FSB policy recommendations to strengthen oversight and regulation of shadow banking

The Financial Stability Board has published policy recommendations to strengthen oversight and regulation of shadow banking entitles and address risks in securities lending and repos. The recommendations are set out in two documents, available here (pdf) and here (pdf). An overview of the recommendations is available here (pdf) and the FSB's press release is available here (pdf).

UK: Scotland: Law Commission proposes new legislative framework for judicial factors

The Scottish Law Commission published its report on judicial factors yesterday: see here. A new legislative framework is proposed, set out in the draft Judicial Factors (Scotland) Bill included in the report. The report discusses, amongst other things, the property over which a judicial factor may be appointed. In this regard it is noted that a number of consultees queried whether it was competent to appoint a judicial factor to the estate of a company. The Commission's view is that it is competent to do so and it states that this may be done under section 996 of the Companies Act 2006 as well as at common law under the nobile officium of the Court of Session (see paras. 3.47 to 3.50). The Commission also supports its position with reference to section 1154 of the 2006 Act, which requires notice to be given to the Registrar of Companies of certain appointments including, in Scotland, a judicial factor.

New Zealand: Financial Markets Conduct Bill receives third reading

The Financial Markets Conduct Bill received its third reading in Parliament yesterday. A draft of the third reading debate is available here. Royal assent is now required for the Bill to become law. The new Act will replace several Acts, including the Securities Act 1978, with the aim of reforming the regulation of financial conduct. It contains rules covering the way financial products are offered, promoted, issued and sold, and the continuing responsibilities of those who offer, issue, manage, supervise, deal in and trade them. An overview of the Bill's provisions is available here. Draft Regulations will be published in the autumn.

UK: FCA consults on proposed changes to the Listing Rules

The Financial Conduct Authority has published a consultation paper setting out consequential changes to the Listing Rules resulting from the Large and Medium-sized Companies and Groups (Accounts and Reports) (Amendment) Regulations 2013 and Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013: see here (pdf).

India: RBI discussion paper on banking structure

The Reserve Bank of India has published a discussion paper on the structure of banking in India: see here or here (pdf). The paper identifies various policy objectives and reform proposals including enhancing competition increasing financial inclusion.