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Europe


REGULATORY/LEGAL

States say draft EU rules could undermine market benchmarks
By Reuters
04/14/2014 3:24:54 PM ET

BRUSSELS (Reuters)—Draft European Union law to regulate financial instruments could undermine major market benchmarks such as Brent crude unless the same rules apply to non-EU countries, Britain and four other EU nations warned. The European Commission, the EU executive, published a draft proposal last year on rules to prevent the rigging of financial benchmarks.
Bank of England shake-up may trigger rate-setter changes
By Reuters
03/17/2014 4:48:03 PM ET

LONDON (Reuters)—Governor Mark Carney's first big shake-up of the Bank of England could set off changes on its interest rate-setting committee, with markets chief Paul Fisher at risk of losing out. Carney, who took over last year, had already been planning changes to the upper echelons when the central bank was drawn into a scandal over alleged manipulation of currency markets.
EU lawmakers and member states agree bonus curbs for fund managers
By Reuters
02/25/2014 2:12:42 PM ET

BRUSSELS (Reuters)—EU lawmakers and member states agreed on Tuesday [Feb. 25] to curbs for fund managers' pay similar to new rules for bankers, including a three-year deferral of 40 percent of bonuses.
UK could see criminal probe in FX row
By Reuters
02/07/2014 10:59:50 AM ET

LONDON (Reuters)—Britain can be expected shortly to begin criminal investigations into the alleged rigging of currency markets if comments by its chief market regulator this week are taken at face value, an industry umbrella group said on Friday [Feb. 7].
Former head of Britain's SFO accused of running chaotic agency
By Reuters
02/06/2014 5:13:33 PM ET

LONDON (Reuters)—Richard Alderman, the former head of Britain's leading fraud prosecution authority, oversaw a chaotic agency that was unable to keep records and documents in order, a London court heard on Thursday [Feb. 6].
DOJ probes finance firms' dealings with Libya
By Reuters
02/03/2014 12:21:20 PM ET

WASHINGTON (Reuters)—The U.S. Department of Justice is investigating banks, private equity firms and hedge funds that may have violated anti-bribery laws in their dealings with Libya's government-run investment fund, The Wall Street Journal reported, citing people familiar with the matter.
German Fin Min worried about hedge-fund risks in EU bank plans
By Reuters
01/30/2014 10:40:29 AM ET

BERLIN (Reuters)—German Finance Minister Wolfgang Schaeuble said on Thursday [Jan. 30] he was worried that European Commission proposals on isolating hedge fund risks do not go far enough.
UK fraud prosecutor seeks extra
By Reuters
01/30/2014 9:43:34 AM ET

LONDON (Reuters)—Britain's leading fraud prosecutor needs an extra £19 million ($31.45 million) by the end of March to help to pay for complex investigations, including a high-profile benchmark fixing inquiry, and a huge damages suit.
Europe treads softly in challenging big banks' power
By Reuters
01/27/2014 12:27:31 PM ET

BRUSSELS/LONDON (Reuters)—Europe will consider how to challenge the dominance of its big banks this week, but any new rules to isolate risky trading will take years to begin and there will be no attempt to split off market betting from deposit taking. In a blueprint expected on Wednesday [Jan.
EU bank trading plan stops short of U.S. Volcker rule
By Reuters
01/06/2014 1:16:20 PM ET

LONDON (Reuters)—Banks in the European Union face limits on taking market bets with their own money under a draft EU proposal that represents a central plank of attempts to prevent a repeat of the financial crisis of 2007 to 2009. Policymakers want to rein in excessive trading risks in the EU banking sector, whose assets total some €43 trillion ($59 trillion), that could threaten depositors if trades go wrong and potentially put taxpayers on the hook in a rescue.
Report: EU would accept watered-down transaction tax
By Reuters
12/30/2013 2:37:55 PM ET

BERLIN (Reuters)—The European Union's Taxation Commissioner has said he is prepared to accept a more limited tax on financial transactions, following concerns from some countries that the scope of the original proposal was too wide. "We would support a compromise with a more limited remit.
Banks pay for past sins as U.S., Europe levy record fines
By Reuters
12/24/2013 11:07:46 AM ET

LONDON (Reuters)—U.S. and European regulators fined banks record amounts this year, imposing penalties and settlements of more than $43 billion as authorities work more closely across borders to clean up the financial sector.
U.S. permits some foreign swaps rules, EU still unhappy
By Reuters
12/23/2013 12:23:13 PM ET

WASHINGTON (Reuters)—The United States granted foreign banks a reprieve from some of its new rules for risky derivatives, putting itself on a collision course with overseas regulators who want more reliance on home-country rules. The U.
U.S. spat looms with foreign regulators over swap rules
By Reuters
12/20/2013 12:18:45 PM ET

WASHINGTON (Reuters)—The United States is on a collision course with regulators abroad as it plans to force foreign banks to comply with a host of new rules for risky derivatives, two sources close to the European Union said on Friday [Dec. 20].
EU approves plan to put market riggers behind bars
By Reuters
12/20/2013 12:12:51 PM ET

LONDON (Reuters)—Traders in the European Union caught rigging market benchmarks like LIBOR, oil or currencies could be jailed for four years under a deal agreed on Friday [Dec. 20].
CFTC set to declare overseas swaps rules inadequate: report
By Reuters
12/17/2013 1:30:29 PM ET

WASHINGTON (Reuters)—The Commodities Futures Trading Commission (CFTC) is set to force overseas financial firms to comply with its set of rules governing swaps, saying that the multiple rules developed by overseas regulators were not strict enough, the Wall Street Journal reported, citing an official familiar with the process. The U.
Banks will have to beef up capital buffers for fund investments
By Reuters
12/13/2013 11:05:36 AM ET

LONDON (Reuters)—Banks will have to hold more capital to cover investments in some "shadow banks," such as hedge funds and private equity, from January 2017, global regulators said on Friday [Dec. 13].
Eleven EU states to consider narrower transaction tax
By Reuters
12/11/2013 11:50:49 AM ET

LONDON (Reuters)—The 11 European Union countries that have pledged to tax financial transactions will consider excluding several key markets from the levy's scope, an EU document showed. Austria, Belgium, Estonia, France, Germany, Greece, Italy, Portugal, Slovakia, Slovenia and Spain meet on Thursday [Dec.
EU executive cautious on shadow banking controls
By Reuters
12/10/2013 2:08:32 PM ET

LONDON (Reuters)—The European Union's executive has ruled out hasty curbs on "shadow banking," or simplistic trading restrictions on mainstream lenders, in case it ends up crimping finance for the economy. Testimony to Britain's parliament from Patrick Pearson, a senior official at the bloc's European Commission, signaled the latest softening in tone among regulators, fearful of unintended consequences of new rules for the flow of credit to companies.
Britain to close hedge fund tax loopholes
By Reuters
12/05/2013 2:25:44 PM ET

LONDON (Reuters) The British government said it plans to close tax loopholes used by hedge fund managers as it seeks to show it is forcing the rich to share the burden of tough austerity measures. As part of the government's Autumn Statement, minister of finance George Osborne confirmed he would impose rules flagged in May to clamp down on the abuse of partnership structures.






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