The Association of Financial Markets in Europe has published the Model clause for the contractual recognition of bail-in under Article 55 BRRD (the Model Clause).
Article 55 of the Bank Recovery and Resolution Directive (BRRD) requires European banks and large investment firms to include contractual recognition clauses in a broad range of contracts governed by
On 15 September 2015, the Hong Kong Monetary Authority (HKMA) issued a circular to authorised institutions to highlight the management of cyber security risk.
Cyber security risk has been in the spotlight for a number of financial services regulators across the globe as an area of heightened risk, given the number of high profile attacks
On September 22, 2015, the CFTC issued a “supplemental” proposed rulemaking (the “2015 Proposal”) to revise its long-pending proposal on aggregation for position limit purposes published in November 2013 (the “2013 Proposal”). The 2015 Proposal, if finalized, would provide companies with over 50% ownership or equity interest in affiliated entities with an easier mechanism to
The FCA recently published two guides setting out its new approach to supervising firms with the move away from the C1 – C4 classification to flexible and fixed portfolio firms.
A short briefing note summarising the new approach can be found here.
The European Banking Authority has published translated versions of its guidelines on methods for calculating contributions under the recast Deposit Guarantee Schemes Directive.
The European Securities and Markets Authority (ESMA) has published a speech by Steven Maijoor (ESMA Chair) entitled Clearing the way towards an OTC derivatives union.
At the beginning of his speech Mr Maijoor discusses some general ESMA developments noting that the European Supervisory Authority celebrates its 5th birthday in 2016 and that by
There has been published in the Official Journal of the EU a corrigendum to the Mortgage Credit Directive.
The corrigendum corrects a reference in Recital 26 to the International Valuation Standards Council, previously referenced as the International Valuation Standards Committee. Additionally, the corrigendum corrects a reference in Annex II, Part B, Section ‘4. Interest rate’ and other costs, to the calculation of annual percentage rate of charge in accordance with Article 17(5), previously referenced as Article 17(4).
The European Central Bank has published the Eurosystem oversight policy framework, which describes the role of the Eurosystem in the oversight of payment and settlement systems and provides an overview of the existing set of tools and instruments that it employs.
The oversight policy framework replaces the Eurosystem’s previous policy statement, Role of the
A recent ruling by the Italian Supreme Court (Corte di Cassazione, no. 17790/2015) has intervened on the issue of whether the heirs of a deceased policyholder can access personal data relating to beneficiaries under the policy.
IVASS published for public consultation a new draft regulation which will amend the current legislation on complaints handling (i.e., IVASS Regulation no. 24/2008) in order to introduce specific provisions for the handling of complaints carried out by insurance intermediaries.