United Kingdom (and EU regulation)

EBA consults on draft RTS and ITS on EBA electronic central register under PSD2

Article 15(1) of the revised Payment Services Directive (PSD2) mandates the European Banking Authority (EBA) to develop, operate and maintain an electronic central register that contains information as notified by competent authorities (CAs). The PSD2 also confers a mandate on the EBA to develop draft regulatory technical standards (RTS) setting technical requirements on development, operation … Continue Reading

Commission consultation on transparency and fees in EU cross-border transactions

The Commission Services has published a consultation paper on transparency and fees in cross-border transactions in the EU. The consultation paper focuses on: transaction fees in both non-euro and euro transactions. The consultation paper notes that the first action of the Consumer Financial Services Action Plan is to amend the Regulation on cross-border payments to … Continue Reading

EBA roadmap on monitoring ECAIs

The European Banking Authority (EBA) has published its future work plan on credit assessments issued by External Credit Assessment Institutions (ECAIs). The EBA’s future work on ECAIs will focus on the following: mapping and decision on unsolicited ratings for newly registered or certified ECAIs as well as assessment of ECAIs originally issuing only solicited ratings … Continue Reading

FCA guidance consultation on Office for Professional Anti-Money Laundering Supervision

In March 2017, the Government announced its intention to create the Office for Professional Anti-Money Laundering Supervision (OPBAS) as a new function within the FCA. The Government proposed that OPBAS oversee the adequacy of the anti-money laundering (AML) supervisory arrangements of 22 professional bodies. The FCA has now published Guidance Consultation 17/7: Office for Professional … Continue Reading

House of Lords EU Financial Affairs Sub-Committee launches inquiry into post-Brexit financial regulation and supervision

The House of Lords EU Financial Affairs Sub-Committee (Committee) has published a call for evidence announcing it is launching an inquiry into financial regulation and supervision following Brexit. The Committee explains that given the uncertain context, it is important to gain a clear picture of the UK’s current regulatory regime, with a view to understand … Continue Reading

European Commission consults of draft IDD delegated regulation on product oversight and governance requirements for insurance undertakings and insurance distributors

The European Commission has published the draft of a Delegated Regulation under the Insurance Distribution Directive (EU) 2016/97 (IDD). The European Commission is granted the power to introduce delegated acts under Article 25 of the IDD in relation to product oversight and governance.… Continue Reading

European Commission consults on draft IDD Delegated Regulation on information requirements and conduct of business rules applicable to insurance-based investment products

The European Commission has published the draft of a Delegated Regulation under the Insurance Distribution Directive (EU) 2016/97 (IDD). The European Commission is granted the power to introduce delegated acts under Articles 28, 29 and 30 of the IDD. All these articles concern the distribution of insurance-based investment products.… Continue Reading

Treasury publishes final draft of ILS regulations

On 20 July 2017, HM Treasury published responses to the November 2016 consultation on the design of a UK legislative framework for Insurance Special Purpose Vehicles (ISPVs) and published final drafts of the legislation which will now make their passage through Parliament. The Treasury consultation followed an announcement in March 2016 that the UK should … Continue Reading

ESMA updates technical reporting instructions on transaction reporting under MiFIR

The European Securities and Markets Authority (ESMA) has published an updated version of its technical reporting instructions relating to transaction reporting under MiFIR. The document describes the elements of the interface that shall be built between competent authorities (CA) and submitting entities in their member states that should be implemented in the same way by … Continue Reading

FCA Handbook Notice No.46

The FCA has published Handbook Notice No.46. This Handbook Notice sets out the changes the FCA Board made to the Handbook on 30 June, 6 July and 20 July 2017. On 30 June 2017, the FCA Board made changes to the Handbook in the following instruments: Glossary (MiFID 2) Instrument 2017; Fees (Data Reporting Applications) … Continue Reading

PSR policy statement on 2017/18 regulatory fees

On 3 April 2018, we blogged that the Payment Systems Regulator (PSR) published Consultation Paper 17/9: PSR regulatory fees 2017/18 (CP17/9). In CP17/9 the PSR was consulting on the proposed fee rates for relevant market participants. The PSR has now published Policy Statement 17/17: PSR regulatory fees 2017/18: Decision on 2017/18 PSR regulatory fees for … Continue Reading

FCA policy statement on regulatory reporting of retirement income data

On 28 November 2016, we blogged that the FCA published Consultation Paper 16/36: Regulatory reporting: retirement income data (CP16/36). In CP16/36 the FCA sets out proposals to introduce two regulatory returns into chapter 16 of the Supervision manual to collect data about the retirement income market from providers of retirement income products. The FCA has now published … Continue Reading

