In brief:
FSA begins consultation for Mifid implementation FSA releases policy statement and feedback to capital standards under the CRD State of financial integration in the EU reviewed
FSA begins consultation for Mifid implementation
The FSA has opened CP06/04, ‘Implementing Mifid for firms and markets’ for the Markets in Financial Instruments Directive (Mifid). The consultation covers potential changes with regards to passporting, the appointment of tied agents, regulatory enforcement, principles, prudential requirements, regulated markets and multilateral trading facilities and transparency and transaction reporting.
The FSA has no plans to defer the implementation dates, leaving very little time between the final publication of the feedback and the transposition of Mifid into law in January 2007. From then, Mifid rules and guidance will take effect in November next year.
The consultation will be open until October 31. Click here to see the consultation paper in full.
FSA releases policy statement and feedback to capital standards under the CRD
The feedback to CP06/03, ‘Strengthening Capital Standards’, and the corresponding policy statement, has been published by the Financial Services Authority (FSA) in the UK. The statement provides an update to material involving the Committee of European Banking Supervisors (CEBS), the handbook and international implementation issues under the Capital Requirements Directive (CRD).
The policy statement also clarifies the status of individual guidance after January 1 2007, when the Accord will be fully implemented in the UK. The FSA plans to finalise the new handbook rules and guidance by October 2006.
Click here to see the policy statement.
State of financial integration in the EU reviewed
The third Financial Integration Monitor has been published by the European Commission (EC) today. The monitor focuses on the EU financial sector and its external dimension, the insurance and pension fund sector and the investment fund sector.
Click here for a copy of the report.
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