | Articles | 27-Mar-2013 |
| 55 | MAD II: proposal to extend benchmark manipulation The European Commission has adopted amendments to its MAD II legislative proposals to cover the manipulation of interest rate benchmarks, such as the London Interbank Offered Rate and the Euro Interbank Offered Rate. | Articles | 30-Aug-2012 |
| 56 | MAD II: UK decides not to opt in to CSMAD The government has announced that the UK will not opt in to the proposed directive on criminal sanctions for insider dealing and market manipulation. | Articles | 29-Mar-2012 |
| 57 | Market abuse: EC consultation The European Commission is consulting on a revision of the Market Abuse Directive (2003/6/EC). | Articles | 28-Jul-2010 |
| 58 | Market abuse: legislative proposals The European Commission has published its proposals to replace the existing Market Abuse Directive (2003/6/EC) with a Regulation on insider dealing and market manipulation and a Directive on criminal sanctions for insider dealing and market manipulation. | Articles | 01-Dec-2011 |
| 59 | Market abuse: regulations published The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2011 (SI 2011/2928) have been published and have come into force. | Articles | 25-Jan-2012 |
| 60 | MiFID: ESMA consultations The European Securities and Markets Authority is consulting on guidelines on certain aspects of the Markets in Financial Instruments Directive (2004/39/EC) compliance function and suitability requirements. | Articles | 25-Jan-2012 |
| 61 | Misleading disclosures: FSA fine The Financial Services Authority has fined Christopher Gower, a former research analyst, £50,000 for making inaccurate and misleading disclosures in an instant message about developments which had a likely impact on a company’s share price. | Articles | 24-Feb-2011 |
| 62 | Money market funds: IOSCO policy recommendations The International Organization of Securities Commissions has published its final report on policy recommendations for money market funds. | Articles | 28-Nov-2012 |
| 63 | New regulatory structure: transitional arrangements The Financial Services Authority has consulted on transitional arrangements for the new regulatory structure, including those for approved persons. | Articles | 27-Feb-2013 |
| 64 | OEICs: regulations published The Open-Ended Investment Companies (Amendment) Regulations 2011 (SI 2011/3049) have been published and have come into force. | Articles | 25-Jan-2012 |
| 65 | Omnibus II Directive The European Commission has published a proposed Omnibus II Directive amending the Prospectus Directive and the Solvency II Directive in respect of the powers of the European Supervisory Authorities. | Articles | 24-Feb-2011 |
| 66 | PRA designation of investment firms: FSA and BoE ... The Financial Services Authority and the Bank of England have published a consultation on a draft statement of policy on how the Prudential Regulation Authority will exercise its powers to designate certain investment firms for prudential supervision. | Articles | 28-Nov-2012 |
| 67 | Principles for sound liquidity risk management and ... The Basel Committee on Banking Supervision has published a revised version of its Principles for Sound Liquidity Risk Management and Supervision. | Legal update: archive | 24-Oct-2008 |
| 68 | Proposed AIFM Directive The European Commission has published a proposed Alternative Investment Fund Managers Directive. | Legal update: archive | 22-May-2009 |
| 69 | REMIT: Official Journal publication The text of the regulation on energy market integrity and transparency (Regulation (EU) 1227/2011) has been published in the Official Journal of the EU. | Articles | 25-Jan-2012 |
| 70 | Remuneration Code: FSA consultation The Financial Services Authority is consulting on revising the Remuneration Code. | Articles | 02-Sep-2010 |
| 71 | Risk management: CEBS consultation The Committee of European Banking Supervisors is consulting on proposed high-level principles for risk management. | Legal update: archive | 21-May-2009 |
| 72 | Short selling disclosure: consultation The Financial Services Authority is consulting on proposals to extend its short selling disclosure obligation. | Legal update: archive | 18-Jun-2009 |
| 73 | Short selling regulation Regulation 236/2012/EU on short selling and certain aspects of credit default swaps has been published in the Official Journal, and the European Securities and Markets Authority has published draft technical standards in relation to the Regulation. | Articles | 02-May-2012 |
| 74 | Short selling: delegated and implementing regulations Commission Delegated Regulation (826/2012/EU), Commission Delegated Regulations (918/2012/EU) and (919/2012/EU) and Implementing Regulation (827/2012/EU) supplementing the Short Selling Regulation (236/2012/EU) have been published in the Official Journal. | Articles | 24-Oct-2012 |
| 75 | Short selling: disclosure and regulation The Financial Services Authority has published a policy statement on the extension of the short selling disclosure obligation. | Legal update: archive | 21-Jul-2009 |
| 76 | Short selling: ESMA consultation The European Securities and Markets Authority has consulted on its technical advice to the European Commission on possible delegated acts regarding the EU regulation on short selling and certain aspects of credit default swaps. | Articles | 29-Mar-2012 |
