Publications

This PwC report examines some of the key issues and benefits of using special purpose vehicles in lieu of the latest regulatory factors and changing market dynamics.

This is the second paper in a series dedicated to Islamic finance. It offers a primer for people not familiar with Islamic finance and banking products. It examines the risks associated with those products and with Islamic banking as a whole. It also looks at the future of risk management in this sector and the forces shaping it.

Written by, Mohammed Amin, Samih Geha, Mohammad Khan and Sridharan Nair and sponsored by Mohammed Faiz Azmi (Global Islamic Finance Leader), this paper is the first in a series of PwC publications aimed at briefing mainstream financial services companies about opportunities in Islamic finance and looks at the key features of takaful, market potential, retakaful, general and life takaful opportunities and the challenges for takaful operators.

Many asset management firms are currently sizing up the opportunities and this paper aims to help them deepen their knowledge of the sector, understand current developments and navigate through the main challenges of creating a Shariah-compliant fund range.

• Triggering recovery and resolution plans
• Deal close on Capital Requirements Directive IV
• Fundamental changes to trading capital rules

• Further restructuring by European banks appears inevitable
• IMF finds central banks are not optimal macroprudential regulators
• ESMA reviews market abuse sanctions across Europe
• IOSCO outlines principles for CIS liquidity risk management
• G20 finance ministers and central bank governors meet ahead of June summit

• IOSCO publish principles for financial market infrastructures
• FSB progress on shadow banking

• Identifying ‘risk takers’ in banks proving problematic
• Tweaking the Anti-Money Laundering Directive
• OECD sets out principles for good regulation
• Basel Committee positive about progress on stress testing

These PwC papers discuss ways of aligning business and talent management strategy as it relates new employees entering the workplace – the generation known as millennials. These publications look at how their unique characteristics demand an innovative approach to recruitment, retention, management and development.

• ESRB pushes for flexibility on CRD capital rules
• EBA issues first RTS on own funds
• If you introduce bail-in debt, will creditors bail-out?
• Raising capital

• ESMA issues first report card on CRAs
• EC release working paper on retail bank accounts
• Regulating the proxy advisory industry
• Joint Committee of ESAs publish medium term strategy

This financial services sector analysis of PwC's 2011 Global Economic Crime Survey examines the current fraud landscape, taking a close look at who is committing economic crime, what new types of fraud are emerging and how they can be addressed.

• EC consults on shadow banking
• IOSCO outlines principles on regulating ETFs
• US credit rating agencies approved under new EU regulatory regime

This PwC reference guide helps you manage your financial services transfer pricing issues.

• EC propose reform to harmonising security settlements and regulate CSDs
• EBA and ESAs discuss capital and collateral requirements under EMIR
• FSB update on LEI progress.

• IOSCO outlines requirements for mandatory clearing
• ESMA stakeholder group response to MiFID consultations

• ESMA consults on AIFMD key concepts
• IOSCO outlines disclosure principles for asset-backed securities
• IOSCO consults on suitability requirements for complex financial products

Environmental, social and governance (ESG) issues in the private equity industry are increasingly in the spotlight. But many PE houses are struggling with how to demonstrate the value of their ESG activity.

A theme to emerge from our survey of the Private Equity industry is the difference in attitude and approach between the US-headquartered PE houses and those in Europe

• Trilogue reaches agreement on EMIR
• ESMA starts preparing for ‘Level 2’ text
• EIOPA outlines plans to create a ‘harmonised’ EU pension industry
• ESMA outlines delegated acts on short selling
• EBA’s supervisory reporting regime takes a step forward
• Joint Forum reports on intra-group support measures
• IOSCO outline principles for the valuation of CIS
• European Parliament publishes study on venture capital

This publication provides perspectives on recent trends ― and future developments — in the M&A market, including analysis of the latest transactions and insights into emerging investment opportunities.

• FATCA takes shape
• EBA: recapitalisation plans on track?
• FSB reviews deposit insurance systems

Financial services leaders in the CEO Survey assess the impact of talent constraints on their growth plans and how to overcome them.

• ESMA outlines guidelines for UCITS ETF
• Barnier considers further reforms on remuneration
• Third countries pursue equivalence assessments under Solvency II
• Implementing complex reforms: lessons learnt from the CCD
• EC publishes proposed changes to data protection rules

The Project Blue framework considers the rise and interconnectivity of emerging markets and state-directed approaches to economic development. It also examines the impact of new technology, demographics, changing customer behaviour and mounting pressure on the world’s most critical natural resources.

