Latest articles from Justin Pugsley

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US inter-agency co-operation deepens to provide fintech guidance to banks

US supervisors at federal and state level are looking to work closer together to provide greater clarity to the banking community on fintech issues and the adoption of new innovative technologies. 

SFC breaks up market misconduct syndicate

Members of a syndicate suspected of market misconduct and fraud were arrested on April 22 by the Commercial Crime Bureau at the behest of The Hong Kong Securities and Futures Commission (SFC). 

UK, US and Australian banks see declining loan-loss provisions, with NPLs to rise

Stronger economic recoveries is resulting in falling loan-loss provisions by UK, US and Australian banks, said Moody’s investors service, though non-performing loans (NPLs) are likely to rise as government support measures end.

Private equity firms helped stabilise financial system during last crisis

Research has shown that private equity (PE) investors not only helped failing banks recover well by buying into them after the 2007–2009 global financial crisis (GFC), but also contributed to financial stability, according to a paper published by the Federal Deposit Insurance Corporation (FDIC) on April 22. 

Nuclear and gas left out of first delegated act of EU green taxonomy

The decision on whether to include natural gas and nuclear as sustainable or transitionary in the EU green taxonomy has been delayed as the European Commission published its delegated act on April 21. 

FCA consults on new prudential regime for investment funds

The Financial Conduct Authority (FCA) is consulting on changes to the UK Investment Firm Prudential Regime (IFPR) for investment firms subject to the Markets in Financial Instruments Directive (MiFID) II and aims to create a single, proportionate regime that reflects firms’ size and business. 

PRA proposes 'strong and simple' regulatory framework for smaller lenders

A proposal for a ‘strong and simple’ regulatory framework for the UK’s smaller non-systemic and domestically-focused lenders has been put forward by the Prudential Regulatory Authority (PRA), potentially marking a significant departure with the EU’s approach. 

UK regulators looking to make ‘quick fixes’ to MiFID II

The UK authorities are pushing on in earnest with reforms to the UK’s financial regulatory framework with one of the latest missives involving some ‘quick fixes’ to the markets in financial instruments directive (MiFID) II as proposed by the Financial Conduct Authority (FCA).

ESMA securitisation reporting update raises questions for investors

The European Securities and Markets Authority (ESMA) said on April 26 that it had reached the last stage in assessing applications from Securitisation Repositories (SRs) under the Securitisation Regulation (SECR) with market participants wondering whether the UK will follow suit.

ESMA calls for more effort to improve EMIR and SFTR data quality

Despite progress on data quality related to the European Markets Infrastructure Regulation (EMIR) and Securities Financing Transactions Regulation (SFTR), national competent authorities (NCAs) need to make further improvements.