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  • Proposed Amendments To The 2003 ISDA Credit Derivatives Definitions – Implementation Timing Proposal And List Of Key Changes

    Date 16/07/2013

    This note has been prepared by a working group under ISDA’s Credit Steering Committee to provide guidance on proposed timing for implementation ofa revised version of ISDA’s Credit Derivatives Definitions and a high level description of key areas where the working group anticipates proposing changes to those Definitions. This note does not constitute legal advice to any interested person from ISDA or the Credit Steering Committee. Further, neither ISDA nor the Credit Steering Committee undertake any duty of care, nor shall they otherwise be liable, to any interested person.

  • UK's Financial Conduct Authority Fines Swinton Group Limited £7.38 Million For Mis-Selling Monthly Add-On Insurance Policies

    Date 16/07/2013

    The Financial Conduct Authority (FCA) has fined Swinton Group Limited (Swinton), one of the largest insurance retailers on the high street, £7,380,400 for mis-selling. The FCA found that Swinton’s aggressive sales strategy meant that it failed to treat customers fairly in its telephone sales of monthly add-on insurance policies.

  • European Commission: Capital Requirements - CRD IV/CRR – Frequently Asked Questions

    Date 16/07/2013

    1. CONTEXT

    Why was a revision of the Capital Requirements Directive necessary?

    The package adopted by Council and Parliament and published in the Official Journal on 27 June 2013 builds on the lessons learnt from the recent crisis that has shown that losses in the financial sector can be extremely large when a downturn is preceded by a period of excessive credit growth. The financial crisis revealed vulnerabilities in the regulation and supervision of the banking system at European and global level. Institutions entered the crisis with capital of insufficient quantity and quality and, in order to safeguard financial stability, governments had to provide unprecedented support to the banking sector in many countries (i).

    The overarching goal of the new rules is to strengthen the resilience of the EU banking sector so it would be better placed to absorb economic shocks while ensuring that banks continue to finance economic activity and growth.

  • SGX: “Born To Trade” Builds On Rich Legacy Of Futures Trading In Singapore

    Date 16/07/2013

    Singapore Exchange (SGX) launches its “Born to Trade” initiative to support the futures trading profession and expand its community. Tapping on the 30-year rich and extraordinary legacy of derivatives trading in Singapore, the initiative also brings to the forefront the contributions of former and current traders towards the development of the Singapore derivatives market.

  • Ex-Mortgage Advisor Sentenced To Two Years After UK’s Financial Conduct Authority Action

    Date 16/07/2013

    On Friday 12 July, at Maidstone Crown Court, following criminal action brought by the Financial Conduct Authority (FCA), Michael Joseph James Lewis was sentenced to two years in prison on two counts of making/supplying documentation for use in fraud and ten counts of carrying on a mortgage advisory business despite being prohibited from doing so.

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