In February 2016, the FCA published Guidance Consultation 16/2: Proposal to issue guidance on the FCA’s view of enforcing security under the Consumer Credit Act 1974 (GC16/2). In GC16/2 the FCA set out proposed guidance relating to guarantor loans, under which an individual other than the borrower provides a guarantee or indemnity (or
Based on a successful series started by the Norton Rose Fulbright London office, the Norton Rose Fulbright New York office is launching a series of financial services 40-minute briefings November 2. Each month, Norton Rose Fulbright’s senior practitioners will provide interested in-house counsel and professionals with an insightful discussion on current regulatory trends within the
On October 11, 2016, the U.S. Court of Appeals for the District of Columbia Circuit ruled that the Consumer Financial Protection Bureau’s (CFPB) structure was unconstitutional, but that the violation was easily remedied by severing the part of the statute that created the CFPB that permitted its Director to be removed only for cause. Instead,
On 20 October 2016, the Dutch Minister of Finance (the Minister) answered questions of the Dutch Parliament on the draft policy rule in respect of the safekeeping of funds of payment institutions (betaalinstelling) and electronic money institutions (elektronische geldinstelling) (Draft Policy Rule), which has been published by the
On 27 July 2016, the European Commission (Commission) issued a public consultation on a potential EU personal pension framework. The consultation was published in order for the Commission to assess whether a policy framework to establish a successful European market for simple, efficient and competitive personal pensions is feasible, and determine whether EU
The next 40 minute briefing will be taking place on 2 November. The briefing is a MiFID II Academy briefing covering markets and third country provisions.
To learn more and register your place please click here
The European Banking Authority (EBA) has published its report on the review of the large exposures regime as laid down in the Capital Requirements Regulation. In the report the EBA:
The Financial Action Task Force (FATF) has published guidance on correspondent banking services. The guidance should be read in conjunction with the FATF Recommendations, especially Recommendations 1, 6, 7, 10, 11, 13, 14, 16, 20 and 26, their interpretative notes and the glossary.
The guidance should also be read in conjunction with certain
The Financial Action Task Force (FATF) has published guidance on criminalising terrorist financing.
FATF Recommendation 5 (R5) and its Interpretative Note (INR 5) set out in detail the specific elements required to comply with the obligation to criminalise terrorist financing based on the International Convention for the Suppression of
The European Commission has adopted a Delegated Regulation supplementing the Capital Requirements Directive IV with regard to regulatory technical standards for benchmarking portfolio assessment standards and assessment sharing practices. The Delegated Regulation specifies the standards for the assessment to be conducted by Member State national competent authorities (NCAs) of institutions’ internal approaches used