The FCA and Ontario Securities Commission (OSC) have signed a co-operation agreement that allows the authorities to refer to one another innovative businesses seeking to enter the other’s market. The agreement follows the creation of the FCA’s Innovation Hub in 2014 and the OSC LaunchPad in October 2016. The FCA and OSC have
In line with the Financial Services Act 2012, the FCA and the Bank of England have reviewed the operation of their Memorandum of Understanding that sets out how they should co-operate with one another in relation to the supervision of markets and market infrastructure. Both authorities have concluded that the arrangements for co-operation remain effective
The FCA has issued a statement concerning the EMIR 1 March 2017 variation margin deadline.
The FCA states:
“The new regime for variation margin may require a number of significant changes for many firms, in terms of documentation and other arrangements.
In our supervision of firms’ progress, we will take a risk-based approach and use
The PRA has published Policy Statement 4/17: Responses to CP36/16 and correction to PS2/16 PIN rules (PS4/17).
In PS4/17 the PRA provides feedback to responses, and final rules and supervisory statements to the following chapters of Consultation Paper 36/16: Occasional Consultation Paper:
The PRA has published Consultation Paper 3/17: Refining the PRA’s Pillar 2A capital framework (CP3/17).
CP3/17 is relevant to banks, building societies and PRA designated investment firms. The PRA is proposing to refine its Pillar 2A capital framework that came into force on 1 January 2016. The purpose of the proposals is to
The European Banking Authority (EBA) has published final draft regulatory technical standards (RTS) on strong customer authentication and common and secure communication. The RTS are mandated under the revised Payment Services Directive (PSD2).
In the its final report on the RTS, the EBA summarises the comments received to its
The European Supervisory Authorities (the European Banking Authority, the European Securities and Markets Authority and the European Insurance and Occupational Pensions Authority) have published a statement in response to industry requests relating to operational challenges in meeting the deadline of 1 March 2017 for exchanging variation margin.
The statement includes the following comments:
“From a
The FCA has updated its web page on the Senior Managers and Certification Regime by stating that it intends to consult on the extension of the regime to all FSMA authorised firms during Q2 2017.
View FCA web page – Senior Managers and Certification Regime, 23 February 2017
The latest Banking Reform updater has been published, covering the European Commission’s proposals for an EU intermediate holding company regime (EU IHC).
The Banking Reform updater introduces the EU IHC proposals and compares the EU and US regimes:
On 22 February 2017, the government published a draft of the German Act on the Adoption of the Fourth European Money Laundering Directive. The German version of the draft Act can be found here. The Act will amend the German Money Laundering Act (Geldwäschegesetz – GwG) and will come into force on