In this issue:

- Regulatory Capital

- Financial Services

- Recovery & Resolution

- Financial Market Infrastructure

- Consumer Protection

- People

- Excerpt from Regulatory Capital: Incorrect Validation Rules in ITS on Supervisory Reporting:

On 16 April 2014, the European Banking Authority (“EBA”) announced that certain validation rules included in its Implementing Technical Standards (“ITon supervisory reporting were incorrect. The EBA published a list of the incorrvalidation rules and requested that data submitted under the ITS should not be validated against those rules. An updated list of incorrect rules will be publishebefore 30 June 2014 which is the remittance date for Q1 2014 data. The issue came to the EBA’s attention following tests based on real data from reporting firms as well as answers submitted via the EBA’s Q&A tool.

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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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