TSC has published the uncorrected evidence of the hearing which took place on 14 March 2012 attended by Adair Turner and Martin Wheatley of FSA. In addition to MMR, topics include: regulation vs innovation and the recent enforcement action against HBOS.

The purpose of this document is to promote common supervisory approaches and practices in the application of the guidelines on a common definition of European money market funds developed by CESR by providing responses to questions posed by the general public and competent authorities. Originally published in August 2011, it has now been revised to include new questions. (22/02/12)

This consultation sets out proposed principles relating to customer protections, including suitability and disclosure obligations with regard to the distribution by intermediaries of complex financial products to retail and non-retail customers. It is noted that the report was prompted by concerns regarding the assessment of customer suitability in relation to the distribution of complex financial products arising out of and in connection with recent market turmoil. It also supports the call by the G20 for action to review business conduct rules As part of its work in developing this report, IOSCO surveyed members on current regulatory frameworks with respect to conduct of business rules and required disclosures to customers regarding the distribution of complex financial products and industry associations were also surveyed on their practices. A summary of the outcome of these surveys, including lessons learned from the financial crisis and the relevant actions undertaken by members, is included as an appendix. Responses are required by 21 May 2012.

This SI provides a mechanism for relieving double taxation in respect of the bank levy imposed by Schedule 19 to the Finance Act 2011 (c.11) (“Schedule 19”) and an equivalent foreign levy imposed by the law of a foreign territory where the reciprocity condition in paragraph 67(7) of Schedule 19 has been met. It will have effect in relation to periods of account ending on or after 1 January 2011. (Date in force: 14/03/12)

The Presidency of the Council of the European Union has published a marked-up compromise proposal on the proposed directive on residential mortgages ahead of a Working Party meeting on 23 February 2012.

BIS has published a document of instructions for Basel III implementation monitoring, together with an FAQ document.

The Council has adopted a regulation on short selling and certain aspects of CDS which introduces common EU transparency requirements and harmonises the powers that regulators may use in exceptional situations where there is a serious threat to financial stability.

The Finansinspektionen investigation into HFT and its effect on the Swedish equity market has concluded that high frequency trading has a ‘limited effect’ on market liquidity. However many of the firms surveyed worry that a "large portion of high frequency trading was being used to manipulate the market". Watchdog has said that Europe wide supervision should be implemented through MiFID II.

IOSCO has published this consultation which contains principles designed to provide guidance to securities regulators who are developing or reviewing their regulatory regimes for ongoing disclosure for asset-backed securities. These principles recommend disclosures for those securities that are primarily serviced by the cash flows of a discrete pool of receivables or other financial assets - either fixed or revolving - that by their terms convert into cash within a finite period of time. These principles would not apply to securities backed by asset pools that are actively managed, such as securities issued by investment companies or collateralized debt obligations, or that contain assets that do not by their terms convert to cash. Responses are required by Monday 21 May 2012.

In the light of EMIR, this discussion paper considers draft regulatory technical standards and implementing technical standards which ESMA is required to develop. ESMA intends to prepare draft technical standards to be included in the consultation paper which is expected to be published in the summer of 2012. It is also noted that EBA, EIOPA and ESMA are also expected to issue in the coming weeks a joint discussion paper on regulatory technical standards they are required to jointly draft. This joint discussion paper will cover risk mitigation techniques for OTC derivatives that are not cleared by a CCP, notably on capital requirements and exchange of collateral to cover the exposures arising fromthose transactions and on operational processes for the exchange of collateral, minimum transfer amount and intragroup exemptions and that EBA is also expected to issue in the coming weeks a discussion paper on draft regulatory technical standards on capital requirements for CCPs.