Ten things to look out for in 2014: A year of change for the financial markets

Changes to reflect the recommendations stemming from the G20 commitments of 2008 are still underway, at a global, EU and domestic level.

Regulation, EU

Development in transaction reporting for financial derivatives in Europe

The financial crisis revealed essential gaps in the regulatory framework of financial derivatives, notably the lack of transparency, whereby, occasionally, fraud and misrepresentation allegation cases surrounded market participants.

Regulation, Financial Industry

A new era for crisis management for EU banks

On 11 December 2013, the European Parliament and the Council reached an agreement on the Bank Recovery and Resolution Directive (BRRD).

EU, Financial Industry

The (in)credible bail-in instrument

One of the lessons drawn from the financial crisis was the inadequacy of corporate insolvency regimes in financial institution crisis management.

Financial Industry, Financial Crisis

Macroprudential regulation: potential implications of rules for cross-border banking

Since the completion, in 1997, of the negotiation of commitments on international trade in financial services under the GATS, several organisations and commentators have raised questions as to what prudential measures are covered by the Prudential Defence Measure (PDM) of the Annex on Financial Services of the GATS, and as to whether the PDM together with other GATS rules provide adequate scope for the use of capital controls.

Regulation, Industry Reforms

The EU proposal for bank recovery and resolution

The current EU insolvency framework comprises one regulation for general insolvency proceedings and two directives concerning the reorganisation and winding-up of credit institutions and insurance undertakings.

Regulation, Europe

Islamic mortgages, interest free lending and English law

The basic principle of Islamic banking in providing mortgage finance for residential purchase is risk-sharing, which is a unit of trade rather than risk-transfer which is part of the conventional English banking system.

Regulation, Financial Industry

To report or not to report – are Bribery Act prosecutions getting closer?

Previous articles in Financial Regulation International have looked at how the Bribery Act 2010 has developed, interpretations of the guidance made under it and firms’ fears for the first prosecution for the offence of failing to prevent bribery.

Policy, Financial Crime

A new corporate governance code in Russia

In 2002, Russia, the then Securities Commission, adopted a corporate governance code. Now, a new code is being drafted.

Policy, Rest of the World

First lessons from the application of the Bail-In Tool

During the financial crisis an unprecedented amount of bail-outs has been witnessed. Amongst the reasons for these were the well-known ‘too big to fail’ problem and a lack of timely resolution tools.

Regulation, Consultations

International Symposium: Bank Recovery and Resolution in Europe-The EU Bank Recovery and Resolution Directive in context

The international symposium on Bank Recovery and Resolution in Europe -'The EU Bank Recovery and Resolution Directive in Context' took place on 18-19 October 2013 at the University of Tübingen, Germany, under the auspices of Professor Dr Jens Hinrich Binder of the University of Tübingen and Professor Dr Dalvinder Singh of the University of Warwick.

Financial Industry, Europe

Bank’s minimum capital requirements and multiple licensing

The Indonesian central bank, Bank Indonesia, has recently issued two regulations that in the future will change how banks in Indonesia do their businesses.

Financial Industry, Banking

Russian anti-money laundering legislation in electronic payments: A case of regulation catching up with business practices

During its plenary session in June 2013 in Oslo, the Financial Action Task Force approved the Guidance on Risk-Based Approach to Prepaid Cards, Mobile Payments and Internet-based Internet Payment Systemswhich is aimed at assisting jurisdictions in devising necessary risk-based measures towards New Payment Methods.

Financial Crime, Rest of the World

UK authorities move forward on tougher financial crime prevention

Late June and early July 2013 saw some significant reports and consultations in the UK’s drive to become, in the words of Martin Wheatley, Chief Executive of the Financial Conduct Authority (FCA), a hostile place for criminals to profit from their crimes.

Guidance, Financial Crime, Fraud, UK

Cyprus: ‘A bad “haircut” is not easily forgotten’[1]

Cyprus is going through an unprecedented banking crisis. What is more detrimental, however, is the fact that its lasting effect and duration are unknown.

Financial Industry, Europe

Navigating uncharted waters: central banks and financial stability

The extra responsibilities being taken on by central banks are forcing them to deal with far greater ambiguity than before, demanding fresh thinking and new modes of operation.

Financial Industry, Europe