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22/12/2010 How will we remember 2010 in years to come?
With compliments of the season from all at Chase Cooper as 2010 draws to a close...
18/11/2010 Moving the deckchairs? UK regulation in flux again (Part 2)
HM Treasury has now closed consultation on the proposal document for returning the UK to a twin peaks system of financial services regulation...
14/09/2010 Governance, compliance and human resources
The Human Resources function doesn’t get a great press in most organisations. The financial markets - like any markets - are almost entirely people businesses. Transactions are still predominantly created through interactions between individuals...
22/06/2010 Moving the deckchairs? UK regulation in flux again (Part 1)
The British Chancellor of the Exchequer, George Osborne, has announced that the FSA will be eradicated and the Bank of England will be given responsibility for both macro- and micro-prudential financial services regulation in 2012...
29/03/2010 FSA proposes taping mobile phone ‘calls – but why?
FSA is quite properly concerned with reducing potential insider dealing and market manipulation conducted from within the United Kingdom...
15/02/2010 CASE STUDY: Standard Life– ticking boxes cause trouble…
On 20th January FSA fined Standard Life Assurance Limited (“SLAL”) £2.45 million under Principles 3 and 7 for failing to organise its affairs responsibly, and communicating with clients in a way that was misleading...
11/02/2010 Chase Cooper Regulatory News - Changes...
We have decided to vary the features of our Regulatory News service. For the next half-year we will publish at least two commentaries each month and experiment with different types of content...
18/01/2010 FSA not hanging around on liquidity requirements
FSA is deadly serious about liquidity risk management. On 13th January 2010 FSA issued a Dear CEO letter to Authorised Firms setting out their expectations of what firms will have achieved since the new BIPRU rules on liquidity systems and controls came into force on 1st December 2009...
10/08/2009 Treasury Select Committee supports ending EU bank passporting rights (Part 1)
The UK Government’s Treasury Select Committee (“TSC”), under the Chairmanship of the Rt. Hon. John McFall, MP, released on Friday, 31st July their final report on the banking crisis...
16/07/2009 UK Government: Reforming Financial Markets (Part 1)
On 8th July the Chancellor of the Exchequer published the broad-ranging White Paper on Reforming Financial Markets, the UK government’s policy response to the banking crisis...
18/06/2009 A pan-European regulator will be here by 2010
The European Commission has adopted the detailed recommendations on European financial supervision from the February de Larosière report almost intact...
14/05/2009 Financial sanctions – are you compliant?
The FSA released its review of authorised firms’ compliance with the UK Financial Sanctions regime on 27th April. The headline conclusion makes concerning reading...
15/04/2009 Remuneration policy – do what I say or lose some pay…
The current crisis has turned the spotlight of public opinion on the way in which systemically important financial institutions remunerate their senior management and their front office staff...
30/03/2009 Turner Report
The Turner Review is to be welcomed as a potential major step forward in regulating the UK financial services industry. The devil, of course, will be in the detail and in just how intrusive the regulator will be in practice...
25/02/2009 Regulation – Are you ready for liquidity risk management?
In December the UK’s Financial Services Authority (FSA) published Consultancy Paper 08/22 which proposed changes to the liquidity risk management and reporting processes...
23/02/2009 Regulation – EU to clamp down on financial markets
In a meeting of EU leaders in Berlin this past weekend, major proposals were agreed to increase regulation of financial markets including hedge funds and to eliminate tax havens...
19/02/2009 Operational Risk – a wave of internal, external and portfolio fraud
Bernard Madoff, Nicholas Cosmo, Jerome Kerviel, George Theodule, David Guzman, Jonathan Carman, Frank Castaldi and now Richard Garaventa and Allen Stanford - all have one thing in common...
16/02/2009 MiFID – proposed guidelines on passport notifications
The Committee of European Banking Supervisors (CEBS) has published a public consultation on its guidelines on MiFID passport notifications across banking supervisors...
12/02/2009 Risk – 2009 the year that risk managers break into the boardroom
Risk management has suffered from not having its recommendations and warnings given sufficient weight by the board of financial firms and by being overridden by the business heads...
10/02/2009 Risk – FSA publishes its financial risk report
The Financial Services Authority (FSA) today published its Financial Risk Outlook (FRO). This 90-page annual report gives the FSA’s views on the main risks facing firms, consumers and the regulatory system in the current economic downturn...
06/02/2009 Operational Risk – banks doubt UK Government ID card plans
The UK Government has high hopes that ID cards will become standard security practice in all financial transactions. But banking representatives and bankers have cast doubt on the value of the initiative...
