August 2016

There has been published in the Official Journal of the European Union a Commission Delegated Regulation correcting the Delegated Regulation supplementing the Bank Recovery and Resolution Directive with regard to ex ante contributions to resolution financing arrangements.

Among other things the amending Delegated Regulation:

  • amends errors that appear in language versions of the Delegated Regulation;

The Presidents of the European Council and the European Commission have jointly published a letter concerning the key issues that will be discussed at the G20 summit in Hangzhou on 4 – 5 September 2016. Section 4 of the letter states:

‘Financial regulatory reform needs to remain high on the G20 agenda. The intended refinements

The Basel Committee on Banking Supervision (Basel Committee) has published a report that updates G20 leaders on progress and challenges in the implementation of the Basel III regulatory reforms since November 2015.

In summary, the report notes that the Basel III capital and liquidity standards have generally been transposed into domestic regulations within

The World Federation of Exchanges has published the results of a survey of financial market infrastructures regarding their use of, and perspectives on, distributed ledger technologies (DLT), including blockchain. In particular the survey finds that more than 84% of respondents indicated that they were either investigating the applicability of DLT or actively pursuing

The Financial Stability Board (FSB) has published two reports on the implementation of key aspects of reforms to the over-the-counter (OTC) derivatives market.

The first report, OTC Derivatives Market Reforms: Eleventh Progress Report on Implementation, sets out progress on implementation of the reforms to the OTC derivatives market agreed by

The International Organization of Securities Commissions (IOSCO) has published its final report on good practice for fees and expenses of collective investment schemes. The examples of good practice in the report include those previously published in 2004, and new examples. The key differences and enhancements relate to:

  • defining permitted and prohibited costs and

The Financial Stability Board (FSB) has published a report to the G20 concerning the progress made on its action plan to assess and address the decline in correspondent banking. The report notes that substantial progress has been made towards implementing the FSB’s action plan including that the Committee on Payments and Market Infrastructures

On August 25, 2016, the Financial Crimes Enforcement Network (FinCEN), the US anti-money laundering (AML) agency, issued a proposed rule that would extend US AML requirements for AML compliance programs to US banking entities that do not currently have a US federal bank regulator (which are the Federal Reserve Board, Federal Deposit Insurance Corporation and

The FCA has released its latest quarterly key performance indicators (KPIs) as at June 2016. The figures cover a range of matters including the time it takes the regulator to process applications, the number of applications determined and the distribution of decisions. These figures are released in relation to authorisations, variation of permission