On 22 March and 12 April 2016, our Amsterdam office hosts new breakfast sessions on MiFID II implementation. On 22 March 2016, we will discuss the rules on telephone recordings and recordkeeping. The session on 12 April 2016 will focus on the rules on product governance under MiFID II.
Further information on registration for
On 24 February 2016, the Securities and Futures Commission (SFC) published conclusions to their consultation proposing to expand the scope of the short position reporting by amending the Securities and Futures (Short Position Reporting) Rules (SPR Rules).
The SFC has concluded that, as proposed in the original consultation, the short position reporting will be expanded
On 5 February 2016, the Securities and Futures Commission (SFC) and Hong Kong Monetary Authority (HKMA) published their conclusions to the joint consultation paper they issued in September 2015 on introducing mandatory clearing and expanding mandatory reporting for the second stage of the over-the-counter derivatives regulatory regime.
Amongst other things, the conclusions defer the commencement
The European Banking Authority (EBA) has published the methodology and macroeconomic scenarios for the 2016 EU-wide stress test.
The stress test is designed to provide supervisors, banks and other market participants with a common analytical framework to compare consistently and assess the resilience of EU banks to economic shocks.
In particular, the key features of
The UCITS Regulations 2016 have been published on the legislation.gov.uk website together with an explanatory memorandum and transposition note. These regulations implement provisions in UCITS V relating to depositaries and sanctions, and impose certain requirements on the FCA in relation to information and reporting.
The Payment Systems Regulator (PSR) has published the interim findings of its market review into the ownership and competitiveness of infrastructure that supports the UK’s payment systems Bacs, Faster Payments System (FPS), and LINK.
The interim report outlined the initial evidence gathered and the remedies which could address the issues identified. In particular these include:
On 25 February, the Dutch Central Bank (De Nederlandsche Bank, DNB) announced its supervisory themes for its thematic examinations in 2016. DNB indicates that it will focus on interest rate risks, data quality and remuneration policies.
For the purpose of its examination of interest rate risks, DNB will be conducting on-site investigations
On 25 February 2016, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a brochure for organisations active in the public domain which are not listed, but may nevertheless possess information which qualifies as inside information (voorwetenschap). This includes organisations such as courts, central banks, competition
The UK Parliament has published an updated version of the Bank of England and Financial Services Bill 2015-2016 following amendments made in the committee stage in the House of Commons.
The Financial Action Task Force (FATF) has published an updated version of its guidance on a risk-based approach for money or value transfer services (MVTS).
This non-binding Guidance is intended to assist countries and their competent authorities, as well as practitioners in the MTVS sector and in the banking sector that have or are considering