July 2015

On 15 July 2015, the Bank of Italy approved certain changes to its July 2009 Resolution, “Transparency of banking and financial transactions and services – correctness of relationships among intermediaries and customers” (the Resolution).

The changes are intended to simplify certain disclosure documents and provide clarifications which have been previously approved at the legislative level.

On 16 March 2015, the FCA published a guidance consultation on proposed guidance on risks to customers from performance management at firms. The consultation also included the FCA’s findings from its thematic review in this area.

Following its consultation, the FCA has now published Finalised guidance 15/10: Risks to customers from performance management at firms

On 28 July 2015, the Decree for the implementation of the Solvency II Framework Directive (No 2009/138/EC) and the Dele​gated Regulation (No 2015/35)​​ containing implementing rules for Solvency II (the Delegated Regulation) (Implementatiebesluit richtlijn en verordening solvabiliteit II) was published (the Decree).

The Decree implements the Solvency II Framework Directive as

HM Treasury has published a consultation paper outlining the Government’s proposed approach to implementing the Regulation on interchange fees for card-based payment transactions (MIF Regulation). HM Treasury seeks views on the options available to member states on interchange fee rates and the scope of the MIF Regulation.

The deadline for comments to the consultation is 28 August 2015.

The Financial Stability Board (FSB) published its ninth progress report reviewing progress made by standard-setting bodies, national and regional authorities and market participants towards meeting the G20 commitments for reforms to global over-the-counter (OTC) derivatives markets.

The report finds that implementation of OTC derivatives market reforms is well underway, with the foundational authority needed to

The Agency for the Cooperation of Energy Regulators has approved the first five third-party Registered Reporting Mechanisms (RRMs) under the Regulation on wholesale energy market integrity and transparency.

A list of pre-registered third party RRMs for the first phase of reporting was already published in June. That list will be updated as new third-party RRM applicants reach the final stages of their application process.

In May 2014, the Governors of the Bank of International Settlements announced the formation of the Foreign Exchange Working Group (FXWG) to strengthen code of conduct standards and principles in FX markets.

The FXWG, which aims to facilitate the establishment of a single global code of conduct standards and principles and to promote greater adherence to these standards and principles has now been established. The global code is intended to cover all parts of the global wholesale FX market, with appropriate consideration to local circumstances and provide input into the wider official effort on market conduct coordinated by the Financial Stability Board.

It is intended that the code, as well as the proposals to ensure greater adherence, will be finalised in May 2017.

The FCA has published a speech by Tracey McDermott, FCA director of supervision, investment, wholesale and specialists, given at the British Bankers’ Association Conference ‘Wholesale Markets and Risk: FEMR and beyond’.

In her speech Ms McDermott discussed the importance of conduct for businesses, treating conduct risk as seriously as any other risks and managing it

On July 21, 2015, SEC Commissioner Daniel Gallagher submitted a strongly worded comment letter to the Department of Labor (“DOL”) reflecting his views on the DOL’s proposed rules on fiduciary duties and conflict of interest requirements for retirement accounts.  Although Commissioner Gallagher stated that he believed the DOL rule making was “a fait accompli” and