02/02/2009 Regulation – HSBC calls for valuation and capital changes
HSBC, Europe’s biggest bank, has called for changes to the ways that global institutions, banks and non-financial conglomerates, are regulated...
29/01/2009 Operational Risk – government ownership brings new considerations
Operational risk management is the fastest moving compliance target in the risk management environment. It has always been with us, but it is only since the beginnings of the decade that, driven by Basel II, it has been concentrated into a single stream...
26/01/2009 Regulation – risk management at a cultural crossroad
We are officially in a recession and the depression word is being freely used. Governments are working out the ways forward: buying banks, printing money, zero interest rates, creating new banks are all being considered...
22/01/2009 Basel II – further proposed changes – but is there time?
Last Friday, the Basel Committee hit risk managers, capital modellers and compliance officers of all financial institutions with three more consultative documents looking closely at the use of value-at-risk (VaR)...
19/01/2009 Solvency II – QIS4 gets good marks but could do better
The Brussels-based European insurance and reinsurance federation (CEA), has published a report highlighting the key issues it sees from last year’s fourth quantitative impact study run by CEIOPS in the lead up to Solvency II...
15/01/2009 Regulation – UK short selling ban lifted but disclosure rules continue
Yesterday, the UK’s Financial Services Authority (FSA) confirmed that it will lift its total ban on new positions in the short selling of stocks in UK financial sector companies...
12/01/2009 Basel II – capital rules holding back economic recovery
Over the weekend there have been reports that UK banks are finding it difficult to comply with the Basel II capital requirements and balance these with the pressure to hold lending to industry to pre-crisis levels...
08/01/2009 Regulation – Basel Committee consults on stress testing
On Tuesday, the Basel Committee on Banking Supervision issued a consultative paper on stress testing which aims to address the weaknesses in stress testing exposed by the financial crisis...
05/01/2009 2009 – but which way will the markets go?
The year has started quietly. Today is the first day for many after an extended two week break, a time taken to digest the summaries of 2008 and the many forecasts for 2009...
19/12/2008 Operational Risk – Madoff fraud exposes SEC failings
Last week the US’s Securities and Exchange Commission charged Bernard Madoff, owner of Bernard L. Madoff Investment Securities LLC, with securities fraud for a multi-billion dollar Ponzi scheme....
15/12/2008 Regulation – qualified risk committees needed, says Merton
Institutions need risk committees, in the same way that they currently have audit committees, and these need to be lead by formally qualified risk practitioners...
12/12/2008 MiFID – MTFs start to show market benefit
Yesterday, Instinet Europe released trade execution figures showing smart order routing to new execution venues has delivered clients significant benefits... in the year since the introduction of MiFID and the multilateral trading facilities...
08/12/2008 Liquidity Risk - FSA consults on new liquidity risk standards
Last Thursday, the Financial Services Authority (FSA) published a consultation paper proposing a far-reaching overhaul of the liquidity risk requirements for the UK’s banks, building societies and investment firms...
04/12/2008 Solvency II – smaller nation’s throw directive off course
This week a political com on Solvency II is in danger of damaging the whole rationale for having the directive. Smaller EU nations, lead by Poland, have refused to accept the group supervision principle...
02/12/2008 Credit crisis – Hedge funds circle the wagons
The most successful market of the last ten years, hedge funds, funds of funds and private equity, may finally be coming to an end under pressure from all sides...
27/11/2008 Credit crisis – US shifts risks to the Fed
In an attempt to support the markets by providing funding for mortgage-backed assets, as well as certain other consumer loans-backed assets, the US Federal Reserve is taking over the risks previously carried by the US Treasury Department...
24/11/2008 Basel II – Caruana to head BIS
The Bank of International Settlement (BIS) and the Basel II accord face their greatest challenge over the next 13 months as they struggle to respond to the impacts of the current financial crisis...
21/11/2008 Basel II – eight changes for the future
The Basel Committee's work programme is well advanced and provides practical responses to the financial stability concerns raised by policy makers related to the banking sector...
17/11/2008 Operational Risk – the risk of incomplete risk management
Risk management is said to be the assessment of the level of risk, including external risks, within an organisation, the attempt to ensure that all these risks are mitigated...
10/11/2008 Regulation – SEC on regulatory enforcement during the crisis
The US Security & Exchange Commission’s is going on the offensive regarding enforcement of regulations and clamp-down of illegal trading practices in the credit crisis...
