The Financial Stability Board (FSB) Regional Consultative Group (RCG) for the Americas met in Buenos Aires at a meeting hosted by the Central Bank of Argentina. FSB Chair Randal K. Quarles joined RCG members for the meeting. The group received an update on the FSB’s work programme and the deliverables to the June G20 meetings in Japan. The FSB’s work programme in 2019 is focused on new and emerging vulnerabilities and how they may be addressed; finalising and operationalising post-crisis reforms; evaluating the effects of the reforms; and enhancing the FSB’s transparency and external outreach.
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The European Union outlined its vision for a renewed partnership with Central Asia, updating its strategy on relations with the region first set out in 2007. The new Joint Communication adopted by the European Commission and the High Representative of the Union for Foreign Affairs and Security Policy Federica Mogherini sets out a fresh vision for a stronger partnership with the five countries of Central Asia: Kazakhstan; the Kyrgyz Republic; Tajikistan; Turkmenistan; and Uzbekistan. It comes at a key moment of fast-developing Euro-Asian connectivity, reform and opening up in some of the countries of the region, and new momentum for regional cooperation.
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The European Commission fined Citigroup, Barclays, JPMorgan Chase, Mitsubishi UFJ Financial Group and the Royal Bank of Scotland a combined 1.07 billion euro’s ($1.2 billion), for their roles in foreign exchange trading cartels. Individual traders at the five banks involved formed two cartels, said the European Commision and these traders manipulate the spot foreign exchange market for 11 currencies, including the dollar, the euro and the pound.
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A multi-million-pound support package to deliver thousands of discounted homes was launched by Housing Minister Kit Malthouse MP. Volunteer groups will be able to apply from Monday for between £10,000 and £50,000 to help identify suitable sites for discounted homes, get planning permission for them and to provide other technical support. Further free specialist advice and guidance will also be made available for those who participate in the pilot.
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The European Commission has opened an in-depth investigation to assess the proposed acquisition of Bonnier Broadcasting by Telia Company under the EU Merger Regulation. The Commission is concerned that the merged entity may shut out competitors from the audio-visual sector in Finland and Sweden. Commissioner Margrethe Vestager, in charge of competition policy, said: “The in-depth investigation we are opening today aims to ensure that Telia’s proposed acquisition of Bonnier Broadcasting will not lead to higher prices for or less choice of TV channels for consumers in Finland and Sweden.”
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The Financial Conduct Authority (FCA) has published Decision Notices in respect of three firms (Financial Page Ltd, Henderson Carter Associates Limited and Bank House Investment Management Limited) and five individuals (Andrew Page, Thomas Ward, Aiden Henderson, Robert Ward and Tristan Freer). Andrew Page, Thomas Ward, Aiden Henderson, Robert Ward, Tristan Freer and BHIM have referred their Decision Notices to the Upper Tribunal where the parties will present their respective cases. Any findings in the Decision Notices are therefore provisional and reflect the FCA’s belief as to what occurred and how it considers their behaviour should be characterised.
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European Commission President Jean-Claude Juncker participated in the Informal meeting of EU27 heads of state or government in Sibiu, Romania, where leaders celebrated Europe Day focusing on strategic plans for the Union in the coming years. At the press conference President Juncker said that today EU leaders demonstrated solid unity underlining that “we have achieved a lot together: we agreed on 348 proposals, 90% of them through unanimity; unemployment and deficits are down compared to 2014 and growth is up. Unity matters and this is our way to the future.”
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The Basel Committee on Banking Supervision issued the Sixteenth progress report on adoption of the Basel regulatory framework. As noted by the Group of Central Bank Governors and Heads of Supervision (GHOS), the Committee’s oversight body, its members expect full, timely and consistent implementation of the finalised Basel III reforms by member jurisdictions. The progess report sets out the adoption status of Basel III standards for each Committee member jurisdiction as of end-March 2019. It includes the Basel III post-crisis reforms published by the Committee in December 2017 and the finalised market risk framework published in January 2019. These reforms will take effect from 1 January 2022.
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The Financial Stability Board (FSB) Regional Consultative Group (RCG) for the Middle East and North Africa (MENA) met in Istanbul. Members of the FSB RCG MENA received an update on the FSB’s work programme and deliverables to the June G20 meetings next month in Japan. The FSB’s work programme in 2019 is focused on new and emerging vulnerabilities, including potential financial stability issues arising from market fragmentation and FinTech, and how they may be addressed; finalising and operationalising post-crisis reforms; evaluating the effects of the reforms on, for example, financing to small and medium-sized enterprises;correspondent banking; and reinforcing outreach to stakeholders.
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The Financial Conduct Authority (FCA) has published proposals for changes to its mortgage sales requirements which will help to give consumers more choice in how they buy a mortgage. The proposals are one part of a package of remedies from the Mortgages Market Study, published earlier this year, which aims to encourage innovation and make it easier for customers to find the right mortgage.
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