• EMIR moves forward, Restructuring European banks, ESMA publishes technical standards on short selling of CDSs, EIOPA publishes 2012 work programme

PwC's Banking Banana Skins 2012 ranks bankers views on current risks facing the banking industry. The top three risks ranked are macro-economic risk, credit risk, and liquidity risk.

• Can the ESAs deliver?
• ESRB issues recommendations on US dollar funding and macroprudential regulation
• IOSCO outline principles on Collective Investment Scheme and OTC data collection

• EC probe structural policy in banking
• Regulatory flux continues
• Liquidity Coverage Ratio
• ESMA publishes annual report on CRA regulation

• Making crisis management regimes workable
• Institutional models of macroprudential supervision
• EBA and ESMA set out ambitious agendas for 2012

Hourglass issue 24: putting HR at the centre of your people strategy. We look at the current hot issues in human resources.

Black swans turn grey is a thought provoking paper looking at how the landscape of risk is changing from a past environment where boards believed their organisations could manage and control risks to the present where established risk approaches and thinking are being repeatedly outpaced.

• ECON holds MiFID II/MiFIR public hearing
• ESMA releases three guidelines on MiFID
• European Parliament releases CRD IV draft report
• EC releases Gender Directive guidelines
• CRAs face enhanced supervisory oversight
• ESRB update on risks facing the European financial system

View insights from approximately 3,000 banking customers in nine different markets to understand customers' needs, attitudes and behaviours to digital media.

This new PwC publication looks at how banks are now dealing with the tough new business and regulatory demands that have been enacted as a result of the recent global financial crisis.

• Improving SMEs’ access to finance
• EIOPA highlights consumer protection issues
• FSA reports on the failure of RBS

This PwC report examines some of the key issues and benefits of using special purpose vehicles in lieu of the latest regulatory factors and changing market dynamics.

• Capital, capital, capital
• Assessing the effectiveness of internal audit functions
• EBA consults on technical amendments to CRD III

• Breaking free from the eurozone’s liquidity trap
• Preparing contingency plans on the eurozone crisis
• EC publishes work 2012 programme
• Italy and Poland taken to court over CRD III implementation
• ECB release standards for using CCP

• ESMA publishes detailed rules on possible AIFMD implementing measures
• BIS report calls for further access to CCPs
• Role of macroprudential supervision and central banks remains uncertain

• ECB executive member calls for EU-resolution authority and smaller banking system
• Materiality in financial reporting
• EIOPA releases guidelines on complaints-handling

• The European Insurance and Occupational Pensions Authority (EIOPA) is consulting on draft proposals on qualitative and quantitative reporting under Solvency II, following an intensive period of informal consultation and discussions with relevant stakeholders for the past two years.

• With bank stocks sliding, Italian borrowing costs spiking to unprecedented levels and the IMF suggesting that we could face a lost decade of economic activity, the Cannes G20 summit failed to live up to its billing.

This PwC explains why many developed market financial services groups are looking to emerging markets for growth and ever-stronger emerging market-based firms are seeking to strengthen their global footprint.

• G20 summit agenda dominated by Greece
• European Parliament calls for global retail ring-fence and Tobin tax
• FSB outlines principles for residential mortgage underwriting
• Getting to grips with macroprudential supervision and ‘shadow banking’

• European banks’ Pillar 3 disclosures improve but remuneration disclosures still need work
• Assessing the impact of MiFID II on fixed income
• Basel III implementation advances

• EC publish final MiFID II proposals
• EU lawmakers agree permanent ban on naked short selling of CDS
• Accessing the impact of extra capital buffers on G-SIBs
• EC issues guidance on payment services

• EC propose recapitalisation plans
• G20 – Handicapping the Cannes Leaders’ Summit
• Assessing the cumulative impact of European regulations
• FSB consults on a common data template for systemically important institutions

• EC outline detailed financial transaction tax proposals
• European governments step-up their efforts to address sovereign debt concerns
• Regulators to get tough on internal governance
• ESMA call for great transparency and product intervention powers
• BIS highlights concerns on high-frequency trading in FX markets

