The European Central Bank (ECB) has published a speech given by Executive Board member Yves Mersch. The speech is entitled Reaping the benefits of payment services in a new regulatory environment.
In his speech Mr Mersch makes a number of comments including:
The City of London Law Society (CLLS) has published a letter dated 29 December 2017 to the FCA regarding MiFID II and outsourcing in relation to portfolio management services. The letter provides some observations on the FCA’s letter of 19 July 2017 on the topic to the Alternative Investment Management Association.
The CLLS:
There has been published on the legislation.gov.uk website, The Financial Services and Markets Act 2000 (Benchmarks) (Amendment) Regulations 2018. These Regulations amend Regulation 61(1) of the Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (existing administrators as at 30 June 2016: transitional provision) by omitting “in relation to that benchmark or those benchmarks”.
The European Banking Authority (EBA) has published a speech given by its Executive Director, Adam Farkas at the Deutsche Bundesbank Conference. The speech is entitled Bank business models – structural changes and their systemic implications.
In his speech Mr Farkas makes a number of points including:
The FCA regularly explores how technology can make its regulation more efficient. One of the ways it does this is through TechSprints that bring together financial services providers, technology companies and subject matter experts to explore technological innovations.
In November 2017, one of these events developed a “proof of concept” which could potentially make it
The House of Commons’ Treasury Select Committee has published the terms of reference for its inquiry into the state of the small and medium-sized enterprise (SME) finance market.
The inquiry will consider the state of the SME finance market under the following themes:
The Bank of England (BoE) has published its annual report on the supervision of financial market infrastructures (FMIs).
In terms of future developments and priorities for 2018, the BoE has noted the following:
On 16 February 2018, the Dutch Minister of Finance sent a letter to the Dutch Parliament regarding developments around the prudential regime and remuneration rules applicable to investment firms that exclusively deal on own account (handelen voor eigen rekening) in the Netherlands, i.e. proprietary trading firms (the Letter).
Following the discussions around
On 7 March 2018, the London financial services team will be holding an extended 40 minute briefing covering MiFID II: post implementation review. The briefing will start at the usual time of 8:45am but will finish at 11:30am. A detailed programme is set out below. We are pleased to advise that Stephen Hanks from the
The Basel Committee on Banking Supervision (Basel Committee) has published a sound practices report, Implications of fintech developments for banks and bank supervisors. The report assesses how technology driven innovation in financial services may affect the banking industry and the activities of supervisors in the near to medium term.
The Basel Committee