On 21 December 2017, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, AFM) issued a press release on proposed changes to the Further Regulation on Conduct of Business Supervision of Financial Undertakings (Nadere Regeling gedragstoezicht financiële ondernemingen Wft, the Further Regulation).
In the Summer of 2017, the AFM consulted
The Prudential Regulation Authority (PRA) has published a consultation on a draft supervisory statement: International insurers: the Prudential Regulation Authority’s approach to branch authorisation and supervision (CP30/17). In CP30/17, the PRA seeks views on its proposed approach to the authorisation and supervision of third-country insurers that carry on business in the UK through a branch or subsidiary.
On 20 December 2017 the European Commission proposed a draft Directive to postpone the implementation (but not transposition) of the Insurance Distribution Directive (2016/97/EU or “IDD”) by seven months to 1 October 2018. This postponement has been requested by 16 Member States and the European Parliament. A delay is sought to enable smaller intermediaries to prepare for the new IDD regime.
On 19 December 2017, the Dutch Minister of Finance and the Dutch Minister of Justice and Security sent the results of two investigations to the Dutch Parliament:
together the Reports.
The two investigations into the risks of money laundering
A new Banking Code of Practice has been developed and sent to ASIC for approval. The new Code will also be scrutinised by the Royal Commission for the purpose of determining whether or not the industry code is adequate to protect individual consumer and small business rights.
The new Code was rewritten following an independent
HM Treasury has published a letter from Stephen Barclay, Economic Secretary to the Treasury, to Nicky Morgan, Treasury Committee Chair, concerning the onshoring of EU financial services legislation.
The letter follows a meeting on 11 December 2017, at which Mr Barclay and Ms Morgan discussed how HM Treasury intends to use the European Union (Withdrawal)
In July 2017, the Government published the Anti-money laundering (AML) supervisory review: consultation which sought views on:
The European Banking Authority (EBA) has published the following relating to Article 4 of the Bank Recovery and Resolution Directive (BRRD):
The European Securities and Markets Authority (ESMA) has published a consultation paper on draft regulatory technical standards (RTS) under the new Prospectus Regulation. The proposed draft RTS include standards in the following areas:
The European Securities and Markets Authority (ESMA) has updated its MiFID II/MiFIR Q&As on data reporting topics. ESMA has added new Q&As covering the following topics: