Robust regulatory requirements. Capital Adequacy Assurance. What is meant by Capital Adequacy Assurance? Contacts

Transcription

1 What is meant by Capital Adequacy? EY Tax Transactions Advisory The level of required is not yet clear, but we expect that it would most likely be a reasonable opinion, under ISAE 3000, with a similar scope to audits of financial statements. About EY EY is a global leader in, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. It is likely that the requirements will cover the full cycle of the capital calculations from inputs, through model calculations (standardized and/ or advanced models), to the consolidation and reporting process. And the focus will likely not be solely on RWAs but could also include capital deductions and issued capital instruments, to the extent not already covered by financial statement audits. As such, an effective approach to providing over capital ratios should leverage off existing (Sarbanes-Oxley) and in-flight (BCBS 239) projects to reduce effort, improve accuracy and simplify the overall operating environment. Jurisdictions where Capital Adequacy is required by local regulators Austria Belgium Germany Netherlands Switzerland made to: Financial Markets Authority, Austria s central bank National Bank of Belgium BaFin Deutsche Bundesbank Dutch Central Bank FINMA Work performed by: The bank's auditor The bank s auditor Professional Standards that work is performed under: Bank Audit (no special ISAE 3000 Bank Audit (no special Dutch auditing standard 700 FINMA Circular on Auditing Scope of the yearend reporting Scope of the halfyear reporting Limited Jonathan Chesebrough E: micha.missakian@fr.ey.com T: E: jcheeeborough@uk.ey.com Neville Gray Siobhan Tipping T: E: ngray@uk.ey.com T: E: siobhan.tipping@nl.ey.com E: ssmith7@uk.ey.com In line with EY s commitment to minimize its impact on the environment, this document has been printed on paper with a high recycled content. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice. Capital Adequacy T: E: SMukherjee@uk.ey.com T: ED None Lionel Stehlin T: E: jbateman@uk.ey.com Transaction Advisory Services 2015 EYGM Limited. All Rights Reserved. Shankar Mukherjee Shirley Smith In a resource constrained world, the impact of these rules stretch far beyond regulatory reporting to affect every key decision you make, not just how you report it. We have developed the global resources people and knowledge to support our client teams. We work to give you the benefit of our experience, our deep subject matter knowledge and the latest insights from our work worldwide. It s how EY makes a difference. Robust regulatory requirements James Bateman Extended The introduction of Basel III covering prudential rules for banks, building societies and investment firms is intended to result in a sounder and safer financial system by improving the financial services sector s ability to absorb shocks arising from financial and economic stress, improving risk management and governance and strengthening transparency and disclosures. Artwork by Creative Services Group Design. Micha Missakian, Extended About EY s Regulatory group EYG No. CQ indd (UK) 08/15. Contacts T: EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. T: E: lstehlin@uk.ey.com ey.com

2 Overview Reflecting increased scrutiny on capital numbers from regulators and investors, we expect that a mandatory level of on reported capital figures will soon be required. Some countries have already introduced requirements, which could be strengthened, and other countries and regions are considering following by introducing new or harmonizing existing requirements. Details are still emerging as to what level of will be required, and could go as far as full end-to-end audits similar to those required for financial statements; covering interpretations of the rules, data inputs, Risk Weighted Assets (RWA) calculations, as well as the consolidation and reporting process. Our approach Timing has similarly not been set, but we could see more wide-spread requirements in place for fiscal periods ending in This potential requirement for increased is being driven predominately by the regulators who want to have improved capital comparability, accuracy and transparency, as well as the development of the market for new financial products such as contingent convertible securities (CoCo s). In those countries looking to increase the current requirements, the proposal is generating considerable discussion and debate given the breadth of regulatory demands, such as IFRS 9, BCBS 239 and ongoing stress testing. Why Capital Adequacy? Throughout the recent crisis, bank capital ratios have been widely reported as a measure of a bank s strength, and therefore helped to maintain, or dispel, confidence in individual institutions and the banking system as a whole. Building this confidence depends on improving comparability and building reliability. Current regulatory reporting processes tend to be out-dated, and are considered not as well understood and controlled as the financial statement processes. Accordingly, management tend to apply conservative overlays ahead of making their reporting. In our experience, global banks who have requested independent in this complex area, have identified considerable