On 12 April 2018, the FCA updated its webpage on Consultation Paper 18/10: FCA regulated fees and levies: rates proposals 2018/19 (CP18/10) (our earlier blog is here). The FCA states that it has updated CP18/10 to provide some additional information to be consistent with the PRA’s consultation on its fees and levies for 2018/19
FMLC paper on legal uncertainties relating to proposed amendments to amend BRRD moratorium powers
On 13 April 2018, the Financial Markets Law Committee (FMLC) published a paper setting out certain legal uncertainties as regards the European Commission’s proposal to amend the moratorium provisions within the Bank Recovery and Resolution Directive. Specifically the FMLC considers four sets of uncertainties relating to:
- the existing moratorium powers;
- financial collateral arrangements;
- custody requirements;
ECON draft report on draft Directive on the prudential supervision of investment firms
On 11 April 2018, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) published a draft report on the proposed Directive on the prudential supervision of investment firms. The draft report contains a draft European Parliament legislative resolution which sets out suggested amendments to the draft Directive.
The Rapportuer for the draft Directive, Markus
ESA report warns against risks for EU financial markets, Brexit, asset repricing and cyber-attacks key risks
On 12 April 2018, the Joint Committee of the European Supervisory Authorities (ESAs) published a report for the second half of 2017 which outlines the following risks as potential sources of instability:
- sudden repricing of risk premia as witnessed by the recent spike in volatility and associated market conditions;
- uncertainties around the terms of the
HM Treasury publishes summary of responses to its consultation on cash ratio deposit schemes
On 8 February 2018 HM Treasury published a consultation on a proposed change to the cash ratio deposit (CRD) scheme (our blog is here). The consultation set out the Government’s proposals to:
- move from a fixed ratio to a ratio that is indexed to yields on a portfolio of gilts and is calculated every
CBI Brexit report
On 11 April 2018, the Confederation of British Industry (CBI) published a report, a Smooth operation, which seeks to inform the Brexit negotiations by outlining where British businesses want to stay close to EU rules and where they want divergence. The report is based on interviews with different UK businesses, from architects to zoos,
Commission proposes a new deal for consumers
On 11 April 2018, the European Commission issued legislative proposals for a new deal for consumers to ensure that EU consumers fully benefit from their rights under EU law.
In summary the new deal seeks to strengthen consumer rights online and give consumers the tools to enforce their rights and get compensation. In terms of
ECB opinion on draft Regulation amending EBA Regulation
On 12 April 2018, the European Central Bank (ECB) published an opinion on the draft Regulation that amends the Regulation that establishes the European Banking Authority (EBA Regulation). The draft Regulation forms part of a comprehensive package of proposals to reform the European System of Financial Supervision introduced in September 2017, consisting of the three
Anatomy of an ICO
A growing number of companies are turning to initial coin offerings—called ICOs—as an innovative way to raise capital. But do people really know what are they and how they work? Please check out this article by Andrew Lom, Rita Astoor and Rachael Browndorf on ICOs that includes a description of what ICOs are, how
BaFin advisory letter in the classification of tokens as financial instruments
At the end of March 2018 the German Federal Financial Supervisory Authority (BaFin) published an advisory letter on the classification of tokens as financial instruments. The advisory letter has been published in response to the rising number of queries the BaFin’s Securities Supervision / Asset Management Directorate has received as regards whether the