On 21 December 2015, the EBA published its final guidelines on sound remuneration policies under Articles 74(3) and 75(2) of the CRD IV Directive (2013/36/EU) and disclosures under Article 450 of the Capital Requirements Regulation (Regulation 575/2013) (CRR). It published a consultation on a draft version of the guidelines in March 2015.
The
On 22 December 2015, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) issued a guidance document for asset managers (vermogensbeheerders) offering investment funds (beleggingsfondsen) managed by a group company (the Guidance Document). Earlier this year, the AFM launched a consultation in which it
The drive towards automated financial services will gather pace in 2016 and here’s the next opportunity to influence the debate.
After updating its relief to better facilitate electronic delivery of mandated disclosure and the use of innovative product disclosure statements (see RG 221), ASIC has released Consultation Paper CP 249 Remaking ASIC class order
Continued market consolidation, technology driven disruption and a shift towards behavioural based conduct regulation were the standout themes in the Australian insurance sector over the last 12 months. We take a brief look at the year that was and share our thoughts on what 2016 looks like.
Keep ahead or be left behind: rise of
The Federal Reserve Board recently adopted final regulations implementing the restrictions on its emergency lending authority contained in the 2010 Dodd-Frank regulatory reform legislation. Instead of being able to use a broad authority to provide funds to any individual, partnership or corporation in unusual and exigent circumstances, the Federal Reserve Board will be able only
On December 4, 2015, President Obama signed HR 22 into law (now Public Law 114-94). Although HR 22’s official name is Fixing America’s Surface Transportation Act (“FAST Act”), the 490-page law contains some provisions of particular importance to banks and other financial institutions, including providing an exception to the annual privacy notice requirement under the
Under proposed regulations issued by the New York State Department of Financial Services (“NY DFS”), state-chartered banking organizations, state-licensed branches and agencies of foreign banks, and state licensed check cashers and money transmitters, would be required to maintain “robust” transaction monitoring and filtering systems designed to better enable these financial institutions to comply with relevant
We would like to take this opportunity to wish all of our blog subscribers a Merry Christmas and a happy New Year.
Our next blog postings for the UK, Italy and the Netherlands will be on Tuesday 5 January 2015.
Don’t forget that our January 40 minute briefing takes place at our London office on
The Payment Systems Regulator (PSR) has published Consultation Paper 15/44: PSR regulatory fees 2016/17 (CP15/44).
In CP15/44 the PSR sets out its proposed methods for allocating its Annual Funding Requirement (AFR) for 2016/17 and how it proposes to calculate and collect its fees. The PSR regulatory fees will fund the PSR’s function and activities in
In his June 2014 Mansion House speech the Chancellor committed to ensuring that the Financial Policy Committee (FPC) has “all the weapons it needs to guard against risks in the housing market. He announced his intention to give the FPC “new powers over mortgages, including over the size of mortgage loans as a share of