Being Better Informed - January 2013

In December regulators moved closer to implementing several key supervisory, asset management, OTC derivatives and other post-crisis reforms. Top stories include:

  • EU single supervisory mechanism (SSM) approved. EU legislators agreed foundation SSM terms, under which the supervision of Eurozone banks will transfer from national supervisors to the European Central Bank in 2014.
  • EU legislators moved forward (some) 2013 implementation work. Rule makers tied up loose ends to bring new asset management and derivatives trading rules into force in 2013. However, they failed to reach agreement on terms for the Capital Requirements Directive IV and did not address expected delays to Solvency II.
  • Financial Services Bill 2012 received Royal Assent. Completion confirms the 1 April 2013 launch date for the new UK regulatory regime.

Stay on top of what’s coming this year by reading our Feature article which previews the regulatory reforms that will shape 2013.

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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