The Financial Services Compensation Scheme (FSCS) has published its Plan and Budget 2016/17. The document reveals details of a £363m indicative levy on firms for the period, foreshadows the FSCS’s management costs falling by nearly £2m and highlights internal organisational changes that aim to improve the customer experience.
Mark Neale, FSCS Chief Executive, said:
“I
The FCA has published Guidance Consultation 16/1: FCA Guidance on voluntary redress schemes under the Competition Act 1998 (GC16/1).
On 1 April 2015, the FCA obtained concurrent competition powers. This means that it has powers to enforce the prohibitions on anti-competitive behaviour in the Competition Act 1998 (CA98) and the Treaty on the Functioning of
The European Securities and Markets Authority (ESMA) has published the letter that it received from the European Commission in respect of its advice on the application of the Alternative Investment Fund Managers Directive (AIFMD) passport to non-EU alternative investment fund managers (non-EU AIFMs) and alternative investment funds (AIFs), and ESMA’s opinion on the functioning of
Currently, open-ended investment funds may be established in Hong Kong as unit trusts, but not in corporate form due to restrictions on capital reduction under the Companies Ordinance (CO).
The Securities and Futures (Amendment) Bill 2016 (Bill), which was gazetted on 15 January 2016, seeks to amend the Securities and Futures Ordinance (SFO) to introduce
On 14 January 2016, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a consultation paper addressing three proposed amendments to the Further Regulation on Conduct of Business Supervision of Financial Undertakings (Nadere Regeling gedragstoezicht financiële ondernemingen Wft, the Regulation). The Regulation is based on
The PRA and FCA have published a joint consultation paper on the management expenses levy limit (MELL) for the Financial Services Compensation Scheme (FSCS) for 2016/17. The MELL consulted on for 2016/17 is £72.2m consisting of:
The European Systemic Risk Board (ESRB) has published a report to the European Commission on the systemic risk implications of central counterparty (CCP) interoperability arrangements. The report constitutes the ESRB’s assessment of interoperability arrangements as required by article 85(4) of the European Market Infrastructure Regulation (EMIR).
The ESRB believes that CCP interoperability arrangements can have
The PRA has published Consultation Paper 3/16: Occasional Consultation Paper (CP3/16).
In CP3/16 the PRA consults on proposals to delete certain rules and guidance from its Handbook that have been replaced, or are in the process of being replaced by rules in the PRA Rulebook or supervisory statements. The proposals relate to:
The European Banking Authority has updated its Q&A on the Single Rulebook to include new questions and answers relating to the Capital Requirements Regulation and Capital Requirements Directive IV.
Specifically, the new Q&As relate to the following subject matter:
The Institute of International Finance, the Global Financial Markets Association and the International Swaps and Derivatives Association have published a joint statement on the fundamental review of the trading book framework issued by the Basel Committee on Banking Supervision (BCBS). Whilst being supportive of the BCBS’s work during the fundamental review of the trading book,