Banking And Capital Markets Insight
Mondaq Business Briefing › United Kingdom Law Articles in English (2010)
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Banking And Capital Markets Insight
Welcome to the February 2010 edition of Banking and Capital Markets Insight, which focuses on technical issues currently coming out of the banking, capital markets, securities and fund management arenas. Our focus for this edition is on the significant, and now much more imminent, proposals for regulatory change in respect of banks and investment firms, and the equally significant developments in the treatment of bank payroll taxes and the code of practice for bank taxation.
Our five pieces cover the following areas: Clifford Smout on the Bank of England discussion paper issued at the end of 2009 on "The role of macroprudential policy" which considers the tools which policy makers have available to avoid procyclicality and the "too big to fail" concerns around a number of institutions, such as moving to an expected loss model for provisioning and capital surcharges for size and interconnectedness; Eric Wooding on the FSA's proposed changes to the large exposures rules for investment firms, which will on the one hand remove Limited Licence and Limited Activity firms from the LE regime, but which proposes the introduction of a much more restrictive treatment of large exposures for Full Scope firms from 1 January 2011; Debbie Masterton on the basics of the Bank Payroll Tax, introduced by HMRC in December 2009, which employees it applies to, how it is calculated, and which specific elements of relevant remuneration it captures; Mike Williams on the current issues arising for investment firms from the FSA reports and discussion papers on client money and the basis for calculation of the ICAAP, and the challenges that they pose at board as well as operational levels; and Tim Sharp/Mark Kennedy on the revised Code of Practice on Taxation for Banks, which was issued in December 2009 and amends the basis on which banks should approach HMRC to discuss individual transactions, and emphasises the need for "reasonable belief" that remuneration packages are not...See the full content of this document
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