Executive summary
Welcome to this edition of "Being better
informed", our monthly FS regulatory, accounting and audit
bulletin, which aims to keep you up to speed with significant
developments and their implications across all the financial
services sectors.
The Liikanen Report published in early
October was rather overshadowed by discussions on the EU's
banking union proposals. But the EC is likely to adopt many, if not
all, of the expert group's recommendations and these will bring
significant structural changes to the EU banking landscape.
Consequently, EU banks need to consider the long-term operational
and strategic impacts sooner rather than later.
The EP's delay of its Omnibus II vote
until March 2013 further validated many insurers' concerns
about the viability of the 1 January 2014 Solvency II
implementation date. The EC has yet to confirm another Solvency II
deferral, but the market and regulators are already considering 1
January 2015, or even 2016,
