FS regulatory, accounting and audit bulletin - 3rd edition 2013

Being better informed

We saw political agreement on the Capital Requirements Directive (CRD) IV move closer, with an agreement to cap bonuses at 1:1 or 2:1 of base pay. Other top stories for this edition include:

  • The Basel Committee published a consultation on margin requirements for uncleared trades. The final rules here will result in a significant increase in margin requirements for firms.
  • Six regulatory technical standards for the European Market Infrastructure Regulation (EMIR) were published in the Official Journal. These now set in stone some of the key compliance dates that firms will need to meet under EMIR.
  • The European Systemic Risk Board set out its plans for reforming European money market funds. We expect to see a proposal from the European Commission in the next few months.
  • The Chartered Institute of Internal Auditors published a consultation to improve the role of internal audit in financial services firms.

This month’s feature article examines the impact the single supervisory mechanism may have on European banking regulation.

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