regulation News

China Seeks Help from UK on Its Plans to Create Financial Super-Regulator

China has asked Britain for advice on plans to create a financial super-regulator, as it looks to improve financial oversight following last year’s stock market crash, sources with knowledge of the talks told Reuters. The discussions between representatives from China …

UK Firms ‘Can’t Afford to Ignore’ Cyber Risks, One of Top Business Threats: PwC

UK companies and institutions remain vulnerable to cyber attacks despite the fact that many CEOs now rank cyber as one of the top threats to their businesses, warns PwC’s Cyber Security practice. Almost three-quarters (74%) of chief executive officers in …

EU’s Shadow Banking Rules Arrive, Intending to Prevent Credit Crunch Rerun

A European Union regulation intended to prevent a rerun of the global credit crunch by shining a light on financing arrangements such as repurchase agreements, securities lending and margin loans comes into force on Tuesday. The EU’s Securities Financing Transactions Regulation …

Head of UK Financial Watchdog Resigns; Government Refuses to Extend Contract

The head of Britain’s financial watchdog is stepping down early in a move some industry watchers said was a sign the government wants to take a less confrontational stance towards banks. Sources familiar with the matter said Martin Wheatley, viewed …

UK Insurers to Stress Test Capital Reserves Against Synchronized Terrorist Attack

UK regulators have asked property and casualty insurers to stress test their capital reserves against catastrophes, including a synchronized terrorist attack in London, New York and one other major city. The Prudential Regulation Authority (PRA) published the exercises last week …

Bank of England to Rule on Risk Models as Insurers Prepare for Solvency II

The Bank of England will issue its verdict in December on the models insurance companies use to quantify risk and determine capital requirements as the industry prepares for the new European Union rules known as Solvency II. “I consider it vital …

Global Insurance Regulators Postpone Tougher Capital Standards

Global insurance regulators will take more time than previously planned to address industry concerns before applying tougher capital rules to some of the largest companies they oversee. Capital rules for global insurers, known as the Insurance Capital Standard, or ICS, will be pushed back …

Execs Worry More About Tech Costs Than Regulation, Cyber Attacks: Willis

Rising costs for information technology infrastructure pose greater concerns for financial services firms than regulation or cyber attacks, a survey showed on Monday. IT costs came second only to macroeconomic concerns such as the impact of quantitative easing, according to …

Bermuda Monetary Authority Appoints Lespere as Chief Operations Officer

The Bermuda Monetary Authority has appointed Shanna Lespere as its chief operations officer (COO). In her new position, effective immediately, Lespere will oversee the authority’s operational functions – communications, document management, enterprise risk management, facilities, finance and currency, human resources, …

A.M. Best: China’s Solvency Rules Will Alter Reinsurance Buying Decisions

China’s new solvency regime will encourage direct insurers to revise their reinsurance programs, or panel of insurers, in order to better manage their solvency requirement arising from reinsurance credit risk, according to a new briefing published by A.M. Best. Titled “China’s …