With Court Ordinance no. 12366/2014, the Joint Sections of the Italian Supreme Court have been called to definitively rule on the correct criteria to be used in judgements relating to liability of directors of bankrupt companies in order to assess the damage that can be indemnified to such companies as a result of the maladministration of directors.
PSR consults on competition concurrency guidance
The Payment Systems Regulator (PSR) has published Consultation Paper 15/1: PSR Competition Concurrency Guidance (PSR CP15/1).
In PSR CP15/1, the PSR seeks views on two separate areas, namely:
ISDA proposes recovery and continuity framework for central counterparties
The International Swaps and Derivatives Association has published a new position paper that sets out a proposed recovery and continuity framework for central counterparties.
The position paper, which comprises the elements below, proposes a framework for recovery and sets out tools that can be used to re-establish a matched book following the default of one or more clearing members. It does not cover non-default losses and those relating to liquidity shortfalls.
Council of EU invited to endorse MLD4 and Wire Transfer Regulation final compromise texts
The Council of the EU (the Council) has published an “A” item note from its General Secretariat, inviting the Council to endorse the final compromise texts of the Fourth Anti-Money Laundering Directive and Regulation to amend and replace the Regulation on information on the payer accompanying transfer of funds.
EPC updates SEPA direct debit rulebooks
The European Payments Council has published updated versions of its Single Euro Payments Area core direct debit and business to business direct debit scheme rulebooks.
The updated rulebooks take effect on 20 November 2016 and will remain effective until November 2017. During 2015 the rulebooks will be further amended to include updated Scheme Management Internal Rules, although these changes will not have an operational impact.
FCA Dear CEO letter on retirement reforms and the guidance guarantee outlines proposed additional consumer protection rules
The FCA has published a Dear CEO letter regarding retirement reforms and the guidance guarantee.
The FCA is responsible for setting, maintaining and monitoring the standards for organisations delivering guidance for Pension Wise (the UK Government’s new pension guidance service). Last year the FCA published Policy Statement 14/17: Retirement Reforms and the Guidance Guarantee, including feedback on CP14/11 which set out the standards for guidance providers and a package of rules for firms, specific to the pension changes. Along with the FCA’s existing rules and principles, the new requirements set out the framework for how the FCA expects firms to engage with customers to support the implementation of Pension Wise and provide consumer protection in the new regime.
Draft statutory instrument implementing MCD published
The Directive on credit agreements for consumers relating to residential immovable property, more commonly referred to as the Mortgage Credit Directive (MCD), was published in February 2014 and Member States are required to implement it by 21 March 2016. In order to meet the requirements set out in the MCD, the UK Government needs to make certain changes to the legislation that sets out the framework for UK mortgage regulation.
CFTC imposes US$3M penalty for position limits violations due to failure to aggregate
On January 20, 2015, the CFTC issued a settlement order imposing a US$3 million civil monetary penalty on Olam International, Ltd. (“Olam International”) and its wholly-owned subsidiary, Olam Americas, Inc. (“Olam Americas”) for position limits violations due to a failure to aggregate their positions (and related violations). This substantial penalty takes on added significance in
Updated version of PRA supervisory statement on third country equivalence aspects of credit risk provisions in CRR, and recognised exchanges
The PRA has updated Supervisory Statement 20/13: Third country equivalence aspects of the credit risk provisions in the Capital Requirements Regulation (CRR), and recognised exchanges (SS20/13).
In the updated version of SS20/13 the PRA has removed the part dealing with third country equivalence aspects of the credit risk provisions in the CRR. This part is no longer applicable as a binding European Commission decision as to which third countries apply supervisory and regulatory arrangements at least equivalent to those applied in the EU came into effect on 1 January 2015.
EBA revises final draft RTS on prudent valuation
The European Banking Authority has made a specific and limited amendment to its final draft regulatory technical standards (RTS) on prudent valuation under Article 105(14) of the Capital Requirements Regulation.
Consequently, all reference to “volatility” in Articles 9 and 10 of the final draft RTS published on 31 March 2014 should be replaced by “variance” for the purposes of computing market price uncertainty and close-out costs additional valuation adjustments.