Research & insights

• Staying on top of hot topics: FTT and CRD IV
• Managing intraday liquidity
• Europe and the US lag behind others in Basel III implementation
• The long road to resolution

• Stick to the knitting: systemically important insurers
• Wide deviation in supervising MMFs
• Clouds still hang over the EU financial system

This survey questions 30 global asset managers to see how asset managers are dealing with tax risk.

In the past 18 months a number of countries have either introduced or announced an intention to introduce domestic FTTs at a local country level. And because these taxes will have wide reaching implications for the business models of all financial institutions will fundamentally change the tax landscape.

As tough market conditions diminish the opportunities for short-term trading returns, successful firms will look at how to attract and nurture people with the mindset and ideas to develop lasting relationships, work within tougher risk and compliance demands and create value over the long-term.

• FSA makes way for ‘twin peaks’ model
• Some much-needed clarity provided on AIFMD
• Get ready for CRD IV

This PwC survey offers general guidance on a range of inter-company financial transactions-related transfer pricing issues and helps tax professionals navigate these complex laws in over 40 countries.

• Beyond traditional banking
• Insuring against the low interest rate environment

• Bankers’ bonuses capped under CRD IV
• The progress of financial regulatory reforms
• Preparing liquidity standards under CRR
• ESRB makes recommendations on MMFs
• ESMA recommends EU Code of Conduct for proxy advisor industry

This PwC 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.

• Making good on SSM
• Filling in the gaps: EC propose new anti-money laundering rules
• Protecting client money
• Variation in Risk Weight Assets

• FTT clears first negotiation hurdle
• IOSCO finalises global suitability and disclosure principles for intermediaries
• State of the financial system: On the front foot

• Special edition: Regulating benchmarks- fall-out from the LIBOR and EURIBOR scandal continues

• Special issue: Regulators fine-tune LCR to keep credit flowing

• Fed plans to overhaul the regulation of foreign subsidiaries
• Bank of England and FDIC agree operational strategies for resolving cross-border banks
• ECB gets behind the Recovery and Resolution Directive
• International regulators agree to cooperate on OTC regulations
• The changing world of central banking

• ESRB gets behind LIBOR/EURIBOR reforms
• Update on the Financial Transaction Tax
• Draghi considers how SSM will work

• CRD IV close to completion?
• Harnessing the Legal Entity Identifier

• FSB sees progress on OTC derivatives
• FSB consults on Recovery and Resolution Plans
• FSB outlines progress in implementing G-SIFIs framework

• Short Selling Regulation comes into force
• Unfinished business: global regulatory reform
• Basel III implementation progresses
• CRD’s impact on SME lending
• The dangers of liquidity regulations
• The UK’s new approach to financial regulation

• ESRB issue first risk dashboard
• ESRB calls on banks to repair their balance sheets
• Disclosure requirements in the Islamic capital market
• ESMA consults on short selling exemptions

• Estimating the impact of regulatory reforms
• Regulatory Round-up

PwC's latest point of view outlines the strategic and commercial impacts of MiFID II for asset managers, retail banks and broker dealers as well as the operational and technological impacts.

• EC propose transferring supervisory powers to the ECB
• EC consults on LIBOR reform

• ESRB advises on the use of OTC Derivatives for non-financial firms and Collateral in EMIR
• ESAs consult on calculating capital at the conglomerate level
• FSA prepares UK regime for the Short Selling Directive

• ECON publishes draft report on shadow banking
• IOSCO consults on technology challenges to market surveillance

• FSB starts its peer review on resolution regimes
• Settlement of FX transactions
• ECON seeks input into ‘fixing’ Libor

• Regulators respond to LIBOR rigging
• FINREP delayed
• RRPs for financial market infrastructure providers
• ESAs strengthening cross border supervision of payment institutions

• ESMA issues final guidelines on ETFs and other UCITS issues but consults further on repos
• EC starts the ball rolling on UCITS VI
• Countdown starts on EMIR
• EBA finalises remuneration templates under CRD III
• Basel Committee widens the scope of own credit risk adjustments
• Euroarea lending conditions stabilise

The aim of this paper is to help insurers cut through the detail by looking at the underlying trends that are shaping the latest regulatory developments, the thinking behind them and the implications for their strategy and operations.

