1. The Irish EU Council Presidency reaches provisional agreement with the European Parliament on new rules to benefit mortgage holders and consumers across Europe.
2. The HM Treasury presents Peter Bloxham’s review of the special administration regime for investment banks (SAR) to Parliament.
1. HOME LOANS: BETTER PROTECTION FOR BUYERS
Property buyers would be better informed about the costs and consequences of taking on a mortgage, better protected from market swings while the contract lasts and better protected if they cannot repay the loan, under a provisional deal struck by Economic and Monetary Affairs Committee MEPs and EU member state representatives.
2. SPECIAL ADMINISTRATION REGIME FOR INVESTMENT BANKS
The HM Treasury presented Peter Bloxham’s review of the special administration regime for investment banks (SAR) to Parliament.
The SAR was developed in response to the Lehman administration. The SAR was developed to increase the confidence of market participants in the effectiveness of the UK’s insolvency regime as it applies to investment firms. The statutory objectives of the SAR are:
I. identifying, protecting, and facilitating the return of, client assets;
II. protecting creditors' rights; ensuring certainty for investment banks, creditors, clients, liquidators and administrators;
III. minimising the disruption of business and markets; and
IV. maximising the efficiency and effectiveness of the financial services industry in the UK.