• Preparing for FX supervision
• CRAs face tough reporting requirements
• EFAMA publishes blueprint for a European consolidated tape
• MA seeks to apply common sense to automated trading
• EIOPA’s insurance and reinsurance stakeholder group 2nd meeting

• Industry highlight concerns on the implementation of AIFMD
• IMF expose 200 billion euro hole in banks’ capital base
• Regulating commodity derivatives
• UK government to sue ECB over planned restrictions on clearing houses

• Banks play down liquidity crisis in the eurozone
• Exchange traded funds and systemic risk
• MiFID II leaked proposals: end to vertical exchange silos?
• ICB report recommends structural change in UK banking

• Large Swiss banks face tough capital requirements
• FSB examines Shadow Banking
• ECON presses for greater flexibility in mortgage contracts
• Financial transaction tax to fund EC?

• Designing data reporting requirements for OTC derivatives
• ESMA consults on AIFMD third country issues
• Lagarde calls for urgent recapitalisation of European banks

• Short-selling ban promotes debate
• Enhancing supervisors’ liability
• Bermuda, Japan and Switzerland meet equivalence criteria under Solvency II but more work required

• IMF criticises CRD IV proposals
• The case for counter-cyclical haircuts
• Administrative requirements of a financial transaction tax
• OECD release principles on financial consumer protection
• Money Laundering and capturing financial institutions

• Ignore cyber security at your peril
• Short-selling ban
• UK introduces template for recovery and resolution plans
• Germany and France push for a financial transaction tax
• The unintended consequences from Basel III and Solvency II

PwC provides perspectives on the recent trends affecting M&A activity within the global stock exchange sector, focusing on potential future developments within the emerging markets.

• EBA consults on remuneration
• IMF report justifies need for a global financial safety net
• European Parliament Committee reviews State aid for banks
• Barriers to competition in the EU mortgage market

• More than 8,200 European banks will need to hold more and better capital to resist future shocks, as part of a package of long-awaited proposals known as Capital Requirement Directive IV (CRD IV) outlined by the European Commission’s (EC) on 20 July 2011.

• Financial services must reduce dependency on credit ratings
• ESMA outlines its policy thinking on AIFMD
• Solvency II impacts fixed incomes investment strategies
• Are financial institutions willing to accept more intensive regulation?

• Slowing down high frequency trading
• Insurance Supervisors propose a global regulatory framework
• European Security Markets Authority (ESMA) takes action to protect retail investors

• UCITS IV comes into force
• Basel III reforms and global systemically important banks
• Quantifying the impact of CRD IV
• Financial Stability Board (FSB) puts deposit insurance back on the agenda
• International Monetary Fund (IMF) proposes risk based money laundering assessment
• European Banking Authority (EBA) Chairman delivers speech on the future of financial regulation

• EBA defends its stress test
• EU Council proposes to delay the implementation of Solvency II until 2014
• Competition in the European banking system
• EP publishes draft legislation on EMIR

• EC: Position limits are needed in commodity markets
• FIA and ISDA publish documentation for cleared swaps
• EC propose a new regime for venture capital funds in Europe
• Geithner and Barnier spar on regulatory arbitrage concerns
• Central bank and financial stability governance

• Progress on G20 derivative reforms
• Separating banking and insurance systemic risk
• European Parliament calls for more competition for Credit Rating Agencies
• Omnibus II: the Solvency II timetable in jeopardy?
• Governance of Financial Stability in the eurozone: More power to European Authorities?
• CRD IV: Basel Committee finalises rules for counterparty credit risk and final text rules

• ECB airs its views on OTC derivative rules under Dodd-Frank
• ETFs: wolves in sheep’s clothing or regulators crying wolf?
• Systemic Risk: will macro and microprudential policy be the silver bullet?
• Towards a European mortgage market?
• The long journey towards a cross-border insurance resolution regime

• Transparency, stability and international co-ordination: Maijoor speaks out on ESMA regulatory objectives
• MiFID delayed but it’s only a matter of time
• EMIR: Delay in adoption could jeopardise G20 commitment
• Defining capital in Basel III: Hybrid 'silent participations'
• Resolution and Recovery: ESBC responses to EC recovery and resolution framework
• Sovereign debt management, monetary policy and Greece
• Reshuffle but not kerfuffle: The departure of key regulatory personnel should not interrupt the regulatory reform agenda in Europe

• European approach to Basel III implementation: Getting stressed over EBA stress tests and Basel III
• European regulation of markets and trading: dark liquidity, Newcits: EFAMA argues Newcits are just UCITS
• Market Transparency: UK reinforcing support for transparency in European financial markets
• ESMA publishes final guidelines on Credit Rating Agencies

PwC's comparative study of anti-money laundering and "know your customer" requirements across 60 countries, along with analyses of local regulatory and cultural issues, and links to useful information such as Financial Action Task Force (FATF) reports.