adjustments to the capital adequacy ratios. should not be viewed as a tick-thebox regulatory requirement, as there are significant benefits for management if the process is implemented effectively. These benefits could include: Reduced RWAs from improved data. The ability to make better and quicker decisions on capital allocation by improving Management Information (MI). A better ability to comply with accountability requirements such as the UK s Senior Managers Regime. The ability to identify and implement sustainable process improvements. Why EY? Although the process for producing RWAs is at least as complicated as the processes involved in financial reporting, it requires specific subject matter knowledge and a large amount of judgment. At its heart it is a process for which there are risks and mitigating controls concerns and mitigating controls. 1. Governance and oversight 2. Operational controls and processes 3.Data 4. Models and other calculations IT We have tried and tested methodologies to support our teams in providing this. would typically not cover the appropriateness of selecting advanced models, as these are subject to approval from the regulator, but would cover ongoing assessments such as backtesting. Areas of focus In our experience the following topics are areas of focus in capital ratio programs: 1 Governance and oversight Detailed policies and procedures exist and adherence is monitored. Are the appropriate governance structures in place with MI and evidence of review? Are there clearly documented interpretations? 2 Operational controls and processes Are there expected controls documents in place which are monitored and reviewed regularly? Do the controls cover the end-to-end processes from input to reporting? 3 Data Many organizations struggle to ensure the accuracy of the data used. Static data: ensuring the accuracy of netting and collateral markers, inclusion of new collateral agreements, accuracy of counterparty group structures and correct Credit Value Adjustment (CVA) and of Voluntary Compliance (AVC) flags. Trade data: appropriate recognition of optional breaks clauses/early termination clauses (especially in legacy or non-core portfolios) and CVA flags. 4 Does the MI exist to challenge the reporting? Are all the deductions captured, such as the DTA, Prudential valuation, intangibles, etc.? 6 Direct insight into the future of RWA IT Is the IT infrastructure in place with the appropriate controls to help ensure integrity and support the controls? We bring to clients forward-thinking insights, which will help them to respond to the challenges of the processes and regulations across the industry. We will share industry insights to enhance the EY audit methodology and testing approach. We are providing our thought leadership and insights, which will enable clients to respond to the challenges of the changing environment. A proven track record of delivering Capital Adequacy across Europe Models and other calculations Have they been coded and calibrated correctly? Are all risks in Value-at-Risk (VaR)? Have models been backtested? Are the models as fit-for-purpose, and do they meet the detailed regulatory requirements? Understanding the default rules applied when there is insufficient data to be able to apply models. 5 Clients will be able to meet the expectations of regulatory authorities and potentially enhance the RWA processes to meet your future business and regulatory requirements. W e know how to work with large and complex organizations. We understand stakeholder management and communication, and will work with the existing governance framework. We will provide subject matter guidance and resources to execute test plans and deal with complex areas. We understand many of the challenges around delivering a project of this nature and size. Clients will be served by a specialist team that is able to provide an independent view. A specialist team able to act independently Bringing insights from our work in the industry and acting independently. We have a globally intergrated team with the necessary breadth of experience and skills. We have a global presence in the markets that you operate in and that are in the scope of this review. Next steps Given the importance and scale of the work that may be required to comply, it is highly beneficial to start examining the impact of requirements now. Key initial steps include impact assessments, gap analyses and implementation road maps. We have many credentials across markets, including: Global universal bank We are operating as the extended arm of the national regulator, we provide varying levels of around the advanced credit risk, market risk and operational risk models on an annual basis with the objective of auditing the end-to-end process over a three year rotation. We are also the financial auditor. We audit the RWA returns to the national regulator on an annual basis. We have retained this audit without being the financial auditor. We audit COREP returns to the national regulator on an annual basis including testing of data and processes. In addition, carrying out impact analysis and simulation of capital/rwa and gap analysis to Front Office-Back Office systems, data warehouses and reporting infrastructure. We are also the financial auditor.

