UBS’ French unit could be placed under formal investigation in the coming days as part of a broader probe into the Swiss bank’s business practices, a person familiar with the matter said on Friday. . .

http://www.reuters.com/article/2013/05/24/us-ubs-france-probe-idUSBRE94N0QH20130524

It’s tough out there.

Three UK lobby groups have written to European Union leaders to highlight their concerns regarding the proposed financial transactions tax (FTT), warning that it represents “a major risk to Europe’s ability to recover from the current economic problems it faces. . .

http://www.tax-news.com/news/UK_Lobby_Groups_Attack_European_FTT_Plans____60874.html

http://ec.europa.eu/internal_market/financial-markets/docs/clearing/tbag/130524_tbag-report-2013_en.pdf

The Financial Conduct Authority (FCA) has fined J.P. Morgan International Bank Limited (JPMIB) £3,076,200 for systems and controls failings relating to its provision of retail investment advice and portfolio investment services. . . .

http://www.fca.org.uk/news/jp-morgan-international-bank-fined-systems-controls-failings

Speculation about a government sell-off of Royal Bank of Scotland and Lloyds Banking Group was escalating on Tuesday night amid reports that the International Monetary Fund is urging the Treasury to accelerate its disposal of the £65bn stakes in the two bailed-out banks. . .

http://hereisthecity.com/2013/05/22/imf-urges-treasury-to-speed-up-sale-of-lloyds-and-rbs/

The European Commission’s proposed Tobin tax will make some financial transactions uneconomic and deter others with real financial value, according to a new report . . .

http://www.tax-news.com/news/Economic_Consultants_Slam_Commissions_FTT_Plans____60814.html

The International Accounting Standards Board has today issued IFRIC Interpretation 21: Levies, an Interpretation on the accounting for levies imposed by governments.  The Interpretation had been developed by the IFRS Interpretations Committee (‘the Interpretations Committee’), the interpretative body of the IASB. . .

http://www.ifrs.org/Alerts/ProjectUpdate/Pages/IASB-issues-IFRIC-Interpretation-21-Levies-May-2013.aspx

 Regulation No 648/ 2012 of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (‘EMIR’) introduces a new recognition procedure for central counterparties (CCPs) that are established outside the European Union (EU) but wish to provide services to market participants that are established in the Union. The purpose of this memo is to specify how this recognition procedure will be implemented . . .

http://ec.europa.eu/internal_market/financial-markets/docs/derivatives/130513_equivalence-procedure_en.pdf

UBS was ordered to face a whistle-blower lawsuit by a former commercial mortgage-backed securities strategist who said he was fired for telling supervisors he was being pressured to publish misleading reports. . .

http://hereisthecity.com/2013/05/22/ubs-must-face-whistle-blower-lawsuit/