On January 24, 2018, the governing body for credit and debit cards, known as the Payment Card Industry (PCI) Security Standards Council, announced a new set of security requirements designed to address an increasingly popular way that merchants offer to consumers to pay for purchases: smartphones and tablets. Our colleague Susan Ross has written a
New briefing note on the PRA’s position regarding international bank authorisations
A new briefing note, The PRA consults on its position regarding international bank authorisations is now available. To access the briefing note please click here
Correction slip to Central Securities Depositories Regulation 2017
There has been published on the legislation.gov.uk website, a correction slip to the Central Securities Depositories Regulations 2017. The correction slip makes minor amendments to the Regulations which were published on 7 November 2017.
View Correction slip to Central Securities Depositories Regulation 2017 published, 30 January 2018
FCA thematic review of interest-only mortgage customers
The FCA has published Thematic Review 18/1:The fair treatment of existing interest-only mortgage customers (TR18/1). In TR18/1 the FCA shares the results of its thematic work in which the regulator examined how lenders were treating customers who have interest-only mortgages. Specifically, the thematic review looked at how lenders are working to help customers
Basel III ‘Are we done now?’
The European Banking Authority (EBA) has published a speech given by its chairperson, Andrea Enria. The speech is entitled Basel III ‘Are we done now?’
Key points in his speech include:
- the package of reforms that the Basel Committee on Banking Supervision agreed on in December 2017 was a major achievement. Among other
Hong Kong: Hong Kong companies subject to a new “significant controllers” regime – effective 1 March 2018
Further to our previous blog post, the provisions of the Companies (Amendment) Ordinance 2018 will take effect on 1 March 2018.
This amendment to the Companies Ordinance (Cap 622) (the Companies Ordinance) introduces new requirements on a company to identify persons who have “significant control” over the company and to maintain certain information about
Latest Brexit and financial services video
Our latest Brexit and Financial Services video is now available. In this video we take a brief look at the PRA’s recent consultation paper on branch authorisations. The video can be found here
House of Lords EU Committee report on Brexit and the future of financial regulation and supervision
The House of Lords EU Committee has published a report entitled, Brexit: the future of financial regulation and supervision. Key points of interest in the report include:
- in agreeing the relationship between the UK and the EU post-Brexit, both sides should favour an end state allowing mutual market access. Fragmentation would lead to costs increasing
Cabinet Ministers’ letter to businesses on implementation period
The Department for Exiting the EU has published an open letter to business leaders setting out the Government’s aims for an implementation period after the UK leaves the EU.
The joint letter, written by David Davis (Secretary of State for Exiting the EU), Philip Hammond (Chancellor of the Exchequer) and Greg Clark (Secretary of State
EBA letter to European Commission on RTS on strong customer authentication under PSD2
The European Banking Authority (EBA) has published a letter from its Chairman, Andrea Enria, to Olivier Guersent, European Commission (Commission) Director-General, DG FISMA, on the status of the regulatory technical standards (RTS) on strong customer authentication and common and secure communication under the revised Payment Services Directive (PSD2