3 Overview Reflecting increased scrutiny on capital numbers from regulators and investors, we expect that a mandatory level of on reported capital figures will soon be required. Some countries have already introduced requirements, which could be strengthened, and other countries and regions are considering following by introducing new or harmonizing existing requirements. Details are still emerging as to what level of will be required, and could go as far as full end-to-end audits similar to those required for financial statements; covering interpretations of the rules, data inputs, Risk Weighted Assets (RWA) calculations, as well as the consolidation and reporting process. Our approach Timing has similarly not been set, but we could see more wide-spread requirements in place for fiscal periods ending in This potential requirement for increased is being driven predominately by the regulators who want to have improved capital comparability, accuracy and transparency, as well as the development of the market for new financial products such as contingent convertible securities (CoCo s). In those countries looking to increase the current requirements, the proposal is generating considerable discussion and debate given the breadth of regulatory demands, such as IFRS 9, BCBS 239 and ongoing stress testing. Why Capital Adequacy? Throughout the recent crisis, bank capital ratios have been widely reported as a measure of a bank s strength, and therefore helped to maintain, or dispel, confidence in individual institutions and the banking system as a whole. Building this confidence depends on improving comparability and building reliability. Current regulatory reporting processes tend to be out-dated, and are considered not as well understood and controlled as the financial statement processes. Accordingly, management tend to apply conservative overlays ahead of making their reporting. In our experience, global banks who have requested independent in this complex area, have identified considerable adjustments to the capital adequacy ratios. should not be viewed as a tick-thebox regulatory requirement, as there are significant benefits for management if the process is implemented effectively. These benefits could include: Reduced RWAs from improved data. The ability to make better and quicker decisions on capital allocation by improving Management Information (MI). A better ability to comply with accountability requirements such as the UK s Senior Managers Regime. The ability to identify and implement sustainable process improvements. Why EY? Although the process for producing RWAs is at least as complicated as the processes involved in financial reporting, it requires specific subject matter knowledge and a large amount of judgment. At its heart it is a process for which there are risks and mitigating controls concerns and mitigating controls. 1. Governance and oversight 2. Operational controls and processes 3.Data 4. Models and other calculations IT We have tried and tested methodologies to support our teams in providing this. would typically not cover the appropriateness of selecting advanced models, as these are subject to approval from the regulator, but would cover ongoing assessments such as backtesting. Areas of focus In our experience the following topics are areas of focus in capital ratio programs: 1 Governance and oversight Detailed policies and procedures exist and adherence is monitored. Are the appropriate governance structures in place with MI and evidence of review? Are there clearly documented interpretations? 2 Operational controls and processes Are there expected controls documents in place which are monitored and reviewed regularly? Do the controls cover the end-to-end processes from input to reporting? 3 Data Many organizations struggle to ensure the accuracy of the data used. Static data: ensuring the accuracy of netting and collateral markers, inclusion of new collateral agreements, accuracy of counterparty group structures and correct Credit Value Adjustment (CVA) and of Voluntary Compliance (AVC) flags. Trade data: appropriate recognition of optional breaks clauses/early termination clauses (especially in legacy or non-core portfolios) and CVA flags. 4 Does the MI exist to challenge the reporting? Are all the deductions captured, such as the DTA, Prudential valuation, intangibles, etc.? 6 Direct insight into the future of RWA IT Is the IT infrastructure in place with the appropriate controls to help ensure integrity and support the controls? We bring to clients forward-thinking insights, which will help them to respond to the challenges of the processes and regulations across the industry. We will share industry insights to enhance the EY audit methodology and testing approach. We are providing our thought leadership and insights, which will enable clients to respond to the challenges of the changing environment. A proven track record of delivering Capital Adequacy across Europe Models and other calculations Have they been coded and calibrated correctly? Are all risks in Value-at-Risk (VaR)? Have models been backtested? Are the models as fit-for-purpose, and do they meet the detailed regulatory requirements? Understanding the default rules applied when there is insufficient data to be able to apply models. 5 Clients will be able to meet the expectations of regulatory authorities and potentially enhance the RWA processes to meet your future business and regulatory requirements. W e know how to work with large and complex organizations. We understand stakeholder management and communication, and will work with the existing governance framework. We will provide subject matter guidance and resources to execute test plans and deal with complex areas. We understand many of the challenges around delivering a project of this nature and size. Clients will be served by a specialist team that is able to provide an independent view. A specialist team able to act independently Bringing insights from our work in the industry and acting independently. We have a globally intergrated team with the necessary breadth of experience and skills. We have a global presence in the markets that you operate in and that are in the scope of this review. Next steps Given the importance and scale of the work that may be required to comply, it is highly beneficial to start examining the impact of requirements now. Key initial steps include impact assessments, gap analyses and implementation road maps. We have many credentials across markets, including: Global universal bank We are operating as the extended arm of the national regulator, we provide varying levels of around the advanced credit risk, market risk and operational risk models on an annual basis with the objective of auditing the end-to-end process over a three year rotation. We are also the financial auditor. We audit the RWA returns to the national regulator on an annual basis. We have retained this audit without being the financial auditor. We audit COREP returns to the national regulator on an annual basis including testing of data and processes. In addition, carrying out impact analysis and simulation of capital/rwa and gap analysis to Front Office-Back Office systems, data warehouses and reporting infrastructure. We are also the financial auditor.

4 Overview Reflecting increased scrutiny on capital numbers from regulators and investors, we expect that a mandatory level of on reported capital figures will soon be required. Some countries have already introduced requirements, which could be strengthened, and other countries and regions are considering following by introducing new or harmonizing existing requirements. Details are still emerging as to what level of will be required, and could go as far as full end-to-end audits similar to those required for financial statements; covering interpretations of the rules, data inputs, Risk Weighted Assets (RWA) calculations, as well as the consolidation and reporting process. Our approach Timing has similarly not been set, but we could see more wide-spread requirements in place for fiscal periods ending in This potential requirement for increased is being driven predominately by the regulators who want to have improved capital comparability, accuracy and transparency, as well as the development of the market for new financial products such as contingent convertible securities (CoCo s). In those countries looking to increase the current requirements, the proposal is generating considerable discussion and debate given the breadth of regulatory demands, such as IFRS 9, BCBS 239 and ongoing stress testing. Why Capital Adequacy? Throughout the recent crisis, bank capital ratios have been widely reported as a measure of a bank s strength, and therefore helped to maintain, or dispel, confidence in individual institutions and the banking system as a whole. Building this confidence depends on improving comparability and building reliability. Current regulatory reporting processes tend to be out-dated, and are considered not as well understood and controlled as the financial statement processes. Accordingly, management tend to apply conservative overlays ahead of making their reporting. In our experience, global banks who have requested independent in this complex area, have identified considerable adjustments to the capital adequacy ratios. should not be viewed as a tick-thebox regulatory requirement, as there are significant benefits for management if the process is implemented effectively. These benefits could include: Reduced RWAs from improved data. The ability to make better and quicker decisions on capital allocation by improving Management Information (MI). A better ability to comply with accountability requirements such as the UK s Senior Managers Regime. The ability to identify and implement sustainable process improvements. Why EY? Although the process for producing RWAs is at least as complicated as the processes involved in financial reporting, it requires specific subject matter knowledge and a large amount of judgment. At its heart it is a process for which there are risks and mitigating controls concerns and mitigating controls. 