The minutes of a meeting held on 18 October 2012 have been published. Among other matters, it is suggested that “on Omnibus II: in a best case scenario the adoption will be in autumn 2013.”

FSA has published this study in its series of “occasional reports” (which, it is emphasised, expresses the views of the authors rather than FSA). It considers whether high-frequency trading increases the execution costs of institutional investors. It concludes that there is no evidence that increases in HFT activity impacted institutional execution costs.

In this bulletin dated December 2012, MoJ highlights that In April 2013 the ban of referral fees will be implemented by the Legal Aid, Sentencing and Punishment of Offenders Act 2012 which will make it a regulatory offence to pay or receive referral fees in personal injury cases and also notes the recent ICO case which imposed penalties on inpiduals responsible for distributing illegal text messages relating to PI and PPI claims. There is also an update on the August 2012 consultation with regard to proposals for amendments to the Conduct of Authorised Persons Rule, details of which are to be published “shortly”.

This document sets out the Presidency’s operational programme on all topics. With regard to financial services, it notes that priority will be given to reaching agreement on the banking union and on MiFID/MiFIR. Other items highlighted include the Mortgage Credit Directive.

The minutes of a meeting held on 18 October 2012 have been published. Among other matters, it is suggested that “on Omnibus II: in a best case scenario the adoption will be in autumn 2013.”

The EC has published the text of a letter to EIOPA which advises that an agreement has been reached on the ToR for the technical assessment of the long-term guarantees package and which asks EIOPA to carry out the assessment and advise the EC of its findings by 14 June 2013 in order that the EC can draft the final report by 12 July 2013. .

FSA has confirmed the proposed transfer of the engagements of the Century Building Society to the Scottish Building Society and published its written decision on the matter.

The complainant submitted four requests to FOS, with regard to its handling of complaints received concerning the Royal Bank of Scotland’s Virgin One account. FOS refused to answer requests 1 and 2 on the basis of s12 FOIA, it explained that it did not hold any information falling within the scope of request 3, and although it held one document falling within the scope of request 4, it considered this to be exempt from disclosure on the basis of s41(1) FOIA. The Commissioner was satisfied that FOS was entitled to rely on s12 and 41(1) to refuse these requests and it was noted that the Commissioner was satisfied that on the balance of probabilities that FOS does not hold any information that could be used to fulfil requests 1 and 2 within the cost limit, does not hold any information falling within the scope of request 3 and does not hold any information falling within the scope of request 4 other than the document that has been withheld on the basis of s41(1). FOS was not required to take any steps as a result of this decision.

It has been announced that Alex Chisholm has been appointed CEO of CMA, effective from 25 March 2013. Since October 2007 he has been commissioner at the Commission for Communications Regulation (ComReg) Ireland, and chairperson of the Commission since February 2010. Since April 2011, he has also served as chair of the Economic Regulators Network in Ireland

In this draft report, which presents proposed amendments in a marked-up text, Pervenche Berès, the rapporteur, proposes amendments to the regulation, arguing that its scope should be extended to all retail products. She also discusses the potential for links with other regulations.