Being better informed: financial regulatory, accounting and audit bulletin: April 2013

The start of April brought the demise of the Financial Services Authority, to be replaced by the Prudential Regulation Authority and the Financial Conduct Authority. See this month’s feature article for more information on the UK’s new macroprudential regulator, the Financial Policy Committee. Other interesting developments in the last month include:

  • The European Insurance and Occupational Pensions Authority published four consultations that set out interim measures ahead of the implementation of Solvency II
  • The UK Budget 2013 was announced, with a number of financial services implications
  • The European Securities and Markets Authority published its second annual report on credit rating agencies – with a message that further improvements are needed
  • Further movement and clarity on the Alternative Investment Fund Managers Directive – both from a European and UK perspective
  • The first compliance requirements for the European Markets Infrastructure Regulation commenced on 15 March
  • The European Commission published some frequently asked questions (FAQs) on the new Capital Requirements Directive IV. In particular the FAQs set out a clear guide for implementation deadlines.

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