Financial Regulatory Update - August 2012

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This newsletter highlights some of the key financial regulatory reform measures affecting the UK and EU during the period from 1 May to 31 July 2012.

Banking Regulation -

Announcement of proposal for Banking Union in the EU -

The European Commission has announced the proposal for Banking Union in the EU. The idea of Banking Union is a political one and the concept may ultimately encompass a variety of legal instruments designed to achieve closer EU integration of banking.

Measures which are likely to be considered further at EU level as part of Banking Union include: an integrated system for the supervision of cross-border banks, a bank supervisory role for the European Central Bank, a single deposit guarantee scheme, an EU resolution fund and a common regulator for EU cross border banks.

The Commission is working to produce proposals in these areas by early September. Meanwhile, the British government has indicated that Britain will not be part of any common deposit guarantees or under the jurisdiction of any single European financial supervisor.

Please see full newsletter below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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