The Committee on Payments and Market Infrastructures (CPMI) has a mandate to promote “the safety and efficiency of payment, clearing, settlement and related arrangements, thereby supporting financial stability and the wider economy.” Retail payments have been the subject to particular attention by the CPMI, reflecting the interest of central member banks in this issue. Recent
Completing the Banking Union – next steps
The European Commission has published a communication entitled Towards the completion of the Banking Union.
In the communication the Commission notes the following measures in order to complete the Banking Union:
- full and rapid transposition and implementation of the agreed legal provisions (notably the Bank Recovery and Resolution Directive and the Deposit Guarantee Schemes
Deposit protection – Commission publishes new measures
The European Commission has published a legislative proposal for a European Deposit Insurance Scheme (EDIS). The EDIS would be developed over time and in three stages: (i) a re-insurance stage; (ii) a co-insurance stage; and (iii) a full European system of deposit guarantees.
The EDIS would be administered by a Single Resolution and Deposit Insurance
Hong Kong: Much-anticipated Financial Institutions (Resolution) Bill Gazetted
On 20 November 2015 the Hong Kong Government published the Financial Institutions (Resolution) Bill (the Bill). The Bill seeks to bring Hong Kong into line with the latest international standards – the Financial Stability Board (FSB) ‘Key Attributes of Effective Resolution Regimes for Financial Institutions’ (Key Attributes) and to establish an effective cross-sector
Agencies address Volcker Rule questions on exiting market-making and prohibitions on certain transactions with covered funds
On November 20, 2015, the US financial regulators issued additional guidance regarding (i) exiting permissible marketing making activities under the Volcker Rule and (ii) when a banking entity must observe the Volcker Rule prohibitions on certain transactions between the banking entity and covered funds.
The Volcker Rule and its regulations generally prohibit banking entities and
FCA Call for Input on supporting the development and adoption of RegTech
In HM Treasury’s March 2015 Budget, it was announced that the FCA, working with the PRA, would identify ways to support the adoption of new technologies to help firms better manage their regulatory requirements and reduce compliance costs – so-called “RegTech”.
The FCA has now published a Call for Input to seek views on how
CP15/38: Provisions to delay disclosure of inside information within the FCA’s Disclosure and Transparency Rules
The FCA has published Consultation Paper 15/38: Provisions to delay disclosure of inside information within the FCA’s Disclosure and Transparency Rules (CP15/38).
In CP15/38 the FCA sets out a proposal to amend its guidance in the Disclosure and Transparency Rules (DTR) on delaying the disclosure of inside information.
Specifically, the FCA is proposing to remove the last sentence of DTR2.5.5G (concerning legitimate interests and when delay will not mislead the public) which will clarify that issuers may have a legitimate reason to delay disclosure in circumstances other than the non-exhaustive examples listed in DTR2.5.3R or the circumstances described in DTR2.5.5.AR.
The deadline for comments on CP15/38 is 20 February 2015.
CML and Which? reveal new mortgage tariff to help consumers compare fees and charges
Due to the confusion around mortgage costs, the Chancellor of the Exchequer asked the Council of Mortgage Lenders (CML) and Which? to find ways to make it easier for consumers to understand and compare the costs of different mortgages with different lenders.
The CML and Which? have now published a Tariff of Mortgage Charges document
European Parliament approves Insurance Distribution Directive
The European Parliament has today approved the text of the Insurance Distribution Directive (IDD). This is the first step in the formal legislative procedure towards adoption and implementation of the IDD into law. If the European Council approve the IDD without change, the new regime for insurance distribution is likely to be implemented in late
EBA updates Single Rulebook Q&A
The European Banking Authority (EBA) has updated its Q&A on the Single Rulebook to include new questions and answers relating to the Capital Requirements Directive IV, Capital Requirements Regulation (CRR) and the Bank Recovery and Resolution Directive.
Specifically, the new Q&As relate to:
- a clarification concerning the collateral value to provide in the relevant templates