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.
In mid-December, EU regulators cleared their desks for the
holiday, issuing a raft of technical standards, consultations and
guidelines. They are tying up loose ends on CRD IV, EMIR, AIFMD and
other reforms coming into force this year.
The EU's banking union proposal gained traction as Eurozone
leaders agreed to hand over the prudential supervision of large
banks to the ECB from early 2014. The UK government won a major
voting concession - the EBA's decisions will need to be
supported by majority of Eurozone and non-Eurozone countries. But
the political debate on the UK's long-term role in Europe looks
likely to continue through 2013.
