Securities and Exchange Commission Chairman Jay Clayton said his agency is drafting a fiduciary rule governing financial professionals, unfazed by an appeals court's decision to strike down the Labor Department's rule. "We're moving forward," he said.
The Bank of England is setting a higher bar for capital at major banks for this year's stress test. The higher standard is based on "additional costs [systemic banks'] failure would impose on the wider economy", the central bank says.
Campaign group Positive Money wants UK legislation that protects consumers' right to use cash, forces retailers to accept cash and halts closure of ATMs. Cashless transactions have become widespread, but the group says some social sectors, such as the elderly and people with low income, still rely on cash.
Saudi Arabia is seriously considering an initial public offering for state-owned oil company Aramco entirely on a domestic exchange and abandoning a plan for a foreign listing, sources say. April 2019 reportedly is the earliest an IPO could happen.
The cause of Thursday's fatal pedestrian bridge collapse that killed six people in Miami remains under investigation as a bicyclist who said he was injured during the incident has sued contractors working on the project. The Florida Department of Transportation said an engineer's voicemail about cracks in the bridge -- which he said appeared to pose no safety issues -- went unheard until Friday because the recipient was out of the office.
AFME CEO Simon Lewis is among business leaders hailing an announcement that EU and UK negotiators have reached an agreement on Brexit transition. "While this agreement is a big move in the right direction, it will be important to see that there is real political and regulatory commitment from both sides to a transition period," Lewis says.
Vague explanations and confusing graphics accompany the latest inflation report from the Bank of England, which has failed again at effective communication, write Richard Barwell and Anthony Yates. They argue the BoE should illustrate forecasts with fan charts, which clearly convey potential outcomes.
US firms might be unaware of effects of the EU General Data Protection Regulation, says Andra Purkalitis of Bovill. The regulation, which expands individuals' control of their data, has implications outside the EU and takes effect on 25 May.
The China Banking Regulatory Commission has proposed guidance on how financial firms should manage and protect data. The regulator is taking public input until 16 April.
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