On 19 April 2018, the FCA published a Dear CEO letter concerning irredeemable preference shares and other similar capital instruments.
The FCA states that listed companies will need to consider whether any intention to cancel or otherwise retire a class of irredeemable shares, or similar shares, at a price based on factors other than the
The European Forum for Deposit Insurers’ (EFDI) main objective is to contribute to the stability of financial systems by enhancing the role of, and promoting European and International co-operation in deposit insurance and investor compensation.
On 20 April 2018, the EFDI published two non-binding guidance papers:
On 19 April 2018, the European Parliament issued a press release stating that it had adopted the Fifth Anti-Money Laundering Directive (5MLD). The next step is for the 5MLD to be formally adopted by the Council. Following that it enters into force three days after its publication in the Official Journal of the EU. Member
On 20 April 2018, the Financial Stability Board (FSB) published Strengthening Governance Frameworks to Mitigate Misconduct Risk, which provides a toolkit that firms and supervisors can use to tackle the causes and consequences of misconduct. The toolkit identifies 19 tools that firms and supervisors could use to strengthen governance frameworks in three overarching areas:
At Norton Rose Fulbright, we have commented on a number of occasions that we expect the Banking Executive Accountability Regime (BEAR) to be extended beyond just authorised deposit-taking institutions (ADIs) and so as to cover other areas of the financial services sector. Such move, which we have previously informally nicknamed “FEAR” (Financial Executive Accountability Regime),
On 18 April 2018, the Bank of England (BoE) announced that the first non-bank payment service provider (PSP) joined a UK payment system settling in central bank money. TransferWise, a FCA regulated PSP facilitating the international transfer of payments, is now a direct participant in the UK’s Faster Payments system. A key component of this
On 18 April 2018, HM Treasury published a draft of the Financial Regulators’ Powers (Technical Standards) (Amendment etc) (EU Exit) Regulations 2018 together with a covering note.
Key points in the covering note include:
On 17 April 2018, HM Treasury published its response to the European Commission’s consultation implementing the Basel III reforms that were agreed by the Basel Committee in December 2017. Among other things HM Treasury states that as “the UK prepares to leave the EU, it remains committed to international standards for the financial industry, of
On 17 April 2018, there was published on the legislation.gov.uk website a draft of the Cash Ratio Deposits (Value Bands and Ratios) Order 2018 together with a draft explanatory memorandum. The Order amends the ration used for calculating the percentage of eligible liabilities that eligible financial institutions are requirements to deposit in a non-interest bearing
On 17 April 2018, the European Banking Authority (EBA) published amendments to the Implementing Technical Standards (ITS) on supervisory reporting, a new ITS on reporting for resolution plans and the corresponding Data Point Model (DPM) and XBRL taxonomy. These changes form part of the EBA reporting framework version 2.8, which will be applicable for submissions