We have published a new financial services video providing a brief regulatory update on the US election result and Brexit.
Our video can be found here.
New financial services video – Looking forward to 2017: Brexit and Trump
ESMA sets timetable for MiFID II waiver applications
The European Securities and Markets Authority (ESMA) has updated two Q&As documents regarding implementation issues relating to transparency and market structure under MiFD II and MiFIR.
The updated Q&As on transparency sets out the waiver application schedule for 2017 in order for Member State competent authorities and ESMA to handle applications in time
ESMA prepares for MiFID II commodity derivatives regime
The European Securities and Markets Authority (ESMA) has published a new Q&As document on commodity derivatives topics under MiFID II and MiFIR. The Q&As document covers position limits and ancillary activity.
On position limits the Q&As cover a number of important points, including what is a ‘lot’ for energy products and economically equivalent
ESMA consults on supervision fees for trade repositories under SFTR and EMIR
The Securities Financing Transactions Regulation (SFTR), like the European Markets Infrastructure Regulation (EMIR), grants the European Securities and Markets Authority (ESMA) direct registration and supervisory powers over trade repositories. In accordance with Article 11(1) of the SFTR, ESMA shall charge fees to trade repositories (TRs) and those
ESAs consult on Big Data
The Joint Committee of the European Supervisory Authorities have published a discussion paper about the potential benefits and risks of Big Data for consumers and financial firms to determine whether any further regulatory or supervisory actions are needed.
The discussion paper notes that the use of Big Data is likely to transform the way products
The Bank Recovery and Resolution Order 2016
There has been published on the legislation.gov.uk website The Bank Recovery and Resolution Order 2016. The Order amends the special resolution regime for banks and investment firms to strengthen and clarify the UK’s transposition of the EU Bank Recovery and Resolution Directive (BRRD).
The UK transposed the BRRD on 1 January 2015 through amendments to
Treasury Select Committee launches inquiry into recovery and resolution
The House of Commons’ Treasury Select Committee has launched an inquiry into recovery and resolution. The inquiry invites written evidence from interested parties to address any or all of the following points and questions:
- what progress have the major UK banking groups made in developing realistic and effective resolution and recovery plans, including ring-fence arrangements?
Government consults on single public financial guidance body
In March 2016, the Government published the Public financial guidance review: proposal for consultation, setting out proposals to replace the Money Service Advice with a new money guidance body and to bring together the Pensions Advisory Service and the Department for Work and Pensions’ Pension Wise guidance into a new pensions guidance body.
In
Bank of England Act 1998 (Macro-prudential Measures) Order 2016 published
There has been published on the legislation.gov.uk website, The Bank of England Act 1998 (Macro-prudential Measures) Order 2016. The Order confers on the Financial Policy Committee (FPC), the UK’s macro-prudential authority, powers to direct the PRA and FCA to take action with respect to loan-to-value (LTV) ratios and interest coverage
FSB progress report and work plan on correspondent banking
The Financial Stability Board (FSB) has published a progress report on its action plan to assess and address the decline in correspondent banking. In terms of deliverables for 2017, these include:
- By January 2017, the FSB will enhance its public website to include a specific page on correspondent banking matters, to act as