On 25 June 2018, the European Banking Authority (EBA) published an opinion relating to the risks posed by the lack of preparation by financial institutions for the departure of the UK from the EU.
The EBA opinion is addressed to competent authorities of financial institutions that are currently present in the UK and provide services
On 25 June 2018, the European Banking Authority (EBA) updated its guides on supervisory data:
On 22 June 2018, the European Banking Authority (EBA) published a consultation paper containing draft guidelines on outsourcing under the Capital Requirements Directive IV (CRD IV) and the revised Payment Services Directive (PSD2).
The draft guidelines update the Committee of European Banking Supervisors (CEBS) guidelines on outsourcing issued in 2006 (the 2006 guidelines). The scope
On May 30, 2018, the Federal Reserve Board was the first of the five financial services regulators responsible for the Volcker Rule to approve proposed changes agreed by the regulators. Between May 31 and June 5, 2018, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the Commodity Futures Trading Commission and the Securities
On 22 June 2018, the FCA issued a statement supporting the views expressed by the European Banking Authority (EBA) in an opinion and draft guidelines on the Regulatory Technical Standards (RTS) on strong customer authentication and common and secure communication under the revised Payment Services Directive (PSD2). The FCA adds that if the final version
On 21 June 2018, HM Treasury and the Bank of England (BoE) published the speeches given by the Chancellor of the Exchequer and the Governor of the BoE at the Mansion House. Both speeches covered financial services and Brexit.
In his speech the Chancellor of the Exchequer mentioned that the UK Government is not yet
On 22 June 2018, the European Securities and Markets Authority (ESMA) published a letter (dated 31 May 2018) it had received from Valdis Dombrovskis, Vice President of the European Commission which provides further clarification of the ancillary activity test contained in Article 2(1)(j) of MiFID II. In particular the letter discusses the application of the
In his June 6, 2018, interview with CNBC, Securities and Exchange Commission (“SEC”) Chairman Jay Clayton further clarified the regulatory landscape around cryptocurrencies, blockchain technology and initial coin offerings, nothing that the SEC would not support changing the traditional definition of a security to take into account this new technology: “Where I give you my
The Financial Stability Board (FSB) has published two guidance documents to assist authorities in implementing its Key Attributes of Effective Resolution Regimes (Key Attributes) for global systemically important banks (G-SIBs):
On 21 June 2018, the Basel Committee on Banking Supervision (Basel Committee) published its latest progress report on banks’ implementation of the Principles for effective risk data aggregation and reporting (the Principles). The Principles are intended to strengthen banks’ risk data aggregation and risk reporting with a view to improving their risk