July 2018


On 30 July 2018, the FCA published Policy Statement 18/19: Assessing creditworthiness in consumer credit – Feedback on CP17/27 and final rules and guidance (PS18/19). In PS18/19 the FCA summarises and responds to feedback to Consultation Paper 17/27: Assessing creditworthiness in consumer credit (CP17/27). It also publishes final rules and guidance in its Consumer

On 30 July 2018, the European Securities and Markets Authority (ESMA) published a final report concerning its peer review on the guidelines on exchange traded funds (ETFs) and other UCITS issues.

The peer review assessed six national competent authorities from Estonia (Finantsinspektsioon), France (Autorité des Marchés Financiers), Germany (BaFin), Ireland (Central Bank of Ireland), Luxembourg

On 26 July 2018, the Financial Action Task Force (FATF) published a report that looks at the techniques and tools used by professional money launderers (PMLs), to help countries identify and dismantle them. The report identifies the key characteristics of the individual PML, the professional money laundering organisation and the professional money laundering network of

On 27 July 2018, the PRA published Consultation Paper 17/18: the definition of default (CP17/18). In CP17/18 the PRA proposes to update its expectations in Supervisory Statement 11/13: Internal Ratings Based approaches to implement the European Banking Authority’s (EBA) regulatory products that relate to the definition of default. The PRA also proposes to amend the

On 27 July 2018, the FCA published Handbook Notice No.57. This Handbook Notice sets out changes to the Handbook made by the FCA Board in their recent meetings. Changes have been made to the following instruments:

  • FCA Recognised Industry Codes (DEPP and EG) Instrument 2018;
  • Benchmarks Regulation (Amendment) (Financial Ombudsman Service) Instrument 2018;
  • Insurance


In 2016 the FCA launched a post-implementation review of its regulation of the crowdfunding sector covering investment-based and loan-based crowdfunding. On 27 July 2018, the FCA published Consultation Paper 18/20 (CP18/20) which summarises its findings, and consults on proposed new rules and guidance for loan-based and investment-based crowdfunding platforms.

CP18/20 will be of particular

On 27 July 2018, the European Commission (Commission) published a communication concerning an intention to endorse, with amendments, draft Regulatory and Implementing Technical Standards submitted by the European Securities and Markets Authority (ESMA) with regard to the details of securities financing transactions (SFTs) to be reported to trade repositories in accordance with Articles 4(9) and

On 26 July 2018, the FCA published a call for input regarding the Packaged Retail and Insurance-based Investment Products (PRIIPs) regulation and initial experiences with the new requirements. The FCA is seeking responses from those who are producing, advising on, or distributing PRIIPs (and preparing and providing key information documents), and from consumers

On 12 July 2018, European Securities and Markets Authority updated its Q&As on the implementation of the European Market Infrastructure Regulation. The updated Q&As concern funds and counterparties; LEI changes due to mergers and acquisitions; and reporting transaction scenarios to trade repositories.