On 22 February 2017, the Securities Supervision (Wertpapieraufsicht) directorate of the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) published Guidelines on the Imposition of Fines in Administrative Offence Proceedings for Breaches of the Provisions of the Securities Trading Act (Wertpapierhandelsgesetz – WpHG) – the WpHG Administrative Fine
Dutch Minister of Finance launches consultation on marketing ban for certain financial products
On 20 February 2017, the Dutch Minister of Finance (the Minister) published for consultation amendments to the Decree on Conduct of Business Supervision of Financial Undertakings (Besluit Gedragstoezicht financiële ondernemingen Wft, the Decree). The amendments to the Decree will give the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten
Administration deregulatory agenda is focus of next Norton Rose Fulbright New York briefing
Norton Rose Fulbright New York office’s next financial services briefing is a breakfast seminar set for Thursday, March 2, 2017, at 8:30 AM EST. 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 financial services sector.
March’s briefing will start
Member States experts continue discussions on CRR 2 / CRD 5 proposals
Last week representatives of Member States met to discuss the European Commission’s November 2016 proposals for amendments to the Capital Requirements Regulation (CRR 2) and Directive (CRD 5). The proposed amendments, among other objectives, seek to implement some of the outstanding elements of the Basel reform, such as the introduction of
Joint Committee of ESAs opinion on money laundering and terrorist financing risks
The European Supervisory Authorities (ESAs) have jointly published an opinion addressed to the European Commission on the risks of money laundering (ML) and terrorist financing affecting the EU’s financial sector. The opinion is published pursuant to Article 6(5) of the Fourth Anti-Money Laundering Directive (4MLD).
The joint opinion finds
IOSCO concludes that at this stage further work on loan funds is not merited
The International Organization of Securities Commissions (IOSCO) has published its final report setting out its findings following a survey on loan funds. There are two types of loan funds: a loan originating fund whose strategy allows it to grant, restructure and acquire loans; and a loan participating fund that can acquire and restructure
IRSG report on CCPs post Brexit
The International Regulatory Strategy Group (IRSG) has published a report on the implications for users of financial markets in the UK and EU if the current legal and regulatory framework for central counterparties continue unchanged after Brexit. The paper identifies policy measures needed to avoid damaging consequences. The objective of the policy measures
ECB consults on amendments to Regulation on reporting of supervisory financial information
The European Central Bank (ECB) has published a consultation paper on amendments to the ECB Regulation on reporting of supervisory financial information (Regulation).
The ECB proposes to amend the Regulation to reflect the European Banking Authority’s proposed amendments to Commission Implementing Regulation (EU) No 680/2014 on supervisory reporting of institutions with
Single Resolution Board report on approach to MREL in 2016 and next steps
The Single Resolution Board (SRB) has published a report on its approach to the minimum requirement for own funds and eligible liabilities (MREL) in 2016 and its approach towards setting MREL in 2017 and beyond.
The SRB determined that a final MREL methodology would not be available in 2016 for two
CLLS responds to FCA third consultation on MiFID II implementation
In September 2016, the FCA published its third MiFID II consultation paper, Consultation Paper 16/29: Markets in Financial Instruments Directive II implementation – Consultation Paper III. The deadline for comments on this consultation was 31 October 2016. Our blog entry is here.
The City of London Law Society (CLLS) has now