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Cryptocurrency and ICOs: What does the future hold?
Cheque and Credit Clearing Company launches check image clearing system
The Cheque and Credit Clearing Company has announced the launch of the Image Clearing System (ICS). The ICS enables images of cheques to be exchanged between banks and building societies, with the aim of allowing cheques to clear more quickly than they have done previously. Cheques processed via the new system will mean
Second FCA consultation on review of FSCS funding
In December 2016, the FCA published Consultation Paper 16/42: Reviewing the funding of the Financial Services Compensation Scheme (FSCS) (CP16/42). In CP16/42, the FCA set out for discussion a range of options on changes to the funding of the FSCS and coverage of its protection.
The FCA has now published Consultation
Sections 11 and 36 of Criminal Finances Act 2017 come into force on 31 October 2017
There has been published on the legislation.gov.uk website, the Criminal Finances Act 2017 (Commencement No.3) Regulations 2017. These Regulations bring sections 11 and 36 of the Criminal Finances Act 2017 into force from 31 October 2017.
Section 11 addresses the sharing of information within the regulated sector so far as it applies to relevant undertakings
Commission inception impact assessment on legislative proposal for EU framework on crowdfunding
The European Commission (Commission) has published an inception impact assessment for a legislative proposal for an EU framework on crowd and peer-to-peer finance.
The initiative is part of the Commission’s priority of establishing a Capital Market Union (CMU). Broadening access to finance for small and medium sized enterprises, in particular for
EBA finalises 2018 EU-wide stress test timeline
The European Banking Authority (EBA) has agreed on the final timeline of the 2018 EU-wide stress test. Following a discussion with the industry on the draft methodology during the summer of 2017, the EBA Board of Supervisors decided to extend the overall timeline for the stress test to take into account the challenges
German Banking Industry Committee: Response to the Basel Committee on Banking Supervision’s consultative document on the implications of FinTech developments
The German Banking Industry Committee (GBIC) welcomes the Basel Committee’s initiative to examine the effects of FinTech for banks and banking supervision. The Basel Committee’s consultative document combines historical research, analysis of current media and industry periodicals, surveys on Basel Committee members’ activities, Fintech product analysis and scenario analysis. Based on this work,
EPC consultation on mobile contactless card payments
The European Payments Council has launched a public consultation on the mobile contactless SEPA card payments implementation interoperability guidelines.
The guidelines focus on interoperability between the different stakeholders involved in the mobile contactless card payment ecosystem. In particular, they address the interoperability aspects related to the mobile contactless card payment application life cycle management. They
Commission adopts Delegated Regulation amending list of high-risk third countries under 4MLD
The European Commission has adopted a Delegated Regulation that amends an earlier Delegated Regulation that sets out the list of third countries that have strategic deficiencies in their anti-money laundering / countering the financing of terrorism regimes. The adopted Delegated Regulation adds Ethiopia to the list of high-risk third countries.
In terms of next steps,
EBA consults on requirements for home-host cooperation under PSD2
The European Banking Authority (EBA) has issued a consultation paper on draft Regulatory Technical Standards (RTS) on cooperation between competent authorities in the home and host Member States in the supervision of payment institutions operating on a cross border basis under Article 29(6) of the revised Payment Services Directive (PSD2