43 posts categorized "Capital Markets"

Results of the ECB’s Comprehensive Assessment

Posted by Financial Services UK on 28/10/2014 at 4:52 PM in Banking, Capital Markets, EMEA Centre for Regulatory Strategy Permalink Comments (0)

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On Sunday the much-anticipated announcement from the European Central Bank (ECB) on the result of its Comprehensive Assessment was released. The exercise, which was an in depth review of the quality of the largest European banks' assets that included a review of asset quality and a stress test, has occupied the attention of banks over the past several months. Its completion is a significant milestone and a watershed moment for the Single Supervisory Mechanism (SSM), which formally opens for business on 4 November.

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PRA puts ring-fencing in industry's court

Posted by Financial Services UK on 7/10/2014 at 12:09 PM in Banking, Capital Markets, EMEA Centre for Regulatory Strategy Permalink Comments (0)

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The Prudential Regulation Authority's (PRA’s) first consultation paper on UK bank ring-fencing puts the ball back in industry’s court, holding back from extensive prescription in favour of an approach which gives banks some leeway to tailor solutions to their business models. In most areas there will not be a ‘one size fits all’ approach, and the onus will be on individual banks to demonstrate how their plans comply with legislation and the PRA’s objectives.

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Resolvability: breaking down the barriers

Posted by Financial Services UK on 8/09/2014 at 4:58 PM in Banking, Capital Markets, EMEA Centre for Regulatory Strategy Permalink Comments (0)

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The EU’s bank Recovery and Resolution Directive (BRRD) gives EU resolution authorities wide-ranging and potentially very invasive powers to mandate changes to banks’ legal, operational and financial structures in order to improve resolvability, powers which allow resolution authorities a significant amount of discretion. In the wake of the recent announcements from the US FDIC and Federal Reserve, in which they expressed their dissatisfaction with the current state of large banks’ resolution planning in the US, it would also appear that the resolvability hurdle may be higher than previously anticipated. Ensuring that banks are resolvable has been high on the policy agenda for several years, but the practical work needed to achieve this looks set to move forward in earnest over the next year.

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Individual Accountability in UK Banking | Details of Senior Management and Certification Regimes Emerge

Posted by Financial Services UK on 31/07/2014 at 5:20 PM in Banking, Capital Markets, EMEA Centre for Regulatory Strategy, Investment Management Permalink Comments (0)

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The PRA and FCA have published a major consultation paper on the overhaul of the Approved Persons Regime (APR) for banks, building societies, credit unions, and PRA-designated investment firms in the UK. The new framework will make senior individuals more explicitly accountable for specific issues through ‘statements of responsibility’, and a wider range of staff will be subject to a regime of certification and codes of conduct.

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What should a compliance monitoring plan look like for a consumer credit firm?

Posted by Financial Services UK on 30/07/2014 at 12:28 PM in Banking, Capital Markets Permalink Comments (0)

Compliance monitoring
As part of the consumer credit authorisation process the Financial Conduct Authority (FCA) will require all consumer credit firms to detail their compliance monitoring programme and attach a compliance monitoring plan as part of their application pack. This blog post highlights the key areas for consideration for consumer credit firms to contemplate when developing their monitoring plan.  

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Preparing for the SSM | How should Eurozone banks mind the (capital) gap?

Posted by Financial Services UK on 2/07/2014 at 4:28 PM in Banking, Capital Markets, EMEA Centre for Regulatory Strategy Permalink Comments (0)

SSM mind the capital gap

The next few months will barely feel like a summer holiday for Eurozone banks. As banks in the single currency area prepare for the European Central Bank (ECB) to take over banking supervision under the Single Supervisory Mechanism (SSM), the balance sheets of the largest banks are being reviewed and stressed as part of the ECB’s comprehensive assessment. In October, the results – based on an asset quality review (AQR) and EU-wide stress test - will be revealed. 

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London Office Crane Survey: Gearing up for the next phase of construction

Posted by Financial Services UK on 18/06/2014 at 12:39 PM in Banking, Capital Markets, Insurance, Investment Management Permalink Comments (0)

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We have recently launched the summer instalment of the Deloitte Real Estate London Office Crane Survey. This is our flagship report (released bi-annually) which has been monitoring office construction activity in Central London for almost twenty years. The level of construction is widely used as a measure of economic activity - counting the number of cranes / construction sites across Central London is a relatively easy and accurate way to benchmark London’s economic health.

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Countdown to MiFID II go-live date begins

Posted by Financial Services UK on 13/06/2014 at 3:36 PM in Capital Markets, EMEA Centre for Regulatory Strategy, Investment Management Permalink Comments (0)

Clock for MiFID blog
The revised Markets in Financial Instruments Directive (MiFID II) and new Regulation (MiFIR) were published yesterday in the Official Journal and will enter into force on 2 July. This is an important milestone as it officially starts the countdown to the 2017 go-live date, establishing the various deadlines that firms, member states, national competent authorities (NCAs) and the European Securities and Markets Authority (ESMA) will need to meet.

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Shaping up for the SSM | How banks can prepare for the new supervisory regime

Posted by Financial Services UK on 8/05/2014 at 5:31 PM in Banking, Capital Markets, EMEA Centre for Regulatory Strategy Permalink Comments (0)

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In six months’ time, the Single Supervisory Mechanism (SSM) will take effect, with the European Central Bank (ECB) taking charge of prudential supervision in the Eurozone. The project to establish the SSM has been ambitious, especially against a tight time schedule, but the ECB confirmed in its latest SSM Quarterly Report on the operational implementation of the SSM that progress was on track and the SSM would start on schedule, on 4 November. Banks now need to turn in earnest to preparing for the new supervisory regime, under which they will no longer be able to deal only with a local supervisor.

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Measuring banks’ resilience | EBA and Bank of England publish details of stress testing exercises

Posted by Financial Services UK on 30/04/2014 at 6:53 PM in Banking, Capital Markets, EMEA Centre for Regulatory Strategy Permalink Comments (0)

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Large European banks now know a lot more about what's expected of them in the forthcoming stress testing exercise, coordinated by the European Banking Authority (EBA). The stress scenario will be more severe than in previous exercises, and supervisory scrutiny more intense. The exercise has been some time in the planning and banks now need to take action. The outcome of the recent US Federal Reserve’s stress testing exercise highlights the potential dangers of shortcomings in banks' approaches to stress testing, quite apart from the numerical outcome of the test.

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