There has been published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2017/2188 of 11 August 2017 amending the Capital Requirements Regulation (CRR) as regards the waiver on own funds requirements for certain covered bonds. The Delegated Regulation makes an amendment by replacing the introductory sentence in
Commission adopts Delegated Regulation on RTS on strong customer authentication and common and secure communication under PSD2
Article 98(4) of the revised Payment Services Directive (PSD2) empowers the European Commission (Commission) to adopt, following submission of draft standards to the European Banking Authority (EBA), and in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010, delegated acts specifying the requirements of strong customer authentication,
EBA repeals guidelines on retail deposits subject to different outflows for liquidity reporting purposes under CRR
The European Banking Authority (EBA) has announced its decision to formally repeal its guidelines on retail deposits subject to different outflows for the purposes of liquidity reporting under the Capital Requirements Regulation (CRR). The EBA explains that it has repealed the guidelines because they have been superseded by Commission Implementing Regulation
FCA statement on LIBOR panel banks
The FCA has published a statement on the panel banks for the London Interbank Offered Rate (LIBOR) benchmark. The statement notes that all 20 of the LIBOR panel banks have agreed to support the LIBOR benchmark and to remain submitters until 2021. Based on this support until the end of 2021, the FCA
FCA letter to proportionality level 1 firms on 2017/18 remuneration round
The FCA has published a letter which it has sent to firms in which the regulator shares its findings and observations from the 2016/17 remuneration round and provides information on its approach to the supervision of remuneration for 2017/18.
Generally in the 2016/17 remuneration round, the FCA observed improvements in the remuneration policies and practices
Law Commission final Goods Mortgage Bill and report
In September 2017, we blogged that the Law Commission published a report on Bills of Sale following an earlier consultation on the reform of Bills of Sale Acts.
The Law Commission has now published a report on its proposed Goods Mortgages Bill, together with a final version of the draft Bill. When finalised the draft
ESAs announce review of variation margin requirements under EMIR
The Joint Committee on the European Supervisory Authorities (ESAs) has issued a statement concerning variation margin exchange for physically-settled foreign exchange (FX) forwards under the European Market Infrastructure Regulation (EMIR).
The ESAs have made this statement having been made aware of challenges for certain counterparties to exchange variation margin
ECB Eurosystem oversight report for 2016
The European Central Bank (ECB) has published its fourth Eurosystem oversight report. The report describes how the Eurosystem (i.e. the ECB and the national central banks of EU Member States that have adopted the euro) has exercised its oversight responsibilities and conducted oversight activities in the period from June 2014 to the end
Hong Kong: Managing conflicts of interest in financial groups
On 24 November 2017, the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) issued a joint circular on the results of their joint review on the potential conflicts of interest which may arise from the sale of in-house products by licensed corporations and registered institutions (collectively, intermediaries) within a single financial
Regulatory priorities for retail banking
The FCA has published a speech entitled Regulatory priorities for retail banking, delivered by Karina McTeague, Director of Retail Banking Supervision at the FCA.
Key points in the speech include:
- in relation to retail banking, the FCA set out a strategic review of banking business models that will: (i) assess the impact of the