Financial Regulation

U.K. Regulator Assistance Driven by Libor, FX Probes

August 15, 2014

  The U.K. Financial Conduct Authority received more than 1,000 requests for help from agencies around the world in 2013, with about one in four coming from the U.S., a study from London-based law firm RPC LLP found based on data obtained through Freedom of Information Act disclosure. Total requests were up about

Americans Give Up Passports as Rules Start

August 8, 2014

BY DYLAN GRIFFITHS The number of Americans renouncing U.S. citizenship stayed near an all-time high in the first half of the year before rules that make it harder to hide assets from tax authorities came into force. Some 1,577 people gave up their nationality at U.S. embassies in the six months through June,

Lloyds Reaches $383M Libor Deal With Regulators

August 4, 2014

Lloyds Banking Group Plc’s $383 million fine for manipulating benchmark interest rates is the fifth-biggest of the seven firms that have reached settlements with U.S. and U.K. regulators. UBS AG paid the most at $1.5 billion, while Barclays Plc, the first to settle, paid $451 million and Royal Bank of Scotland Group Plc

GAO’s ‘Too Big to Fail’ Is Too Hard to Solve

August 1, 2014

A long-awaited government report on advantages for U.S. banks considered “too big to fail” won’t settle the debate. A study by the Government Accountability Office released yesterday was effectively a split decision, giving both sides fodder for their views. The watchdog found that the largest banks enjoyed a market subsidy during the 2008 financial

FINANCIAL REGULATION – Asia-Pacific Region Special

August 1, 2014

Welcome to the inaugural Asia-Pacific-focused special edition of Bloomberg Brief: Financial Regulation. As regulation remains especially complex in Asia, with its many countries in varying stages of economic development, we aim to provide coverage of how the region is handling its unique regulatory challenges. This issue focuses on topics including how banks in Asia

Banks Face Accounting-Rule Change to Stop Fire Sales

July 25, 2014

Banks face an overhaul of international rules for measuring losses on loans, derivatives and other assets as regulators seek to prevent a recurrence of the fire sales seen in the last financial crisis. The International Accounting Standards Board published revised standards for lenders and other companies July 24 with a January 2018 deadline for

AIFMD Special Report 2014

July 21, 2014

Welcome to Bloomberg Brief’s special edition on the Alternative Investment Fund Managers Directive, or AIFMD, which takes effect on July 22. In the aftermath of the 2008 crisis, alternative investment products were singled out for their lack of transparency and liquidity as well as for the fact that they were registered in offshore markets with little or no

SEC Says 44 Funds Involved in House Probe

July 21, 2014

An insider-trading probe involving the U.S. House Ways and Means Committee and a top staff member also includes dozens of hedge funds, investment advisers and other firms, the U.S. Securities and Exchange Commission said in a court filing. In arguing against the House’s motion to dismiss the case or send it to

ECB to Limit Stress-Test Inputs as Review Deadline Nears

July 11, 2014

The European Central Bank plans to limit the amount of data it carries over from its asset review into a subsequent stress test as it tries to manage the burden from an unprecedented health check of euro-area lenders. Instead of entering all loan values obtained in the Asset Quality Review that ends

Europe Banks Under U.S. Scrutiny as BNP Pays Fine

July 3, 2014

A U.S. crackdown on financial institutions for alleged sanctions-busting threatens to penalize more European banks after France’s BNP Paribas was fined a record $8.97 billion for dealing with blacklisted countries. French banks Credit Agricole and Societe Generale, Commerzbank of Germany, and UniCredit, Italy’s largest lender, are among other financial institutions being investigated by U.S.