Market Conduct Regulation

Financial regulation can usefully be bifurcated into prudential and business conduct dimensions. The former concentrates on standards, guidelines and recommendations of best practice on capital adequacy, liquidity and solvency risk and procedures for the orderly winding down of regulated financial institutions. Market conduct regulation, on the other hand, refers to the operation of the market. Regulators are increasingly moving towards expansive definitions of what consitutes market integrity. This series explores the consequences of this move. It evaluates market conduct regulatory performance across three main areas - structure (or mandate), internal processes and managerial discretion - and five dimensions Compliance, Ethics, Deterrernce, Accountability and Risk (CEDAR).

Financial Services Authority Consults on Simplifying the EU Prospectus and Transparency Directives

The Financial Services Authority and the UK Treasury have jointly published a consultation paper which follows the adoption of an Amending Directive on 24 November 2010, which revised both the Prospectus Directive and the Transparency Directive.
Originally Published: 
Tuesday, December 13, 2011

Financial Services Authority Policy Statement on the Review of the Covered Bond Regime

The Financial Services Authority has published a policy statement on the review of the covered bond regime which sets out, amongst other things, certain changes to the Regulated Covered Bond sourcebook which are intended to introduce consistent standards of investor reporting, clarify the role of &q
Originally Published: 
Friday, December 9, 2011

European Banking Authority Speech on Banking Supervision: Towards an EU Single Rulebook

The European Banking Authority has published a speech given by its chairman, Andrea Enria which discusses the proposal the EBA has put forward to deal with the impact of the sovereign debt crisis on EU banking markets and the concept of the EU Single Rulebook.
Originally Published: 
Monday, December 5, 2011

Basel Committee on Banking Supervision Consults on the Internal Audit Function in Banks

The Basel Committee on Banking Supervision has released a consultative document which provides proposed guidance for assessing the effectiveness of the internal audit function in banks and replaces the 2001 document entitled "Internal Audit in Banks and the Supervisor’s Relationship with Audito
Originally Published: 
Friday, December 2, 2011

UK Treasury Releases Consultation Paper on Bank Executive Remuneration Disclosure

This consultation details the UK Government's proposals for the disclosure requirements contemplated under "Project Merlin", which includes consultation on a mandatory requirement for all large UK banks to publish the pay of their eight highest paid senior executive officers.
Originally Published: 
Tuesday, December 6, 2011

European Securities and Markets Authority Warns Retail Investors of Dangers of Trading in FOREX Products

The European Securities and Markets Authority has issued a warning alerting retail investors to the main risks involved in forex trading. It also warns investors against dealing with unauthorised firms offering forex investments.
Originally Published: 
Monday, December 5, 2011

Financial Services Authority Speech at Non-Executive Directors’ Conference on Delivering Fair Treatment for Consumers of Financial Services

The Financial Services Authority has published a speech presented by Clive Adamson (Director of Supervision, the FSA Conduct of Business Unit) at the Non-Executive Directors’ Conference on 6 December 2011 where he discusses how the FSA is developing the supervisory approach or philosophy for the pro
Originally Published: 
Tuesday, December 6, 2011

Financial Services Authority Speech at Non-Executive Directors’ Conference on Delivering Fair Treatment for Consumers of Financial Services

The Financial Services Authority has published a speech by Nausicaa Delfas (Head of Department, Conduct Supervision, FSA) at the Non-Executive Directors’ Conference which focuses on the FSA’s current and developing approach to the responsibilities of non-executive directors
Originally Published: 
Tuesday, December 6, 2011

Financial Services Authority Guidance Consultation on Delivering Fair Treatment for Consumers of Financial Services

The Financial Services Authority has published a guidance consultation which sets out the FSA’s expectations of non-executive directors in delivering the appropriate management of retail conduct risk within firms.
Originally Published: 
Tuesday, December 6, 2011

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