The Presidency of the Council of the EU has published its latest compromise proposal relating to the proposed Regulation on indices used as benchmarks in financial instruments and financial contracts.
PRA second consultation on PRA Rulebook
The PRA has published Consultation Paper 25/14: The PRA Rulebook: Part 2 (CP25/14).
CP25/14 sets out proposals to redraft certain modules of the PRA Handbook. It is the second in a planned series of consultations aimed at reshaping Handbook material the PRA inherited from the FSA to create a Rulebook, containing only PRA rules.
FCA Policy development update no. 17
The FCA has published its latest Policy development update (no.17).
The update covers:
BoE publishes speech on its perspective on CCP risk management, recovery and resolution arrangements
The Bank of England (BoE) has published a speech by David Bailey (Director, Financial Markets Infrastructure) entitled The Bank of England’s perspective on CCP risk management, recovery and resolution arrangements.
Payment Systems Regulator publishes first annual plan and budget 2014/15
The establishment of the Payment Systems Regulator (PSR) represents a significant change for the payments industry, as well as an important new step for the FCA in making sure financial services work well and deliver better outcomes for consumers.
Latest compromise proposal on PSD2
The Presidency of the Council of the EU has published its latest compromise proposal relating to the proposed revised Payment Services Directive (PSD2).
SEC adopts rules designed to improve systems compliance and integrity
On November 19, 2014, the SEC adopted Regulation SCI – Regulation Systems Compliance and Integrity, to require:
- national securities exchanges
- alternative trading systems that exceed defined volume thresholds (but excluding ATSs limited to municipal securities and corporate debt)
- registered clearing agencies
- quotation and last sale reporting processors, and
- certain exempt clearing agencies whose exemptions were
FCA publishes the terms of reference for their credit card market study
The FCA has today taken a further step in developing its understanding of the UK consumer credit market, by publishing the terms of reference for its credit card market study (the Market Study).
The SEC releases its Agency Financial Report reflecting 2014 accomplishments
On November 17, 2014, the SEC released its 2014 Agency Financial Report (AFR), which provides financial and high-level performance results that allow the President, Congress and the public to understand the SEC’s financial picture and accomplishments during the last year.
In the AFR, the SEC described how it carried out its mission to protect investors
Future Changes to Financial Advice
With the Streamlining Regulations now disallowed, a key question for the financial services industry will be what the future holds for dealings between advisers and their clients (see our previous blog for the consequences).
In a statement issued by the Finance Minister, Senator Mathias Cormann, the Government has indicated an intention to return its proposed