Financial Regulatory Developments (FReD) - April 5, 2013

Headlines

• Tax transparent fund Regulations laid before Parliament
• Treasury consults on payments regulator
• FSA fines Prudential for failure to deal in an open way with the regulator
• FCA publishes guidelines on banking authorisation process
• ISDA publishes LIBOR discontinuation amendment letter

EUROPEAN UNION AND INTERNATIONAL

European Commission (Commission)

Commission reports on OTC derivatives treatment: The Commission has reported to the European Parliament and the Council of the EU on the international treatment of central banks and public entities managing public debt with regard to OTC derivatives transactions. The report analyses the treatment of central banks and debt management offices within the legal frameworks of a significant number of non-EU countries. The report envisages exempting certain non-EU countries' central banks and public debt management offices from the scope of the Regulation on OTC derivatives, central counterparties and