Our latest financial services and Brexit video is now available here.
Latest financial services and Brexit video
City Week speech – Vice-President Valdis Dombrovskis
On 24 April 2018, the European Commission published a speech given by Vice-President Valdis Dombrovskis at City Week in London. Key points in the speech include:
- the Commission is working at “full speed” to deepen and integrate capital markets across the EU, as part of its flagship project, the Capital Markets Union (CMU);
- for the
FCA speech – Brexit: what does it mean for financial markets to be open?
On 24 April 2018, the FCA published a speech given by its CEO, Andrew Bailey. The speech is entitled Brexit: what does it mean for financial markets to be open?
Highlights in the speech include:
- now is the time for the UK and EU authorities to come together and work on the solutions to reduce
SONIA reform implemented
On 23 April 2018, the Bank of England (BoE) announced that it had implemented its reforms to the SONIA interest rate benchmark. Apart from the methodological changes, the publication time of SONIA has been moved, such that the SONIA rate for a given London business day is now published at 09:00 on the following London
Corrigendum to PSD2
On 23 April 2018, there was published in the Official Journal of the EU a corrigendum to the revised Payment Services Directive (PSD2). The corrigendum amends Recital 47 and Articles 5(2), 52, 61(1), 76(1), 89(2), 92(1), 99(1), 102(1) and 107(1) of the PSD2.
Fourteenth progress report on adoption of the Basel regulatory framework
On 23 April 2018, the Basel Committee on Banking Supervision published its latest progress report providing a high-level view of its members’ progress in adopting the Basel III standards as of end-March 2018. The report focuses on the status of adoption of all the Basel III standards to ensure they are transformed into national law
EBA consults on its guidelines interpreting the STS criteria in securitisation
On 20 April 2018, the European Banking Authority (EBA) published:
- consultation paper on guidelines on STS criteria for non-asset-backed commercial paper (ABCP) securitisation. The draft guidelines have been developed in accordance with Article 19(2) of the Securitisation Regulation which requests the EBA to provide a harmonised interpretation and application of the criteria on simplicity,
New York State starts cryptocurrency exchange inquiry; SEC and CFTC foresee additional cryptocurrency and ICO regulation
On April 17, 2018, New York Attorney General Eric T. Schneiderman took the first steps in launching the new Virtual Markets Integrity Initiative through a fact-finding questionnaire sent to thirteen of the major cryptocurrency trading platforms. The Initiative’s focus is protecting consumers and increasing transparency for both investors and enforcement agencies. “Yet too often, consumers
US-UK Financial Regulatory Working Group
HM Treasury and the Treasury Department of the United have issued a joint statement concerning the formation of a US-UK financial regulatory working group. HM Treasury states that the importance and prominence of US and UK financial markets and the transition in the UK’s regulatory relationship with the EU due to Brexit, has provided an
The basic advice regime under MiFID II & IDD
On 19 April 2018, the FCA published a new update on its website regarding the basic advice regime under MiFID II and the Insurance Distribution Directive (IDD). The update explains the impact of the FCA’s implementation of MiFID II and the IDD. It also directs firms to further information which the regulator has