HM Treasury response to consultation on implementation of PSD2 and final implementing regulations

On 2 February 2017, we blogged that HM Treasury published a consultation on implementing the revised Payment Services Directive (PSD2). HM Treasury has now published its response to its consultation on implementing PSD2. The document summarises the questions submitted to the consultation and outlines the Government’s response. Among other things, the document notes: in relation … Continue Reading

Global Asset Management Quarterly – latest issue

The latest issue of Global Asset Management Quarterly is now available. EU / UK articles Quarterly update Cross-jurisdictional AIFMD guides 2017 FCA publishes asset management market study: not quite an earthquake but beware of the aftershocks The FCA approach to cyber-risk Legally speaking, can Article 50 be revoked? EU/UK Regulatory update Market trends – Luxembourg … Continue Reading

ESMA opinion on asset segregation and applying depositary delegation rules to CSDs

The European Securities and Markets Authority (ESMA) has published an opinion addressed to the European Parliament, the Council of the EU and the European Commission in which it sets out its views on: the optimal approach to asset segregation under the framework of both the Alternative Investment Fund Managers Directive (AIFMD) and the UCITS Directive; … Continue Reading

LBS to oversee UK Finance access to banking standard

UK Finance has announced that the independent Lending Standards Board (LBS) has been selected to oversee the new Access to Banking Standard. The LSB will oversee the operation of the standard, and ensure that the 12 banks and building societies that have signed up to it fulfil their requirements, and that the intended outcomes for … Continue Reading

FCA signs MoU with Hong Kong SFC

The FCA has published a supervisory memorandum of understanding (MoU) it has entered into with the Hong Kong Securities and Futures Commission (SFC). The provisions of the MoU are intended to support communication on supervisory issues of common interest concerning particular cross-border regulated entities. The MoU covers: scope of supervisory co-operation; cross-border on-site visits; execution … Continue Reading

PRA Policy Statement on regulatory reporting: responses to CP 6/17

On 13 June 2017, we blogged that the PRA had published Consultation Paper 6/17: Regulatory reporting: occasional consultation paper (CP6/17) which set out proposals for minor amendments to the templates and reporting instructions for PRA101 to PRA103 (Capital+), PRA108, and the removal of the definition of ‘whole-firm liquidity modification’ from the PRA Rulebook. The PRA has now … Continue Reading

PRA policy statement to February 2017 occasional paper

On 17 February 2017, we blogged that the PRA published Consultation Paper 2/17: Occasional Consultation Paper (CP2/17) which contained miscellaneous amendments to certain parts of the PRA Rulebook and certain Supervisory Statements. The PRA has now published Policy Statement 19/17: Responses to CP2/17 ‘Occasional Consultation Paper’ (PS19/17). PS19/17 includes final rules and updated Supervisory Statement (SS) … Continue Reading

European Commission adopts Delegated Regulation on RTS on co-operation and exchange of information for passporting under PSD2

Article 28(5) of the revised Payment Services Directive (PSD2) empowers the European Commission (Commission) to adopt, following the submission of draft standards by the European Banking Authority (EBA), and in accordance with Articles 10 to 14 of Regulation No (EU) 1093/2010, delegated acts specifying the framework for cooperation and exchange of information between competent authorities … Continue Reading

FCA notification guide for firms and individuals wanting to rely on ancillary activity exemption under MiFID II

The FCA has updated its webpage concerning MiFID II and the introduction of position limits and reporting regime for commodity derivatives. The FCA notes that under MiFID II, firms or individuals who trade in commodity derivatives on a professional basis, may under article 2(1)(j) MiFID II be able to make use of an exemption from … Continue Reading

Non-banking payment service providers eligible to apply for settlement account in BoE’s RTGS system

The Bank of England (BoE) has published a revised settlement accounts policy designed to ensure that the UK’s payments infrastructure keeps pace with the changing structure of the financial system. In the document, the BoE is announcing that a new generation of non-bank payment service providers are now eligible to apply for a settlement account in … Continue Reading

FCA warns payment and e-money institutions engaged in currency transfer services against using interbank rate in potentially misleading way

The FCA has published a statement on the use of the interbank rate in online currency converter tools. The FCA is concerned that payment institutions and e-money institutions may have used currency converter tools in relation to their currency transfer services in a misleading way. Tools which convert currency at the interbank rate may be … Continue Reading