06/11/2008 Regulation – mark to market accounting standards under fire
The International Accounting Standards Board, the developers of the International Financial Reporting Standards (IFRS) had hoped for a relatively unopposed campaign in their implementation of IFRS as a global standard...
03/11/2008 Solvency II – driving European leadership in economic capital usage
According to a survey released last week by advisory consultants, Towers Perrin, insurers in Europe are ahead of their US counterparts in practices such as usage of economic capital and embedding ERM in the organisation...
31/10/2008 Regulation – The light touch a thing of the past?
For the past 5 years, bankers have become used to hearing politicians tell them that credit is good for everyone, that regulations get in the way of banking innovation, that banks are best left to...
27/10/2008 Regulation – UK sees no need for hedge fund regulation
The UK’s supervisor, the Financial Services Authority (FSA), said last week that it did not see the need for more regulation of hedge funds, that it did not see the hedge funds as being responsible for the current financial crisis...
23/10/2008 Regulation – UK short selling ban to continue
On September 18th, the UK regulator, the FSA, banned the short selling of many UK-listed financial shares until the 16th January 2009. However they agreed to review these after 30 days...
20/10/2008 Basel II – Progress, Questions and Evolution
Whilst Basel II continues to make progress during the crisis, questions are being asked about parts of it, and it is clear that the Accord will evolve as a result of the forthcoming expected international government and regulator meetings...
16/10/2008 Basel II – capital requirements formula to change?
The cornerstone of Basel II, the New Basel Accord, is one that says that a regulated organisation’s minimum capital requirements shall be 8% of risk-weighted capital...
13/10/2008 Markets – finance ministers take three-pronged approach on crisis
Over the weekend the finance ministers, regulators and central banks of the G-7, the EU as well as the US and UK have all been hard at work – and it looks like all are pulling in the same direction...
09/10/2008 Regulation – tomorrow’s G-7 meeting critical
The G-7 – the meeting of finance ministers from Canada, France, Germany, Italy, Japan, the United Kingdom, the USA – to start tomorrow in Washington is critical to the future of global financial regulations....
06/10/2008 Solvency II – FSA on compliance planning for UK firms
The UK's Financial Services Authority, has released a discussion paper with the objective of getting the ball rolling on the preparation of UK insurance firms for the implementation of Solvency II...
02/10/2008 Basel II – a rethink on ratings needed now!
Virtually the whole of the Basel II concept of calculating regulatory capital is built around the concept of a score by the rating agencies. Even internal ratings are cross referenced to external credit assessments...
29/09/2008 Sub-prime – World holds breath waiting for US decision
Markets and the public are all holding their breath waiting for the decision by the US Congress on the $700 billion rescue plan (the Emergency Economic Stabilization Act)...
25/09/2008 Operational Risk – management and remuneration risks are being ignored
Basel II has become the de facto standard for operational risk classification. Although the accord does not enforce any particular classification, the fact that it provides a possible one means that a large number of banks have gone ahead using this classification or variations on it...
22/09/2008 Sub-prime crisis – so everything is all right now!
Ka-pow! At one stroke everything has been solved! Under pressure from their respective governments, the SEC and the FSA outlaw short selling, the markets rebound, short sellers get their comeuppance...
18/09/2008 Sub-prime crisis – understand the risks, don’t just treat the symptoms
Two things are concerning the financial markets today – how do we get out of the hole we are in, and who do we blame for this fiasco. Various scapegoats have been put forward...
15/09/2008 Basel II in the news – but Lehman’s takes the headlines
APRA has published a useful article in its Insight journal on the Australian approach to Basel II implementation. That's the good news! Late last night, after last ditch talks to save them failed, Lehman Brothers announced it would be filing for Chapter 11 bankruptcy protection...
12/09/2008 Systemic Risk – the fall-out from Fannie and Freddie
Has the nationalisation (for that is what it is) of Fannie and Freddie (F&F) been enough? This support was only part of the measures recommended by Bill Gross of Pimco, the world’s largest bond fund...
08/09/2008 Sub-prime – US government needs to start buying, says Pimco head
The US government needs to step in now and start mopping up surplus assets, says Bill Gross, the head of Pimco, the world’s largest bond fund...
04/09/2008 Basel II – CEBS on home/host delegation
The Committee of European Banking Supervisors (CEBS) yesterday, as part of its Basel II European implementation plan, published a paper on supervisory delegation...
01/09/2008 Basel II – BBA advises of Pillar III compliance
The British Bankers’ Association has made publically available its Conclusions on Pillar 3 of Basel II – the market discipline and public disclosure part of the New Basel Accord...
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