Regulatory radar - issue 37 (July - August 2011)
Newsletter on banking and financial regulation
In July and August, a variety of publications have been issued in the area of consumer/investor protection. On an international level the OECD published its draft high-level principles on financial consumer protection. The Principles cover topics such as the incorporation of financial consumer protection in the legal and regulatory framework, disclosure and transparency requirements, financial Education and Awareness and responsible business conduct of financial services providers and their authorized agents.
The European Commission published its Recommendation on access to a basic payment account. The Recommendation sets out the fundamental principles that should be put in place at national level to guarantee access to suitable payment services.
On a national level, the FSMA moratorium on particular complex financial instruments was followed by the launch of a consultation on a new regulation on the distribution of structured products to retail investors.
In July the results of the EU wide stress tests were published together with recommendations for follow up actions. The European Commission also published the final texts of the new proposal on capital requirements. The proposal contains two parts: a directive governing the access to deposit-taking activities and a regulation governing how activities of credit institutions and investment firms are carried out. The proposal is accompanied by an impact assessment which demonstrates that this reform will significantly reduce the probability of a systemic banking crisis.
In addition, other interesting publications have been issued on topics such as the effective resolution of systemically important financial institutions, the AIFMD, UCITS Exchange Traded Funds and Structured UCITS, taxation of insurance products and VAT treatment of financial and insurance activities.
We hope you enjoy the reading.