| 77 | Short selling: ESMA technical advice The European Securities and Markets Authority has published its final technical advice on possible delegated acts concerning the regulation on short selling and certain aspects of credit default swaps (236/2012/EU). | Articles | 31-May-2012 |
| 78 | Short selling: ESME position paper The European Securities Markets Expert Group has published a position paper on short selling at the request of the European Commission. | Legal update: archive | 24-Apr-2009 |
| 79 | Short selling: EU sub-committee call for evidence The EU Economic and Financial Affairs and International Trade Sub-Committee of the House of Lords has called for evidence in response to the European Commission’s proposal for a regulation on short selling and certain aspects of credit default swaps. | Articles | 26-Jan-2011 |
| 80 | Short selling: IOSCO consultation The International Organization of Securities Commissions is consulting on the regulation of short selling. | Legal update: archive | 24-Apr-2009 |
| 81 | Short selling: legislative proposal The European Commission has published a legislative proposal for a regulation on short selling and certain aspects of credit default swaps. | Articles | 29-Sep-2010 |
| 82 | Short selling: UK implementation and FSA Handbook ... The Financial Services Authority has given advance notice of its approach to the UK’s implementation of aspects of the EU Short Selling Regulation (236/2012/EU) and is also consulting on proposed amendments to the FSA Handbook to implement the Regulation. | Articles | 26-Sep-2012 |
| 83 | Short selling: UK regulations The Financial Services and Markets Act 2000 (Short Selling) Regulations 2012 (SI 2012/2554) have been published. | Articles | 24-Oct-2012 |
| 84 | Short-selling regulation: legislative resolution The European Parliament has passed a legislative resolution adopting, with amendments, the European Commission’s proposal for a regulation on short selling and certain aspects of credit default swaps. | Articles | 25-Jan-2012 |
| 85 | Splitting up the banks: white paper sets out reforms On 14 June 2012, the government issued a white paper on banking reform. These proposals originated largely in the UK and are closely based on the recommendations of the Independent Commission on Banking, which reported in September 2011. Assuming they are enacted, the proposals will require UK groups that include retail banks to make major structural changes to separate out their retail banking businesses. | Articles | 28-Jun-2012 |
| 86 | Stress and scenario testing: FSA policy statement The Financial Services Authority has published a policy statement on stress and scenario testing. | Articles | 27-Jan-2010 |
| 87 | Stress testing: principles The Basel Committee on Banking Supervision has published principles for sound governance, design and implementation of stress testing practices at banks. | Legal update: archive | 18-Jun-2009 |
| 88 | Systemically important banks The Financial Services Authority has published a discussion paper on systemically important banks. | Articles | 26-Nov-2009 |
| 89 | Systemically important non-banks: Treasury consultation The Treasury is consulting on proposals to broaden the financial sector resolution regime to systemically important non-banks. | Articles | 30-Aug-2012 |
| 90 | Systems and controls: MiFID and CRD implementation The Financial Services Authority has adopted new systems and controls measures in its Handbook of rules and guidance to implement the Markets in Financial Instruments Directive and the Capital Requirements Directive. | Legal update: archive | 26-Jan-2007 |
| 91 | The Vickers report: the first stop on the way to banking reform The final report published by the Independent Commission on Banking chaired by Sir John Vickers outlines recommendations that are designed to allow for the failure of investment banking operations without affecting retail depositors. The recommendations can be broadly broken down into three sections covering the retail ring-fence, loss absorbency and competition. | Articles | 28-Sep-2011 |
| 92 | Trade repositories: CESR consultation The Committee of European Securities Regulators is consulting on trade repositories in the EU. | Articles | 28-Oct-2009 |
| 93 | UK Corporate Governance Code: remuneration and ... On 28 May 2010, the Financial Reporting Council published the new UK Corporate Governance Code, concluding an extensive consultation process. Now is a good time for remuneration committees to undertake a review of the remuneration strategies and ensure that they stand up to scrutiny when reporting under the Code. | Articles | 30-Jun-2010 |
| 94 | Walker review: banks on best behaviour Sir David Walker’s final recommendations on corporate governance in the UK banking industry have received a mixed response, but early indications are that the proposals are already beginning to be translated into practice and that they may be of wider applicability than initially thought. | Articles | 27-Jan-2010 |
| 95 | Walker review: spotlight on banks' corporate governance Published for consultation on 16 July 2009, Sir David Walker's review of corporate governance in UK banks and other financial institutions makes 39 specific recommendations to improve corporate governance. Though the thrust of the recommendations is not a great surprise, the Review aims fundamentally to change behaviour, and has received a mixed response in the City and among commentators. | Articles | 22-Jul-2009 |