The Regulatory Law Committee of the City of London Law Society (the Committee) has published its response to the FCA’s Discussion Paper on smarter consumer communications.
The Committee’s response focuses on legal issues in connection with the use of “smart” formats in design and delivery of firms’ terms and conditions (T&Cs) and the potential suggestions
The Financial Action Task Force (FATF) has issued a statement on its website concerning its efforts to combat de-risking.
FATF states that de-risking will remain a priority for FATF. It continues to monitor closely developments related to de-risking, including the fact gathering and analytical work conducted by other bodies including the Financial Stability Board and
The UCITS V Directive introduces a number of targeted reforms to the UCITS Directive with the objective of updating the legislative framework to ensure the safekeeping of UCITS fund operations across the EU, to lower risk surrounding the management of UCITS funds, and to build consumer protection and trust in the market.
UCITS V addresses
The FCA has published its latest Handbook Notice which introduces the FCA Handbook and other material made by the FCA Board under its legislative powers on 24 September and 22 October 2015. It also contains information about other publications relating to the FCA Handbook and, if appropriate, lists minor corrections made to previous instruments made
The European Banking Authority has updated its Q&A on the Single Rulebook to include five new questions and answers relating to the Capital Requirements Regulation:
Specifically, the new Q&As relate to:
The UK Financial Markets Law Committee (FMLC) has published a letter it has sent to Olivier Guersent, Director General, DG Financial Stability, Financial Services and Capital Markets Union, regarding the proposed Regulation on indices used as benchmarks in financial instruments and financial contracts (Benchmark Regulation).
In the letter, the FMLC states that it considers that legal uncertainty may arise in respect of the scope and application of the Benchmark Regulation in the context of foreign exchange rate sources and highlights these issues of legal uncertainty, with particular reference to non-deliverable forward contracts referencing emerging markets currencies.
The European Securities and Markets Authority (ESMA) has published four documents in preparation of the coming into force of the amended Transparency Directive (TD):
The UK Financial Markets Law Committee (FMLC) has published a paper on issues of legal uncertainty arising in the context of indirect clearing of exchange traded derivatives under the Markets in Financial Instruments Regulation (MiFIR).
Specifically, the paper examines the requirement in Article 4(7) of the draft regulatory technical standard 38 (draft RTS 38) issued
Earlier this year the FCA published a Discussion Paper on smarter consumer communications in which it set out a commitment to drive improvements in the effectiveness of communications to consumers. In the Discussion Paper the FCA also outlined an intention to consult on removing a number of existing disclosures that have not been effective in
The European Banking Authority has issued a Consultation Paper concerning draft guidelines on the communication between competent authorities supervising credit institutions and statutory auditors of those institutions.
The draft guidelines include an underlying general framework that should underpin the communication between Member State competent authorities and auditors at all times. The draft guidelines include seven