Overview

This weekly update from Denton Wilde Sapte covers the following topics:

• Commission consults on derivatives and market infrastructures - The Commission has published a further consultation on derivatives and market infrastructures, which is the forerunner of formal legislative proposals the Commission plans for September 2010
• Commission consults on short selling - The Commission is consulting on its plans for a proposal addressing the risks of short selling and Credit Default Swaps (CDS). The purpose of the measures would be to make sure Member States can act to reduce risks that arise from short selling and CDS and facilitate co-ordination between Member States and ESMA
• EP makes derivatives resolution - The European Parliament has made a resolution setting out its views on derivatives
• Treasury confirms more BoE powers and the end of FSA - George Osborne, speaking at the Lord Mayor's Dinner at the Mansion House, confirmed his view that regulation had failed spectacularly. He said the UK should honour all G20 commitments and demand high transparency from banks
• Treasury announces detail of regulatory change - Mark Hoban, Financial Secretary, made a statement to the House of Commons on 17 June following the Chancellor’s announcement of changes to UK regulatory structure
• FSCP publishes 10-point plan for consumer protection - Ahead of the Chancellor's Mansion House speech, FSCP said it is critical to build on regulatory improvements already made, and published a 10-point plan setting out the key priorities for consumer protection
• BBA reacts to Which? report - Which? has published a report from the Future of Banking Commission which calls for a profound reform of the banking system. The Commission has presented its report to the Government. The report recommends reforms on safety of depositors' money, making banks responsible for meeting consumers' needs and creating a healthy, professional and ethical culture in financial services.

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