• Are you ready Dodd-Frank’s extraterritorial impact on derivatives?
• IAIS finds reinsurance is unlikely to cause systemic risk
• EBA calls for wide regulatory net to cover market finance risks
• CRD III’s procyclical impact

• Solvency II reporting requirements are taking shape
• Setting margin requirements for non-centrally-cleared derivatives
• EBA consults on draft RTS on credit valuation adjustment risk

In a long-anticipated but not eagerly-awaited action, the three federal banking agencies released three notices of proposed rulemaking that will revise regulatory capital rules for US banking organisations. In this A Closer Look, we review and analyse the new regulatory capital rules.

• EC aims to upgrade retail protection through PRIPs, IMD revision and UCITS V
• Basel Committee consults on intraday liquidity indicators
• ESMA publishes final guidelines on MiFID suitability
• ESMA finalises guidelines on the compliance functions under MiFID

• ESMA issue remuneration guidelines for AIFMs
• Basel Committee seeks to improve IT systems at banks
• Basel Committee introduces new disclosure requirements on banks’ capital composition
• International consistency on High Frequency Trading?

• Will the US and EU align Money Market Funds regulation?
• MiFID II/MiFIR and MAD II/MAR progress continues as the Council Presidency passes from Denmark to Cyprus
• ESMA and EBA publish EMIR RTS

• G20 Los Cabos Summit: a little growth and a lot of Eurozone angst

• EC issues recovery and resolution proposals and outlines a European banking union
• Regulating securitisation markets: the challenges
• Are insurers systemically risky?
• Spanish Government obtains help to recapitalise the banking sector
• G20 priorities: what’s next on the financial markets reform agenda?

• FTT battle lines being hardened
• EC officially delays Solvency II
• EC puts focus on consumer agenda
• IOSCO reviews integrity and conflicts management in CRAs

• EBA jumps ahead of EC with recovery plans
• Agreement moves ever closer on the Capital Requirements Directive IV

• FSB encouraging improved risk disclosures
• Views differ on application of the Acquisitions Directive
• ESMA seeking to harmonise transaction reporting across the EU
• ESAs recommend expanding scope of FICOD to unregulated entities

• 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

• 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

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

• 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

• 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

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

• 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

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

• 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.

• 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

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

• 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

• 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

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

• 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.

• 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 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.

• Staying on top of hot topics: FTT and CRD IV
• Managing intraday liquidity
• Europe and the US lag behind others in Basel III implementation
• The long road to resolution

• Stick to the knitting: systemically important insurers
• Wide deviation in supervising MMFs
• Clouds still hang over the EU financial system

This survey questions 30 global asset managers to see how asset managers are dealing with tax risk.

In the past 18 months a number of countries have either introduced or announced an intention to introduce domestic FTTs at a local country level. And because these taxes will have wide reaching implications for the business models of all financial institutions will fundamentally change the tax landscape.

As tough market conditions diminish the opportunities for short-term trading returns, successful firms will look at how to attract and nurture people with the mindset and ideas to develop lasting relationships, work within tougher risk and compliance demands and create value over the long-term.

• FSA makes way for ‘twin peaks’ model
• Some much-needed clarity provided on AIFMD
• Get ready for CRD IV

This PwC survey offers general guidance on a range of inter-company financial transactions-related transfer pricing issues and helps tax professionals navigate these complex laws in over 40 countries.

• Beyond traditional banking
• Insuring against the low interest rate environment

• Bankers’ bonuses capped under CRD IV
• The progress of financial regulatory reforms
• Preparing liquidity standards under CRR
• ESRB makes recommendations on MMFs
• ESMA recommends EU Code of Conduct for proxy advisor industry

This PwC 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.

• Making good on SSM
• Filling in the gaps: EC propose new anti-money laundering rules
• Protecting client money
• Variation in Risk Weight Assets

• FTT clears first negotiation hurdle
• IOSCO finalises global suitability and disclosure principles for intermediaries
• State of the financial system: On the front foot

• Special edition: Regulating benchmarks- fall-out from the LIBOR and EURIBOR scandal continues

• Special issue: Regulators fine-tune LCR to keep credit flowing

• Fed plans to overhaul the regulation of foreign subsidiaries
• Bank of England and FDIC agree operational strategies for resolving cross-border banks
• ECB gets behind the Recovery and Resolution Directive
• International regulators agree to cooperate on OTC regulations
• The changing world of central banking

