ESMA has advised that, until further notice, the information required on prospectus will only be available at the relevant National Competent Authority (a list of Competent Authorities together with a hyperlink to their webpage giving either direct access to the prospectus list or to the prospectus electronic files is available via the second link below).

Michel Barnier has appointed the members of this group, which is set to examine structural aspects of the EU's banking sector. Erkki Liikanen, currently Governor of the Bank of Finland and a former member of the EC, will chair the group. Among its other members is Carol Sergeant, chair of the HMT steering group tasked with devising a suite of simple financial products. The group is set to present its final report toe the EC by the end of summer 2012. Its mandate will be to determine whether, in addition to ongoing regulatory reforms, structural reforms of EU banks would strengthen financial stability and improve efficiency and consumer protection, and if that is the case it will make proposals as appropriate.

The report sets out some suggested amendments to the proposal in a “side by side” comparison of text.

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)

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.

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 the Federal Republic of Germany pursuant to a convention and protocol made between the UK and the Federal Republic of Germany. It will have effect in relation to periods of account ending on or after 1 January 2011. (Date in force: 14/03/12)

The order brings into effect a Convention and Protocol made between the UK and the Federal Republic of Germany for the Avoidance of Double Charging of Bank Levies (“the Convention”). The Convention scheduled to the Order aims to eliminate double taxation where a bank is chargeable to the bank levy and also the equivalent levy in the Federal Republic of Germany. It does this by allocating the primacy of taxing rights that each country has under its domestic law over the same bank or by providing relief from double taxation. (Date in force: 14/03/12)

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.