Being Better Informed - February 2013

In January we saw regulatory bodies across the globe publish their key priorities for 2013 and beyond. However, given the ongoing delays to the Capital Requirements Directive (CRD) IV and Markets in Financial Instruments Directive (MiFID) II we may see delays in seeing these priorities reach fruition. Top stories for January include:

  • The European Banking Authority (EBA) published recommendations to help major banks complete their recovery plans. The EBA also expects all major cross-border EU banks to have present group recovery plans by the end of 2013.
  • The Basel Committee reached agreement on the liquidity coverage ratio (LCR). The LCR is a short-term liquidity measure that considers a 30-day period of liquidity stress. The changes are proposed in light of the ongoing fragility of the global economy.  
  • The European Commission announced the financial transactions tax (FTT) will be taken forward under the enhanced cooperation procedure. This allows only some Member States to proceed with the legislative proposals for FTT without all Member States being impacted. Those Member States that will be part of the FTT include Germany and France. 

This month’s feature article examines the importance of culture and conduct, and how this is measurable.

The way to read the document is to review the Table of Contents (page 2), click the relevant Sector section to identify the news of interest and then to directly go to the topic/article of interest by clicking in the active links within the Sector's table of contents. 

The key to managing the continuous regulatory and accounting developments is understanding your requirements and assessing how this will affect you in the Channel Islands. Your PwC Channel Islands local contacts would be delighted to discuss how these developments could affect you.

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