Financial Services Authority October 27, 2011 The Financial Services Authority has published a new web page on the implementation of Basel III by way of CRD IV. The web page provides information on the objectives for CRD and CRR IV, discusses its place in the Single European Rule Book for financial services, and the timescales for implementation for the proposed legislation.

Financial Stability Board October 27, 2011 At the Seoul 2010 summit, G20 leaders called on the FSB, IMF and BIS to carry out further research on macroprudential policy. This report sets out the progress in implementing macroprudential policy framework in three main areas: (i) advances in identifying and monitoring systemic financial risk, (ii) designating and calibrating instruments for macroprudential purposes and (iii) building institutional and governance arrangements in the domestic and regional context. The overall conclusion of the report is that effective macroprudential frameworks

Financial Stability Board October 27, 2011 The Financial Stability Board has published a report on Shadow Banking: Strengthening Oversight and Regulation, following a request for recommendations by the G20 Leaders at the 2010 Seoul Summit. The report sets out the overall approach being taken to strengthen oversight and regulation of shadow banking, and sets out proposals to (i) intensify monitoring and (ii) enhance regulation. The case for further regulatory action will be considered in five workstreams, including ones focused on securitsations, money market funds and securities lending and

Financial Services Authority October 28, 2011 In light of its review of applications by firms to change proportionality tiers, the FSA has proposed to amend its guidance to allow banks and building societies with capital resources between pound;50 and pound;100 million to benefit from tier 3 treatment. Comments on the suggested change to the guidance should be sent to the FSA no later than 28 November 2011.

Financial Services Authority October 25, 2011 The FSA has fined Credit Suisse UK pound;5.95 million for systems and controls failings in relation to sales by its private bank of structured capital at risk products (" SCARPs"). Concerns were identified by the FSA during a supervisory visit to the firm, which subsequently led to the FSA commencing its enforcement investigation. The FSA found that Credit Suisse UK had poor systems and controls in place and failed to maintain adequate records regarding its advice on these products. These failings amounted to a breach of Principle 3 (FSA Handbook