January 2014

A corrigendum to a Directive that amends the Transparency Directive has been published in the Official Journal of the EU. The corrigendum amends Article 5 of the amending Directive, which sets the date by which the European Commission must report on the operation of the Transparency Directive to the European Parliament and the Council of

The Financial Services Compensation Scheme (FSCS) has published for consultation its plan and budget for 2014/15. Alongside the plan and budget, the FSCS has published its Vision for a Confident Future document which sets out its vision for the next five years. The plan and budget provides notes that the indicative 2014/15 annual levy amounts

The FCA has published Finalised Guidance 14/1: Supervising retail investment advice: inducements and conflicts of interest (FG14/1). The FCA has also published a summary of the feedback received to Guidance Consultation 13/5: Supervising retail investment advice: inducements and conflicts of interest.

FG14/1 explains the FCA’s concerns and why certain practices under service or distribution agreements

The European Central Bank (ECB) has published an opinion on the European Commission’s proposed Regulation on indices used as benchmarks in financial instruments and financial contracts (the Benchmark Regulation). The ECB has published its opinion in response to requests to do so from the Council of the EU and the European Parliament. The opinion discusses

The Council of the EU has published the revised text of the proposed Mortgage Credit Directive (MCD). The European Parliament adopted the text of the proposed MCD at first reading in December 2013. The Council has stated that following this, it should be in a position to approve the Parliament’s position on the proposed MCD.

The FCA and the PRA have published a joint Consultation Paper (FCA CP13/4 and PRA CP1/14) which outlines the proposed management expenses levy limit (MELL) for the Financial Services Compensation Scheme for 2014/15. The MELL consulted on for 2014/15 is £80m.

The deadline for responses to the consultation is 17 February 2014.

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The European Parliament has updated its procedure file on the proposed Directive on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (MLD4). The procedure file now indicates that the Parliament will consider MLD4 at its 2 to 3 April 2014 plenary session which was previously

The European Insurance and Occupational Pensions Authority (EIOPA) has published a web page on the 2014 EU-wide insurance sector stress test. The stress test will be conducted in close co-operation with EU national competent authorities who will be responsible for identifying and contacting prospective participants. In light of this, EIOPA sets out the following timetable

The PRA has published Consultation Paper 2/14: The PRA Rulebook (CP2/14). CP2/14 is the first in a planned series of consultations that are designed to reshape Handbook material that the PRA inherited from the FSA. The PRA intends to create a clear and concise PRA Rulebook that will appear in a new online website in

The FCA has published the Capital Requirements Directive IV (Reporting Guidance) Instrument 2014 (FCA 2014/1). The instrument makes amendments to Annex 25G to chapter 16 of the FCA’s Supervision manual (SUP), which sets out guidance notes for data items in SUP 16 Annex 24R. The amendments consist of consequential changes relating to the UK’s implementation