The Liikanen Report published in early October had to complete with discussions on the European Union banking union proposals. But many, if not all, of the expert group’s recommendations are likely to introduce significant structural changes to EU banking.
The European Parliament’s delay of its Omnibus II vote until March 2013 further validated many insurers’ concerns about the viability of the 1 January 2014 Solvency II implementation date.
October also saw the launch of the European Union consultation on extending recovery and resolution plan requirements to non-bank entities including financial market infrastructure providers, globally systemically important insurers and asset managers.
In the UK, the Bank of England published Prudential Regulatory Authority approach documents, along with the Financial Services Authority’s Journey to the Financial Conduct Authority – all of which are summarised in this month’s Feature. The FSA also published its final Mortgage Market Review based rules, concluding its review into the UK mortgage market.
Regulatory uncertainty remains a challenge for firms that want to get on with operationalising and completing these reforms, so they can focus again on customers’ needs and investors’ demands for a return to profitability.
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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