The Government has published its case for appealing the High Court ruling in R (Gina Miller and Deir Tozetti Dos Santos) v The Secretary of State for Exiting the European Union.
The Supreme Court has also confirmed that the following applications to intervene in this case have been granted to the:
The PRA has published Consultation Paper 43/16: Implementation of MiFID II: Part 2 (CP43/16). CP43/16 is the PRA’s second consultation on MiFID II and follows Consultation Paper 9/16: Implementation of MiFID II: Part 1 (CP9/16). In CP9/16 the PRA consulted on the implementation of the MiFID II passporting regime and algorithmic
The European Central Bank (ECB) has published for consultation draft guidance to banks on leveraged transactions. The draft guidance, when finalised, will apply to all significant credit institutions supervised by the ECB under Article 6(4) of the Regulation establishing the Single Supervisory Mechanism (hereafter referred to as ‘banks’).
The draft guidance recommends that
The Capital Requirements Regulation (CRR) contains, among other things, specific mandates for the European Banking Authority (EBA) to develop draft Regulatory Technical Standards (RTS) to specify the conditions under which member state competent authorities (NCAs) assess the significance of positions included in the scope of market risk
The US Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight has issued a time-limited no-action letter that extends relief provided to certain CFTC-registered swap dealers (SD) and major swap participants (MSP) in CFTC Letter No. 15-61.
The no-action letter states that the Division of Market Oversight will not
The Basel Committee on Banking Supervision (Basel Committee) has published a consultation document setting out proposed revisions to the annex on correspondent banking. The Basel Committee states that the proposed revisions are consistent with the Financial Action Task Force’s (FATF) guidance on correspondent banking services issued in October 2016 and serve
The European Commission (Commission) has published a communication on the follow-up to its call for evidence on the EU regulatory framework for financial services. The call for evidence was a key contribution to the Commission’s Better Regulation agenda and the Regulatory Fitness and Performance (REFIT) programme, which ensures that EU legislation
The FCA has published its latest Occasional Paper that presents the results of eight experiments into communications and disclosure covering topics ranging from compliance to choosing a pay day loan. The Occasional Paper summarises a number of previously unpublished trials, which the FCA conducted in collaboration with others. The research breaks into new areas for
HM Treasury has now published a formal consultation on legislation to implement a new regulatory, corporate and tax framework for insurance linked securities (“ILS”) business in the UK. This latest consultation follows the March 2016 initial consultation which sought feedback on the overall approach that the UK should take to develop a more competitive market
The Federal Reserve Board (FRB) recently proposed new restrictions on the ability of a financial holding company (FHC) to engage in physical commodity activities. The complex proposal includes (i) heightened capital requirements for certain physical commodity activities, (ii) changes to the maximum amount of specified physical commodities FHCs can hold, (iii) clarification of restrictions on