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As well as proactively campaigning, the BSA frequently comments on consultative papers issued by the Financial Conduct Authority and Prudential Regulation Authority, and by Government departments such as the Treasury or the Department for Business, Innovation and Skills.
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These requirements appear to go above and beyond the Bank Recovery and Resolution directive. We are particularly concerned by the "playbook" and "fire drills".
The BSA responded to ESMA's consultation on the implementation of the trading obligation under MiFIR.
The BSA has formally endorsed the new Code, and we have encouraged all relevant members - i.e. who are UK Market Participants as defined in the Code - to work towards committing to, and embedding, the new Code by the end of 2017.
We are disappointed that the “inconsistencies” between the templates in the policy statement and the XBRL taxonomy were not discovered at the time of publication.
We welcome any effort to improve, clarify and simplify accounting regulation.
We welcome the falls in some of the proposed fee rates. But we note with some disappointment the general increase in the regulator's costs.
An industry scorecard for the regulated financial services sector is a good start but we have some concerns about its applicability to a typical building society. There are also question marks over the scorecards for entities with a credit rating.
We express concern at the implicit assumption that real costs always have to rise.
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