• ESRB gets behind LIBOR/EURIBOR reforms
• Update on the Financial Transaction Tax
• Draghi considers how SSM will work

• CRD IV close to completion?
• Harnessing the Legal Entity Identifier

• FSB sees progress on OTC derivatives
• FSB consults on Recovery and Resolution Plans
• FSB outlines progress in implementing G-SIFIs framework

• Short Selling Regulation comes into force
• Unfinished business: global regulatory reform
• Basel III implementation progresses
• CRD’s impact on SME lending
• The dangers of liquidity regulations
• The UK’s new approach to financial regulation

• ESRB issue first risk dashboard
• ESRB calls on banks to repair their balance sheets
• Disclosure requirements in the Islamic capital market
• ESMA consults on short selling exemptions

• Estimating the impact of regulatory reforms
• Regulatory Round-up

PwC's latest point of view outlines the strategic and commercial impacts of MiFID II for asset managers, retail banks and broker dealers as well as the operational and technological impacts.

• EC propose transferring supervisory powers to the ECB
• EC consults on LIBOR reform

• ESRB advises on the use of OTC Derivatives for non-financial firms and Collateral in EMIR
• ESAs consult on calculating capital at the conglomerate level
• FSA prepares UK regime for the Short Selling Directive

• ECON publishes draft report on shadow banking
• IOSCO consults on technology challenges to market surveillance

• FSB starts its peer review on resolution regimes
• Settlement of FX transactions
• ECON seeks input into ‘fixing’ Libor

• Regulators respond to LIBOR rigging
• FINREP delayed
• RRPs for financial market infrastructure providers
• ESAs strengthening cross border supervision of payment institutions

• ESMA issues final guidelines on ETFs and other UCITS issues but consults further on repos
• EC starts the ball rolling on UCITS VI
• Countdown starts on EMIR
• EBA finalises remuneration templates under CRD III
• Basel Committee widens the scope of own credit risk adjustments
• Euroarea lending conditions stabilise

The aim of this paper is to help insurers cut through the detail by looking at the underlying trends that are shaping the latest regulatory developments, the thinking behind them and the implications for their strategy and operations.

• Are you ready Dodd-Frank’s extraterritorial impact on derivatives?
• IAIS finds reinsurance is unlikely to cause systemic risk
• EBA calls for wide regulatory net to cover market finance risks
• CRD III’s procyclical impact

• Solvency II reporting requirements are taking shape
• Setting margin requirements for non-centrally-cleared derivatives
• EBA consults on draft RTS on credit valuation adjustment risk

In a long-anticipated but not eagerly-awaited action, the three federal banking agencies released three notices of proposed rulemaking that will revise regulatory capital rules for US banking organisations. In this A Closer Look, we review and analyse the new regulatory capital rules.

• EC aims to upgrade retail protection through PRIPs, IMD revision and UCITS V
• Basel Committee consults on intraday liquidity indicators
• ESMA publishes final guidelines on MiFID suitability
• ESMA finalises guidelines on the compliance functions under MiFID

• ESMA issue remuneration guidelines for AIFMs
• Basel Committee seeks to improve IT systems at banks
• Basel Committee introduces new disclosure requirements on banks’ capital composition
• International consistency on High Frequency Trading?

• Will the US and EU align Money Market Funds regulation?
• MiFID II/MiFIR and MAD II/MAR progress continues as the Council Presidency passes from Denmark to Cyprus
• ESMA and EBA publish EMIR RTS

• G20 Los Cabos Summit: a little growth and a lot of Eurozone angst

• EC issues recovery and resolution proposals and outlines a European banking union
• Regulating securitisation markets: the challenges
• Are insurers systemically risky?
• Spanish Government obtains help to recapitalise the banking sector
• G20 priorities: what’s next on the financial markets reform agenda?

• FTT battle lines being hardened
• EC officially delays Solvency II
• EC puts focus on consumer agenda
• IOSCO reviews integrity and conflicts management in CRAs

• EBA jumps ahead of EC with recovery plans
• Agreement moves ever closer on the Capital Requirements Directive IV

• FSB encouraging improved risk disclosures
• Views differ on application of the Acquisitions Directive
• ESMA seeking to harmonise transaction reporting across the EU
• ESAs recommend expanding scope of FICOD to unregulated entities

• 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

• 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

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

• 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

• 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

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

• 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

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

• 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.

• 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

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

• 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

• 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

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

• 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.

• 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 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.