The Payment Systems Regulator (PSR) has published Policy Statement 17/1: The Payment Systems Regulator’s Financial Penalty Scheme: Decision on the Financial Penalty Scheme for the use of the retained amount from PSR regulatory penalty receipts (PS17/1).
In PS17/1 the PSR states that it has decided to use the money it is
The Bank of England (BoE) has published a paper setting out the key elements of the 2017 stress test for the UK banking system. The 2017 stress test includes two stress scenarios. Alongside the annual cyclical scenario, the BoE is, for the first time, running an additional exploratory scenario.
The annual cyclical scenario
The Investment Association (IA) has published a technical consultation regarding enhanced disclosure of charges and transaction costs.
The consultation sets out an industry code which is intended to provide a blueprint for the reporting of charges and transaction costs using a consistent approach across the UK market and in line with regulatory requirements.
The Bank of England (BoE) has published a statement from the Financial Policy Committee (FPC) relating to its meeting on 22 March 2017. The FPC notes that the overall level of risk to UK financial stability is broadly unchanged since its last meeting but its assessment of the relative weight on
Commission Vice President Dombrovskis has responded to concerns raised by MEPs on the European Parliament’s Economic and Monetary Affairs (ECON) Committee and the European Securities and Markets Authority (ESMA) regarding systematic internalisers (SIs) operating broker crossing networks. Following calls from the legislators and supervisors in December 2016 and February
Norton Rose Fulbright New York office’s next financial services briefing is a breakfast seminar set for Thursday, April 6, 2017, at 8:30 AM EDT. 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.
April’s briefing will start
As part of the public consultation on the review of the European Supervisory Authorities (ESAs) the European Commission has proposed merging the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA). This change is designed to replicate the ‘twin peaks’ structure common at a national level, with one market authority and
The European Commission (Commission) has published a consultation paper, Fintech: a more competitive and innovative European financial sector.
The consultation paper seeks input from stakeholders to further develop the Commission’s policy approach towards technological innovation in financial services. It seeks input in terms of stakeholders’ perspectives on new technologies’ impact on the European
The Payment Systems Regulator (PSR) has published a statement on card schemes subject to domestic interchange fee caps in the UK in 2017/18.
The PSR explains that the Interchange Fee Regulation (IFR) gives some discretion to national governments to grant a time-limited exemption from domestic interchange fee caps to certain three-party
The European Securities and Markets Authority (ESMA) has published the official translations of its final guidelines on the validation and review of credit rating agencies’ (CRAs) methodologies.
The guidelines are intended to clarify ESMA’s expectations and ensure consistent application of Article 8(3) of the CRA Regulation which states that ‘a credit