Overview

This updater from Norton Rose covers the following international developments:

Banking:
 CEBS publishes its revised guidelines on stress testing

Capital adequacy:
 Basel Committee proposal to ensure the loss absorbency of regulatory capital at the point of non-viability
 Discussion Paper 10/4: The prudential regime for trading activities - A fundamental review

Collective investment schemes:
 IMA review of absolute return sector

FSA Handbook:
 Handbook Release 104

Insurance:
 Commission urges insurance companies to participate in the Solvency II Quantitative Impact Study
 Solvency II milestone - CEIOPS publishes spreadsheet to support the QIS5 exercise
 QIS5 - Questions and Answers

Regulation & compliance:
 Responses - Consultation on transaction reporting on OTC derivatives and extension of the scope of the transaction reporting obligations
 Enforcement Annual Performance Account 2009/10
 BBA response to EC consultation paper on Transparency Directive
 Analysis of certain core areas of the European Commission’s proposals for European Financial Supervision which are capable of giving rise to significant legal uncertainty
 FSA enforcement
 Luxembourg update
 Italy - Consob consultation on proposed amendments to the Regulations on Issuers and Regulations on post-trading
 Netherlands update - Amendments to DNB supervision
 Consultation on amendments to the public offer rules
 Consultation on the implementation of UCITS IV
 Bill implementing Directive 2009/44/EG
 AFM Consultation Guideline on Risk Management for collective investment schemes
 AFM Feedback Statement on Standard Risk Profiles
 Recommendations investment policy pension funds
 AFM on tip-off-money

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