Being better informed: financial regulatory, accounting and audit bulletin: May 2013
We are now into the second quarter of 2013, and the pace of new regulatory developments and publications continues relentlessly. In April the Basel Committee published a progress report on how countries are getting on with implementing Basel II and Basel III. The report is positive, noting many countries have either implemented Basel III or are taking steps to implement Basel III in the near future (e.g. CRD IV in Europe). In other developments:
- The Financial Stability Board published a progress report in April, looking at how countries are getting on with reforming the global derivatives market.
- The International Organisation of Securities Commissions published a consultation looking at how retail structured products are regulated.
- Money market funds (MMFs) were a focus of the European Securities and Markets Authority (ESMA) in April when it published its peer review, which focuses on how Member States have implemented guidelines on MMFs and how they supervise MMFs.
- In April ESMA also published its final draft regulatory technical standards on determining types of AIFM.
- Now that the new UK’s new regulators are active, the Financial Conduct Authority and Prudential Regulation Authority decided it was time to let us know how much they will cost us in 2013/14. The outcome is a proposed 15% higher funding requirement than 2012/13. Time will tell whether this is money well spent or not.
- Finally, the Parliamentary Commission on Banking Standards published its report into HBOS’ failure, calling it an accident waiting to happen.
This month’s feature article focuses on the new conduct agenda at the Financial Conduct Authority.