1. Governance and oversight 2. Operational controls and processes 3.Data 4. Models and other calculations IT We have tried and tested methodologies to support our teams in providing this. would typically not cover the appropriateness of selecting advanced models, as these are subject to approval from the regulator, but would cover ongoing assessments such as backtesting. Areas of focus In our experience the following topics are areas of focus in capital ratio programs: 1 Governance and oversight Detailed policies and procedures exist and adherence is monitored. Are the appropriate governance structures in place with MI and evidence of review? Are there clearly documented interpretations? 2 Operational controls and processes Are there expected controls documents in place which are monitored and reviewed regularly? Do the controls cover the end-to-end processes from input to reporting? 3 Data Many organizations struggle to ensure the accuracy of the data used. Static data: ensuring the accuracy of netting and collateral markers, inclusion of new collateral agreements, accuracy of counterparty group structures and correct Credit Value Adjustment (CVA) and of Voluntary Compliance (AVC) flags. Trade data: appropriate recognition of optional breaks clauses/early termination clauses (especially in legacy or non-core portfolios) and CVA flags. 4 Does the MI exist to challenge the reporting? Are all the deductions captured, such as the DTA, Prudential valuation, intangibles, etc.? 6 Direct insight into the future of RWA IT Is the IT infrastructure in place with the appropriate controls to help ensure integrity and support the controls? We bring to clients forward-thinking insights, which will help them to respond to the challenges of the processes and regulations across the industry. We will share industry insights to enhance the EY audit methodology and testing approach. We are providing our thought leadership and insights, which will enable clients to respond to the challenges of the changing environment. A proven track record of delivering Capital Adequacy across Europe Models and other calculations Have they been coded and calibrated correctly? Are all risks in Value-at-Risk (VaR)? Have models been backtested? Are the models as fit-for-purpose, and do they meet the detailed regulatory requirements? Understanding the default rules applied when there is insufficient data to be able to apply models. 5 Clients will be able to meet the expectations of regulatory authorities and potentially enhance the RWA processes to meet your future business and regulatory requirements. W e know how to work with large and complex organizations. We understand stakeholder management and communication, and will work with the existing governance framework. We will provide subject matter guidance and resources to execute test plans and deal with complex areas. We understand many of the challenges around delivering a project of this nature and size. Clients will be served by a specialist team that is able to provide an independent view. A specialist team able to act independently Bringing insights from our work in the industry and acting independently. We have a globally intergrated team with the necessary breadth of experience and skills. We have a global presence in the markets that you operate in and that are in the scope of this review. Next steps Given the importance and scale of the work that may be required to comply, it is highly beneficial to start examining the impact of requirements now. Key initial steps include impact assessments, gap analyses and implementation road maps. We have many credentials across markets, including: Global universal bank We are operating as the extended arm of the national regulator, we provide varying levels of around the advanced credit risk, market risk and operational risk models on an annual basis with the objective of auditing the end-to-end process over a three year rotation. We are also the financial auditor. We audit the RWA returns to the national regulator on an annual basis. We have retained this audit without being the financial auditor. We audit COREP returns to the national regulator on an annual basis including testing of data and processes. In addition, carrying out impact analysis and simulation of capital/rwa and gap analysis to Front Office-Back Office systems, data warehouses and reporting infrastructure. We are also the financial auditor.

5 What is meant by Capital Adequacy? EY Tax Transactions Advisory The level of required is not yet clear, but we expect that it would most likely be a reasonable opinion, under ISAE 3000, with a similar scope to audits of financial statements. About EY EY is a global leader in, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. It is likely that the requirements will cover the full cycle of the capital calculations from inputs, through model calculations (standardized and/ or advanced models), to the consolidation and reporting process. And the focus will likely not be solely on RWAs but could also include capital deductions and issued capital instruments, to the extent not already covered by financial statement audits. As such, an effective approach to providing over capital ratios should leverage off existing (Sarbanes-Oxley) and in-flight (BCBS 239) projects to reduce effort, improve accuracy and simplify the overall operating environment. Jurisdictions where Capital Adequacy is required by local regulators Austria Belgium Germany Netherlands Switzerland made to: Financial Markets Authority, Austria s central bank National Bank of Belgium BaFin Deutsche Bundesbank Dutch Central Bank FINMA Work performed by: The bank's auditor The bank s auditor Professional Standards that work is performed under: Bank Audit (no special ISAE 3000 Bank Audit (no special Dutch auditing standard 700 FINMA Circular on Auditing Scope of the yearend reporting Scope of the halfyear reporting Limited Jonathan Chesebrough E: micha.missakian@fr.ey.com T: E: jcheeeborough@uk.ey.com Neville Gray Siobhan Tipping T: E: ngray@uk.ey.com T: E: siobhan.tipping@nl.ey.com E: ssmith7@uk.ey.com In line with EY s commitment to minimize its impact on the environment, this document has been printed on paper with a high recycled content. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice. Capital Adequacy T: E: SMukherjee@uk.ey.com T: ED None Lionel Stehlin T: E: jbateman@uk.ey.com Transaction Advisory Services 2015 EYGM Limited. All Rights Reserved. Shankar Mukherjee Shirley Smith In a resource constrained world, the impact of these rules stretch far beyond regulatory reporting to affect every key decision you make, not just how you report it. We have developed the global resources people and knowledge to support our client teams. We work to give you the benefit of our experience, our deep subject matter knowledge and the latest insights from our work worldwide. It s how EY makes a difference. Robust regulatory requirements James Bateman Extended The introduction of Basel III covering prudential rules for banks, building societies and investment firms is intended to result in a sounder and safer financial system by improving the financial services sector s ability to absorb shocks arising from financial and economic stress, improving risk management and governance and strengthening transparency and disclosures. Artwork by Creative Services Group Design. Micha Missakian, Extended About EY s Regulatory group EYG No. CQ indd (UK) 08/15. Contacts T: EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. T: E: lstehlin@uk.ey.com ey.com

6 What is meant by Capital Adequacy? EY Tax Transactions Advisory The level of required is not yet clear, but we expect that it would most likely be a reasonable opinion, under ISAE 3000, with a similar scope to audits of financial statements. About EY EY is a global leader in, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. It is likely that the requirements will cover the full cycle of the capital calculations from inputs, through model calculations (standardized and/ or advanced models), to the consolidation and reporting process. And the focus will likely not be solely on RWAs but could also include capital deductions and issued capital instruments, to the extent not already covered by financial statement audits. As such, an effective approach to providing over capital ratios should leverage off existing (Sarbanes-Oxley) and in-flight (BCBS 239) projects to reduce effort, improve accuracy and simplify the overall operating environment. Jurisdictions where Capital Adequacy is required by local regulators Austria Belgium Germany Netherlands Switzerland made to: Financial Markets Authority, Austria s central bank National Bank of Belgium BaFin Deutsche Bundesbank Dutch Central Bank FINMA Work performed by: The bank's auditor The bank s auditor Professional Standards that work is performed under: Bank Audit (no special ISAE 3000 Bank Audit (no special Dutch auditing standard 700 FINMA Circular on Auditing Scope of the yearend reporting Scope of the halfyear reporting Limited Jonathan Chesebrough E: micha.missakian@fr.ey.com T: E: jcheeeborough@uk.ey.com Neville Gray Siobhan Tipping T: E: ngray@uk.ey.com T: E: siobhan.tipping@nl.ey.com E: ssmith7@uk.ey.com In line with EY s commitment to minimize its impact on the environment, this document has been printed on paper with a high recycled content. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice. Capital Adequacy T: E: SMukherjee@uk.ey.com T: ED None Lionel Stehlin T: E: jbateman@uk.ey.com Transaction Advisory Services 2015 EYGM Limited. All Rights Reserved. Shankar Mukherjee Shirley Smith In a resource constrained world, the impact of these rules stretch far beyond regulatory reporting to affect every key decision you make, not just how you report it. We have developed the global resources people and knowledge to support our client teams. We work to give you the benefit of our experience, our deep subject matter knowledge and the latest insights from our work worldwide. It s how EY makes a difference. Robust regulatory requirements James Bateman Extended The introduction of Basel III covering prudential rules for banks, building societies and investment firms is intended to result in a sounder and safer financial system by improving the financial services sector s ability to absorb shocks arising from financial and economic stress, improving risk management and governance and strengthening transparency and disclosures. Artwork by Creative Services Group Design. Micha Missakian, Extended About EY s Regulatory group EYG No. CQ indd (UK) 08/15. Contacts T: EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. T: E: lstehlin@uk.ey.com ey.com