On March 19, the European Securities and Markets Authority (ESMA) published a list of the responses it received to its November 2013 consultation on draft guidelines for complaints handling in the securities and banking sectors. The list includes responses from the following bodies:
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Association for Financial Markets in Europe;
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British Bankers' Association;
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European Banking Federation;
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European Fund and Asset Management Association.
ESMA and the European Banking Authority (EBA), who carried out the consultation jointly with ESMA, intend to publish a final report and guidelines in the first quarter of 2014. Competent authorities will be expected to incorporate the guidelines into their supervisory practices as appropriate. ESMA List of Responses.
On March 20, ESMA published an updated version of its questions and answers document (Q&A) on the implementation of EMIR (the Regulation on over-the-counter (OTC) derivatives, central counterparties (CCPs) and trade repositories (TRs)) (Regulation 648/2012). The updated Q&A includes a table of questions on pages 6 and 7, setting out which questions have been updated as of March 20, 2014, and to which article(s) in EMIR the updated questions relate. They include:\Intragroup transactions;
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Notional amounts;
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Risk mitigation techniques for OTC derivative contracts not cleared by a CCP;
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Reporting of outstanding positions following the entry into force of EMIR (backloading); and
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Various issues relating to TR reporting requirements. ESMA Q&A.
The Financial Conduct Authority (FCA) and the Bank of England, including the Prudential Regulation Authority (PRA), have agreed on a Memorandum of Understanding (MoU) that sets out how they cooperate with one another in relation to the supervision of markets and market infrastructure, which includes financial markets infrastructures (FMIs). The FCA and the Bank concluded that the MoU's arrangements for cooperation over the first 11 months of the authorities' new responsibilities have worked well. The FCA and the Bank continue to refine their cooperative working arrangements and welcome the industry's suggestions for some areas of consideration. Memorandum of Understanding.
The Financial Conduct Authority (FCA) has fined Besso Limited, an independent management owned general insurance broker in the Lloyd's Broking group, £315,000 for a failure to take reasonable care to establish and maintain effective systems and controls for countering the risks of bribery and corruption. Press Release.
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