The International Swaps and Derivatives Association (ISDA) has published an updated classification letter that will enable counterparties to notify each other of their status for clearing and other requirements under the European Market Infrastructure Regulation (EMIR). The updated letter covers the clearing obligation for certain interest rate derivatives classes denominated in European Economic Area (EEA)
The European Payments Council (EPC) has published the following consultation papers relating to the Single Euro Payments Area (SEPA) instant credit transfer (SCT Inst) scheme:
The SCT Inst scheme rulebook describes the
The European Securities and Markets Authority (ESMA) has published an opinion on the components necessary for a common European framework which applies to loan origination by investment funds.
In this opinion to the European Parliament, the Council of the EU and the European Commission, ESMA sets out its view on the necessary elements for a
The FCA has published a webpage outlining the outcome of its survey of how banks and building societies ensure their customers understand the products they have bought.
The survey was carried out in response to a recommendation by the Parliamentary Commission on Banking Standards that firms demonstrate that they are fulfilling a duty of care
The FCA has published the following documents relating to the regulatory sandbox:
On 11 April 2016, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a report on the quality of investment services provided by investment firms. The AFM investigated to what extent large banks, private banks and investment firms, really know their customers so that they are able to
The Basel Committee on Banking Supervision has issued its tenth progress report concerning its members’ implementation of the Basel III standards. It details the state of play as at the end of March 2016.
The report notes that as of March 2016, all 27 member jurisdictions have final risk-based capital rules, liquidity coverage regulations and
There has been published in the Official Journal of the EU (OJ) a corrigendum to Commission Implementing Regulation (EU) 2016/322 amending Implementing Regulation (EU) No 680/2014 laying down implementing technical standards with regard to supervisory reporting of institutions of the liquidity coverage requirement.
View Corrigendum to Commission Implementing Regulation (EU) 2016/322 of 10 February 2016
The Prudential Regulation Authority (PRA) has published a consultation paper on Solvency II: Remuneration requirements (CP13/16). CP13/16 seeks feedback on a draft supervisory statement which sets out the PRA’s expectations in relation to Article 275 of the Commission Delegated regulation (EU) 2015/35 (Solvency II Regulation). In particular the draft Supervisory Statement seeks to clarify Solvency II remuneration obligations in relation to the identification of staff whose professional activities have a material impact on the undertaking’s risk profile (article 275 (1)(d) of the Solvency II Regulation) and in relation to deferral of any variable remuneration component (article 275 (2)(c)).
The European Payments Council (EPC) has published a clarification paper on the impact of a change of creditor or creditor reference party on a direct debit entered into under one of the SEPA Direct Debit (SDD) Rulebooks.
The purpose of this document is to clarify whether a new SDD Rulebook mandate is required in case