On June 29, 2016, the Financial Stability Oversight Council (FSOC) announced that it had voted to lift its designation of GE Capital as a systemically important financial institution (SIFI). The Dodd Frank financial reform act established the FSOC, which is chaired by the US Treasury Secretary and includes the major US financial regulators, after the
Round-table meeting on proportional supervision of insurers
On 30 June 2016, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a news item on the round-table session between the Dutch Association of Insurers (Verbond van Verzekeraars), DNB and representatives of small and medium sized insurers that took place on 31 May 2016. The round-table session focused on
DNB publishes results of investigation into information security
On 30 June 2016, the Dutch Central Bank (De Nederlandsche Bank, DNB) published the results of its investigation in 2015 into the security of information by 22 financial institutions (including insurers, banks and pension administration organisations).
The information security framework has been widely deployed in the financial sector as of 2010. Compliance
Brexit: the effect on asset and wealth management
We have published a new online briefing note that identifies some of the key areas that we see that asset managers will be considering and monitoring closely over the coming weeks and months.
Our briefing note can be found here.
Commodity dealers: exposure exemption extended
There has been published in the Official Journal of the EU (OJ) a Regulation which extends the exemption for commodity dealers from large exposure requirements and from own funds requirements under the Capital Requirements Regulation to 31 December 2020. The Regulation enters into force twenty days after its publication in the OJ.
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PRA publishes final rules and supervisory statement on contractual recognition of bail-in
Article 55 of the Bank Recovery and Resolution Directive (BRRD) requires firms to include in certain non-EU law contracts governing liabilities a term by which the relevant creditor or party to the contract recognises that the liability may be bailed in by the Bank of England as resolution authority.
The PRA has now
Commission report on the appropriateness of Article 3(1) of the FCD
Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements as amended by Directive 2009/44/EC (FCD) creates a harmonised EU legal framework for the creation and enforcement of collateral, i.e. ‘title transfer financial collateral arrangements’ (where the full title to the collateral is transferred to
Commission adopts latest MiFID II and MiFIR Delegated Regulations
The European Commission has adopted a Delegated Regulation supplementing MiFID II with regard to regulatory technical standards (RTS) specifying information to be notified by investment firms, market operators and credit institutions.
Articles 34(8) and 35(11) of MiFID II empower the European Securities and Markets Authority to develop an exhaustive list of information to
CPMI-IOSCO release guidance on cyber resilience for financial market infrastructures
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) have published a final report, Guidance on cyber resilience for financial market infrastructures (the Guidance).
The Guidance is intended to help financial market infrastructures (FMIs) to enhance their cyber resilience. In
AFM responds to report on AFM’s evaluation of the reassessment of interest rate derivatives by banks
On 29 June 2016, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published its response to a report on the manner in which the AFM supervised and evaluated the reassessment of interest rate derivatives by banks (the Report). The Report has been prepared by an independent external research