Consultation on reforming the structure of the EU banking sector. Open to Banks/Corporate Customers and Retail Customers.

The European Commission High-level Expert Group is launching a consultation on reforming the structure of the EU banking sector.

The Group was set up in February 2012 and has the mandate to consider in depth whether there is a need for structural reforms of the EU banking sector or not and to make any relevant proposals as appropriate, with the objective of establishing a safe, stable and efficient banking system serving the needs of citizens, the EU economy and the internal market.

The group poses questions to three different categories of person including

· Banks.

· Corporate customers.

· Retail customers.

If you would like to review and respond to the consultation please visit the following URL; http://ec.europa.eu/internal_market/consultations/2012/banking_sector_en.htm.

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CRD 4 – indicative date for European Parliament plenary session

An indicative date for the European Parliament plenary sitting to consider the proposed Capital Requirements Regulation and fourth Capital Requirements Directive (CRD 4) has been set for 3 July 2012.

Copies of the European Parliament Legislative Observatory procedure file for the Regulation and the Directive are available.

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EU Commission’s Application Report on Third Money Laundering Directive

The European Commission have recently released their report on the application of the revised FAT^F Standards on the Third Money Laundering Directive.

http://ec.europa.eu/internal_market/company/docs/financial-crime/20120411_report_en.pdf”

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EBA consultation on assessing the suitability of managers of a credit institution

The European Banking Authority (EBA) has published a consultation paper on draft Guidelines for assessing the suitability of members of the management body and key function holders of a credit institution. The proposed Guidelines set out the process, criteria and minimum requirements for assessing the suitability of such persons. Once implemented, the Guidelines will help to ensure the quality of the assessments made. Responses are requested by 18 July and the EBA will hold a public hearing on this issue on 1 June 2012.

http://www.eba.europa.eu/News–Communications/Year/2012/Consultation-on-draft-guidelines-on-the-assessment.aspx

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Experienced Investor Fund Regulations 2012

The Government of Gibraltar has published the Financial Services (Experienced Investor Fund) Regulations, 2012. These introduce various improvements to the original 2005 Regulations, including the opportunity for large funds to use reputable and substantial administrators based in jurisdictions of equivalent standing to Gibraltar.

The new Regulations will also allow funds to redomicile to Gibraltar yet continue to use their existing reputable administrator, representing a significant advantage for funds moving to the EU with, inter alia, the advent of the Alternative Investment Funds Managers Directive, due to be implemented by July 2013.

The new Regulations enable Experienced Investor Funds to choose to file for registration ten days before the scheme is established, with automatic registration at the end of that period if no objection is received from the regulator. This provides greater choice, certainty and flexibility for prospective new funds.

The definition of Experienced Investor has also been expanded to include those considered to be professional investors in Gibraltar’s other investment legislation, the Financial Services (Markets in Financial Instruments) Act.

The new Regulations also provide further disclosures which are required in the offering documentation to help investors to make an informed decision prior to investing.

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Markets in Financial Instruments Directive II & Market Abuse Directive Legislative Proposals

The European Parliament has indicated that it will consider the

· Markets in Financial Instruments Directive (MiFID II) legislative proposals in its plenary session on 22 October 2012.

· Market Abuse Directive (MAD II) legislative proposals in its plenary session on 22 October 2012.

Parliament will also consider the legislative proposals for the Markets in Financial Instruments Regulation (MIFIR) and the legislative proposals for the Market Abuse Regulation (MAR) at the same time.

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EU legislative initiatives – indicative dates for European Parliament plenary sessions

The European Parliament Legislative Observatory has published indicative dates for European Parliament plenary sittings to consider EU legislative initiatives, including:

· the proposed legislative package reviewing the Markets in Financial Instruments Directive comprising the Directive (MiFID 2) and the Regulation (MiFIR) – 22 October 2012;

· the proposed market abuse legislative package comprising the Directive (MAD 2) and Regulation (MAR) – 22 October 2012; and

· the proposed Omnibus II Directive which proposes amendments to the Prospectus Directive (2003/71/EC) and the Solvency II Directive (2009/138/EC) – 10 September 2012.

Copies of the European Parliament Legislative Observatory procedure files regarding MiFID 2; MiFIR; MAD 2; MAR; and Omnibus II Directive are available.

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Commission Initiatives for the remainder of 2012

The European Commission has published an updated table containing estimated dates for the issue of a number of legislative initiatives for the period from 23 February to 31 December 2012 including:

• Regulation on Central Securities Depositories, due 7 March 2012;
• legislative initiative on a framework for Bank Recovery and Resolution, due May 2012; and
• Securities Law Directive, due Q4, 2012.

A copy of the table is available.

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Proposed changes to 3MLD

The EU Committee on the Prevention of Money Laundering and Terrorist Financing met on 8/9 February. Revision of the 3rd EU Money Laundering Directive was discussed, following the Commission’s review of the Directive and anticipating the new FATF standards published later in the month. The Commission will publish an Application Report in March. This will include areas where changes to the Directive are being considered.

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Council adopts SEPA Migration Regulation

The Council of the European Union has adopted the “Regulation establishing technical requirements for credit transfers and direct debits in euros and amending Regulation (EC) No 924/2009” (also known as the Single European Payments Area (SEPA) Migration Regulation

A copy of the press release is available.

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