The FCA has published a feedback statement following its call for input on big data in retail general insurance. The FCA announced in November 2015 that it wanted to better understand the use of data by firms and how this affected consumer outcomes and competition in the general insurance sector before considering next steps.
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In August 2015, the UK Government launched the Financial Advice Market Review (FAMR) to explore how consumers could access help with their finances more easily. One of the recommendations from the FAMR was that the UK Government should consult on amending the definition of regulated advice in Article 53 of the Financial Services
On 15 September 2016, we blogged that the European Parliament had rejected the European Commission’s proposed Delegated Regulation supplementing the Regulation on key information documents for packaged retail and insurance-based investment products by setting out regulatory technical standards on the presentation, content, review and revision of key information documents and the conditions for fulfilling the
The European Securities and Markets Authority has published a new webpage on benchmarks. The webpage includes information and links to ESMA’s technical advice on possible delegated acts under the Benchmarks Regulation.
View ESMA webpage – benchmarks, 21 September 2016
The European Securities and Markets Authority (ESMA) has published a discussion paper on the trading obligation for derivatives under the Markets in Financial Instruments Regulation (MiFIR).
The application of the trading obligation is defined by Article 32 of MiFIR which outlines the process for deciding which derivatives should be declared subject
There has been published in the Official Journal of the EU (OJ) the Commission Delegated Regulation (EU) 2016/1675 of 14 July 2016 supplementing the Fourth Anti-Money Laundering Directive by identifying high-risk third countries with strategic deficiencies in their national anti-money laundering and terrorism-financing networks. The list of high-risk third countries is set out
The House of Commons’ Treasury Select Committee has published a letter dated 17 August 2016 from Andrew Bailey, Chief Executive of the FCA, to Andrew Tyrie MP, Treasury Committee Chairman, which provides information on the number of UK authorised financial services firms that currently hold Single Market passports.
In particular the letter notes the following:
The House of Commons’ European Scrutiny Committee has published its eleventh report of the 2016-17 Parliamentary session.
The report includes a discussion of the European Commission’s (Commission) legislative proposal for a Regulation to amend the European Venture Capital Funds Regulation (EuVECA) and the European Social Entrepreneurship Funds Regulation (EuSEF).
On September 15th, the Financial Action Task Force (FATF) released its Mutual Evaluation Report (Report) of Canada’s measures for combatting anti-money laundering (AML) and the financing of terrorism (CFT). FATF is an international organization originally formed by the G-7 countries in 1989. FATF has developed 40 Recommendations
HM Treasury has published a policy paper containing information about how the UK Government has met its obligation to implement the Payment Accounts Directive (PAD) by 18 September 2016. Points of interest include: