The Committee on Payments and Market Infrastructures (CPMI) the global standard setter for payment, clearing and settlement services, has established a task force to look into the security of wholesale payments that involve banks, financial market infrastructures and other financial institutions. According to the press release, the first phase of the work is
The European Commission (the Commission) has published the text of an Implementing Regulation it has adopted, which lays down implementing technical standards for templates, definitions and IT-solutions to be used by institutions when reporting to the European Banking Authority and to competent authorities in accordance with Article 78(2) of the Capital Requirements Directive
The Frankfurter Allgemeine Zeitung reported yesterday that the German regulator, BaFin, has proposed to ban a financial product, the credit-linked note, completely for the first time. This, however, may only be the beginning. Currently, contracts for differences (CFDs) have also come under fire. The proposed ban on credit-linked notes could be followed by further prohibitions
On September 16th, the Department of Finance announced the launch of a public consultation on the deposit insurance regime for banks, federally regulated trust and loan companies and certain provincially regulated institutions. There is no indication when the Government proposes to complete its review but comments are requested by November 30th.
On 16 September 2016, the Dutch Minister of Finance (the Minister) answered questions of the Dutch Parliament on the measure of 8 August 2016 taken by the Belgium regulator in respect of binary options and contracts for difference (cfd’s). The Minster states that the Netherlands Authority for the Financial Markets (Autoriteit
There has been published on the legislation.gov.uk website The Financial Services and Markets Act (Qualifying EU Provisions) (Amendment) Order 2016 (the Order). The Order amends the Financial Services and Markets Act 2000 (Qualifying EU Provisions) Order 2013. As a result of the amendments, directly applicable regulations made under Directive 2009/138/EC of the European Parliament and
The Bank of England (BoE) has issued a consultation paper seeking views on the central bank’s vision for the next generation of its Real-Time Gross Settlement (RTGS) service.
The BoE’s proposals are designed to respond to a number of key strategic drivers for change over the likely lifespan of the next
The Council of the EU has published a corrigendum to the Market Abuse Regulation (MAR). The corrigendum explains that there are ‘obvious errors’ in MAR that need to be corrected in all language versions. The English language part of the corrigendum can be found on pages 26 and 27. Member States have eight
On its website, BaFin has published a circular describing the rules concerning disclosure requirements with regard to encumbered and encumbered assets, dated 30 August 2016. The circular has been agreed with Deutsche Bundesbank. The circular implements an EBA guideline dated 27 June 2014. Disclosure on asset encumbrance should increase market discipline of institutions and allow
On 18 September 2016 new rules enter into force in Germany regarding account switching. Banks are obliged to help their customers switching accounts by transferring standing orders and other services to another provider in an uncomplicated manner upon request of the customer according to section 20 of the payment account act (Zahlungskontengesetz – ZKG).