The Association for Financial Markets in Europe has published FAQs on how wholesale financial services contracts might be impacted by Brexit. The FAQs address operational impacts on clients of wholesale firms and are designed to assist them in their own planning and timetabling of changes to be made as a result of changes in a
The FCA and the US Commodity Futures Trading Commission (CFTC) have signed an arrangement that commits the regulators to collaborating and supporting innovative firms through each other’s financial technology initiatives – LabCFTC and FCA Innovate.
The arrangement focuses on information-sharing regarding fintech market trends and developments. It also facilitates referrals of fintech companies
The FCA has published a Dear CEO letter that requests CEOs of IFPRU investment firms and BIPRU firms to review their firm’s regulatory reporting practices.
The FCA reports that the most common issues it has observed with returns include failure to:
Credit risk mitigation is a technique used by firms to reduce the credit risk associated with an exposure. Credit risk mitigation can be funded or unfunded. One of the ways unfunded credit protection can be achieved is through a guarantee. That can be achieved through the obligation of a third party to pay out in
The Committee on Payments and Market Infrastructures (CPMI) has published a report on cross-border retail payments. The report aims to present a holistic view of cross-border retail payments, covering the various cross-border retail payment types and the processes behind clearing and settlement of cross-border retail payments.
For the purposes of the report, cross-border retail payments
The European Banking Authority (EBA) has published a letter it received in response to its letter of 26 January 2018 concerning the regulatory technical standards (RTS) on strong customer authentication and common and secure communication under the revised Payment Services Directive (PSD2).
In its letter the Commission explains that the amendments made to the RTS
The European Parliament has published the text of a resolution confirming their decision to raise no objections to the Commission delegated regulation of 20 December 2017 amending Delegated Regulation (EU) 2017/2358 and Delegated Regulation (EU) 2017/2359 as regards their date of application. These Delegated Regulations relate to the product oversight and governance requirements for insurance undertakings and insurance distributors, and information requirements and conduct of business rules applicable to the distribution of insurance-based investment products, respectively. They supplement the Insurance Distribution Directive ((EU) 2016/97) (IDD), which has a proposed application date of 1 October 2018 as opposed to the 23 February 2018, the delay of its supplementing Delegated Regulations is intended to align with the IDD’s proposed new application date.
On 14 February 2018, the European Council published a press release confirming its agreement to delay the transposition deadline and application of new rules on insurance distribution.
The European Securities and Markets Authority (ESMA) has launched a new interactive Single Rulebook. The Single Rulebook currently contains the Level 1 text of the UCITS Directive, and links to all relevant Level 2 and Level 3 measures already available elsewhere on ESMA’s website.
ESMA’s objective is to provide an interactive version for each key
The European Central Bank (ECB) has published a speech given by Executive Board Member Yves Mersch. The speech is entitled Rencontres du Club SEPA.
In his speech Mr Mersch discusses: instant payments – a tool for innovation in payments, instant point-of-sale payments, e-commerce, PSD2 and security and instant payments versus virtual currencies.
When discussing