November 2017

The much anticipated Royal Commission was no surprise to the Australian banking industry.  What was surprising was the extension of its terms of reference to local and foreign deposit-taking institutions, life and general insurers, superannuation funds, as well as asset managers, financial planning businesses and all other holders of Australian financial services licences.  Let there

Norton Rose Fulbright New York office’s next financial services briefing is a luncheon seminar set for Thursday, December 7, 2017, at 12:00-1:00 PM ET. 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.

The December briefing will

The Bank of England (BoE) has issued its latest Financial Stability Report (the Report).

Key points in the report include:

  • the 2017 stress test shows the UK banking system is resilient to deep simultaneous recessions in the UK and global economies, large falls in asset prices and a separate stress of misconduct

There has been published in the Official Journal of the EU, Commission Delegated Regulation (EU) 2017/2194 of 14 August 2017 supplementing MiFIR with regard to package orders.

The Delegated Regulation comprises of the following:

  • Article 1 sets out the general methodology for establishing for which package orders there is a liquid market as a

The European Commission has published an interpretative communication on agricultural land sales. The communication is in response to requests by Member States for clarification regarding what they can and cannot do to regulate the sale of farmland.

The right to acquire, use or dispose of agricultural land falls under the free movement of capital principles

The European Central Bank (ECB) has published its first public consultation on developing a euro unsecured overnight interest rate. The interest rate would complement existing benchmark rates produced by the private sector and serve as a backstop reference rate. The rate is intended to be finalised before 2020.

The ECB’s consultation is in

With the general administrative act of 8 May 2017 issued pursuant to section 4b (1) of the German Securities Trading Act (WertpapierhandelsgesetzWpHG), the Federal Financial Supervisory Authority (Bundesanstalt für FinanzdienstleistungsaufsichtBaFin) restricted the marketing, distribution and sale of financial contracts for difference (CFD) (a description can be

On 29 November 2017, the Dutch Central Bank (De Nederlandsche Bank, DNB) published an update on its investigations into the use and functioning of a systematic integrity risk analysis (SIRA) of banks in practice. According to DNB, an effective SIRA contributes to avoiding financial-economic crimes and forms the basis for

The Dutch Central Bank (De Nederlandsche Bank, DNB) recently published its supervisory priorities for the years 2018 to 2022 in the form of two documents:

  1. the ‘Supervisory Strategy 2018 – 2022’ (the Supervisory Strategy); and
  2. the ‘Supervision Outlook for 2018’ (the Supervision Outlook).

In these two documents, DNB identifies the

On 29 November 2017, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) issued a press release stating that it expects that market parties will exert their maximum efforts to comply with the recast Markets in Financial Instruments Directive (MiFID II) (the Press Release).

In its