September 2016

The FCA has published its third MiFID II consultation paper, Consultation Paper 16/29: Markets in Financial Instruments Directive II Implementation  – Consultation Paper III (CP16/29).

CP16/29 is split into two parts:

  • Part 1 deals with conduct of business issues; and
  • Part 2 deals with other matters covering a range of issues not covered

Both the PRA and the FCA have published a number of policy papers updating the Senior Managers’ Regime (SMR), Certification Regime (CR) and Conduct Rules. The following is a summary.

PRA – Regulatory references

The PRA has published Policy Statement 27/16: Strengthening accountability in banking and insurance: PRA requirements on regulatory references (part II) (PS27/16).

On 29 June 2016, the Benchmarks Regulation (BMR) was published in the Official Journal of the EU. Most of the provisions of the BMR apply from 1 January 2018. The BMR requires the European Securities and Markets Authority (ESMA) to develop a number of draft technical standards to be submitted to

Correspondent accounts are bank accounts that banks maintain with each other to settle funds transfers and for other banking services. The ability of banks to maintain these accounts with other banks around the world is critical to the efficient functioning of the global financial system. A troubling trend has surfaced over the past few years

Our Regulation tomorrow blog goes from strength to strength, with the addition of Germany to our existing coverage of Africa, Asia, Australia, Canada, the United Kingdom, Italy, the Netherlands and the United States.  EU-level updates will also be featured on our new German page.

New blog posts from Germany include:

The Basel Committee on Banking Supervision (BCBS) has issued final Guidance on the application of the Core Principles for Effective Banking Supervision to the regulation and supervision of institutions relevant to financial inclusion (Guidance). The Guidance is intended to help supervisors respond to changes and innovations in the products, services and

On 15 July 2016, we blogged that the European Securities and Markets Authority (ESMA) published a Call for Evidence on asset segregation and custody services under the Alternative Investment Fund Managers Directive and the Directive on Undertakings for Collective Investment in Transferable Securities.

ESMA has now published the responses to the Call for

The FCA’s Consumer Credit sourcebook requires firms to establish and implement clear, effective and appropriate policies and procedures for dealing with customers whose accounts fall into arrears. Where a customer is in default or in arrears difficulties, a firm should allow the customer reasonable time and opportunity to repay the debt; and in considering the

The PRA has issued Policy Statement 25/16: Implementing risk-based levies for the Financial Services Compensation Scheme (FSCS) deposits class (PS25/16).

PS25/16 provides feedback on responses to Consultation Paper 7/16: Implementing risk-based levies for the Financial Services Compensation Scheme deposits class (CP7/16). In CP7/16, the PRA consulted on amendments to

The FCA has published a speech by Jonathan Davison (FCA Director of Supervision: retail and authorisations) on balancing regulatory objectives in the consumer credit market. Points of interest include:

  • the FCA has determined around 15,000 applications from new businesses wanting to enter the consumer credit market since it took over from the Office of Fair