The US Commodity Futures Trading Commission (CFTC) has issued a no-action letter which supersedes no-action letter no. 14-16 of 12 February 2014. The letter grants no-action relief to EU multilateral trading facilities (MTFs) from the Dodd-Frank rules for swap execution facilities that were scheduled to take effect on 15 May 2014.
The Council of the EU (the Council) has published an information note from the General Secretariat to the Permanent Representatives Committee on the outcome of the European Parliament’s first reading of the Regulation on key information documents for packaged retail and insurance-based investment products (the PRIPs Regulation).
The Alternative Investment Management Association (AIMA) has published a guide and accompanying press release to assist alternative asset managers with the UK implementation of the Alternative Investment Fund Managers Directive (AIFMD). The guide states that it reflects the legislative status and regulatory developments in the UK as at 28 February 2014. Broadly, the objective of the guide is to provide managers with:
The Council of the EU (the Council) has published an information note from the General Secretariat to the Permanent Representatives Committee on the outcome of the European Parliament’s first reading of the Directive on payment services in the internal market (PSD2) on 2 and 3 April 2014.
The Council of the EU (the Council) has published an information note from the General Secretariat to the Permanent Representatives Committee on the outcome of the European Parliament’s second reading of the Directive recasting the Deposit Guarantee Schemes Directive (recast DGSD).
The Solvency II amending directive, known as Omnibus II was passed on April 14 having been adopted by the Council of the EU at first reading.
Omnibus II was adopted by the European Parliament on March 11.
The European Parliament has published further texts of draft legislation that it adopted in plenary session on 15 April. On page 20 there is the text of the draft Regulation on improving securities settlement and central securities depositories (the CSD Regulation).
The European Commission has published a memo containing FAQs concerning the draft Regulation on improving securities settlement and central securities depositories (the CSD Regulation). The draft CSD Regulation has recently been approved by the European Parliament in plenary session but needs to be formally adopted by the Council of the EU and then published in the Official Journal of the EU.
On 15 April 2014, the FCA published two warning notice statements in relation to unnamed directors of an insurance broker. They are the first warning notice statements not related to interest rate benchmark submissions since the power to publish went live in October last year.
The statements serve as a further reminder to senior management in the insurance industry that (i) the FCA is looking to hold individuals to account; and (ii) in terms of corporate governance, directors cannot rely on unchallenged verbal assurances from others.
The European Commission’s delegated Regulation setting out regulatory technical standards (RTS) for the publication of supplementary prospectuses has been published in the Official Journal of the EU. There has been little amendment to the text since it was published by the Commission in March 2013.