PwC’s sixth annual Asian Financial Services M&A survey and report explores the growing potential for deal activity in the region, including analysis of recent transactions and economic trends, and insights into emerging investment opportunities.

What is the rationale behind the trends and key individual deals in the renewable energy sector? Why is energy efficiency increasingly important and what are some of the critical issues for companies engaging in deal activity within the sector?

The financial crisis has highlighted what the European Commission has described as the ‘absence of a healthy risk management culture at all levels of certain financial institutions’.

PwC’s latest MiFID II (Markets in Financial Instruments Directive) insight provides an overview of the key proposals and information on the legislative process identifying how firms can make sure their views are heard.

This book outlines actions banks should be taking in response to Basel III, and examines the related reforms and parallel developments in accounting rules, taxation, strategy, supervision and the economy.

PwC’s latest MiFID II (Markets in Financial Instruments Directive) insight provides an overview of the key proposals and information on the legislative process identifying how firms can make sure their views are heard.

This report, prepared by PwC on behalf of The Climate Group, looks at how adopting institutions are fulfilling their commitments to the Climate Principles.

This report presents the overarching themes of the M&A scene within Asia's financial services sector and also reveals how these players are evolving in a post-crisis world and comments on their own growth trajectory and acquisition plans.

As Islamic finance moves into the mainstream, a key challenge is identifying a suitably relevant and intelligible accounting framework that is comparable with conventional finance without tainting compliance with Shariah.

This survey, which includes responses from 76 financial institutions based in 16 European countries, provides a snapshot of the progress firms have made in establishing their compliance functions.

The slowdown in cross-border and growth-oriented M&A seen since the end of 2007 looks likely to continue during the second half of 2009. Nonetheless, we feel that a restructuring-led wave of deal activity will gather momentum across the European financial services landscape as we move into 2010.

Drawing on the practical insights and recent experience of cost management professionals from PricewaterhouseCoopers, this flyer outlines where and how finance teams can play a stronger role in enabling organisations to emerge leaner and more competitive from the crisis.

This survey has been conducted for PwC by The Economist Intelligence Unit (EIU) as part of the development of our overall report, which examines the impact of the credit crisis on M&A activity in the financial services sector over the past 12 months.

The credit crunch has changed the world of financial services. Our Point of View report examines the points you should consider when planning how to adapt to the challenges of the future.

This second edition of the PwC Guide 'Doing Business in the DIFC' has been compiled to provide the reader with a more up-to-date understanding of the DIFC, the types of financial activities that can be undertaken from the centre and the recent changes in laws and regulations.

This is the second paper in a series dedicated to Islamic finance. It offers a primer for people not familiar with Islamic finance and banking products. It examines the risks associated with those products and with Islamic banking as a whole. It also looks at the future of risk management in this sector and the forces shaping it.

Written by, Mohammed Amin, Samih Geha, Mohammad Khan and Sridharan Nair and sponsored by Mohammed Faiz Azmi (Global Islamic Finance Leader), this paper is the first in a series of PwC publications aimed at briefing mainstream financial services companies about opportunities in Islamic finance and looks at the key features of takaful, market potential, retakaful, general and life takaful opportunities and the challenges for takaful operators.

Many asset management firms are currently sizing up the opportunities and this paper aims to help them deepen their knowledge of the sector, understand current developments and navigate through the main challenges of creating a Shariah-compliant fund range.

Many companies must prepare financial statements in accordance with International Financial Reporting Standards. As transparency and comparability advance through IFRS, is your company ready?

Companies must follow constantly updated standards by the International Accounting Standards Board (IASB). How can your industry best interpret and implement them?

This point of view examines how leading financial services organisations are gearing their talent strategies to the unprecedented market conditions and changing realities facing the sector.

This paper examines the opportunities opening up in Indian financial services and how prospective entrants can move into the market.