Introduction
The European Commission has published a number of proposed measures that form part of its work to reduce risk in the EU banking sector, as set out in the Communication Towards the Completion of the Banking Union. The proposals also implement some outstanding elements that have recently been finalised by global standard setters
Article 85(1) of the European Market Infrastructure Regulation (EMIR) provides that the European Commission shall review and prepare a general report on the Regulation which shall be submitted to the European Parliament and the Council of the EU, together with any appropriate proposals.
The Commission has now published its report noting that no
The European Parliament has published the adopted provisional text of its resolution on the European Commission’s Green Paper on retail financial services. The provisional text includes a list of short –term and long-term priorities.
View Provisional text of the European Parliament resolution on European Commission Green Paper on retail financial services adopted, 22 November
The FCA has published a guide for consumer credit firms that provides high-level guidance on steps that can be taken to reduce financial crime risk. The aim of the guidance is to enhance consumer credit firms’ understanding of the FCA’s expectations and help firms to assess the adequacy of their financial crime systems and controls.
On 22 November 2016, the Dutch Minister of Finance published a consultation document in relation to the revision of the Act on the Financial Supervision (Wet op het financieel toezicht, the AFS) (the Consultation Document).
The purpose of the Consultation Document is to investigate whether, and if so how, it is
On 21 December 2015, the European Banking Authority (EBA) published its opinion on the application of the principle of proportionality to the remuneration provisions in the Capital Requirements Directive IV (CRD IV), recommending to introduce possible exemptions from some of the remuneration principles set out in Article 94 of the CRD
There have been published in the Official Journal of the EU the following Delegated Regulations:
The European Securities and Markets Authority has updated its Q&A on the application of the UCITS Directive. The updated Q&A includes two new questions and answers on how investment limits should be applied where a UCITS wants to invest in an umbrella fund.
View ESMA updates Q&A on application of UCITS Directive, 21 November
The PRA has issued Consultation Paper 41/16: Deposit protection limit (CP41/16).
CP41/16 sets out the PRA’s proposal to reset the deposit protection limit at £85,000 as of 30 January 2017. However, the PRA also proposes a 5 month transitional period until 30 June 2017 for firms to implement changes to disclosure materials, advertising
The German Federal Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) plans to amend its circular regarding the Minimum Requirements for the Compliance Function and Additional Requirements Governing Rules of Conduct, Organisation and Transparency pursuant to sections 31 et seq. of the Securities Trading Act (Wertpapierhandelsgesetz – WpHG) for Investment Services Enterprises (