Being better informed
Over 8,000 banks and investment firms across the EU are bracing themselves for the introduction of sweeping prudential reforms in less than six months after the recast Capital Requirements Directive (CRD IV) and the Capital Requirements Regulation were published in the Official Journal. CRD IV and the CRR will apply from 1 January 2014. In other news:.
- The European Banking Authority published ideas around good practice around how banks should treat any of their borrowers that are in mortgage payment difficulties.
- The FCA published a policy statement banning the distribution of unregulated collective investment schemes to retail investors. This is the FCA’s first widespread use of its new product intervention powers and signifies its new approach to dealing with conduct in the retail market.
- The Presidency of the EU Council changed from Ireland to Lithuania on 1 July. The Lithuanian Presidency will be responsible for driving forward all EU regulatory developments over the next six months.
The Parliamentary Commission on Banking Standards published their long awaited report on banker conduct. See our feature article for more information on the changes suggested compared with the powers already available to regulators.