June 2016

The European Securities and Markets Authority (ESMA) has published a speech given by its chairman, Steven Maijoor. The speech is entitled Recovery and Resolution of CCPs: let’s bring the lifeboats in place. Key points in Mr Maijoor’s speech include:

  • through the EU-wide stress tests, which have been published recently, ESMA has assessed

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The board of the International Organization of Securities Commissions (IOSCO) has issued a public statement outlining its priorities regarding data gaps in the asset management industry.

The public statement notes that a top priority for IOSCO is to address data gaps around open-ended regulated collective investment schemes (CIS). Another priority for…

The Financial Stability Board (FSB) has published for public consultation Proposed Policy Recommendations to Address Structural Vulnerabilities from Asset Management Activities.

The consultation sets out proposed policy recommendations to address risks to global financial stability associated with the relevant structural vulnerabilities from asset management activities. The consultation begins with an overview of…

On June 14, 2016, the Federal Reserve Board (“FRB”) published an Advance Notice of Proposed Rulemaking (“ANPRM”) requesting comments on how it should formulate capital standards for insurance companies that own banks that carry federal deposit insurance (“insured banks”). Comments are due on or before August 17, 2016.

Section 171 of the Dodd-Frank Wall Street…

Following the UK’s referendum we set out some basic questions for financial services firms.

  1. The result of the referendum vote means that the UK has immediately left the EU?

No. Following the referendum result the UK needs to negotiate with the EU its withdrawal. In addition, it also needs to negotiate at the same time…

The Prime Minister’s office has released the statement that the Prime Minister gave following the EU referendum result. In the statement David Cameron MP states that the exit negotiation with the EU should be under a new Prime Minister who will take the decision as to when to trigger the notification under Article 50 of…

The FCA has issued a statement regarding the EU referendum result.

In particular the statement states:

  • firms must continue to abide by their obligations under UK law, including those derived from EU law and continue with their implementation plans for legislation that is still to come into effect;
  • consumers’ rights and protections, including any derived

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On 24 June 2016, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a position paper on a future-proof pension system in the Netherlands. In its position paper, the AFM sets out three principles which require careful consideration for a new pension system:

  • all pension accounts should be

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