On 24 July 2018, a draft version of the Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 were published together with an explanatory memorandum.
The purpose of the Regulations are to ensure that the regulatory regime for central counterparties (CCPs) established by EMIR functions effectively after Brexit, following the implementation of
On 24 July 2018, the Payment Systems Regulator (PSR) published draft terms of reference for a proposed market review into the supply of card-acquiring services in the UK (MR18/1.1). The review is designed to ensure that card-acquiring services remain competitive and fair for both merchants and consumers.
The review is prompted by concerns that card
On 6 July 2018, the FCA published its response to the recommendations made by the Environment Audit Committee in its June 2018 report, Greening Finance: embedding sustainability in financial decision making. The FCA’s comments included:
On 24 July 2018, the FCA published two papers relating to the way it assesses the potential impact of its policies prior to implementing rules. The theme of the papers reflect the FCA’s increased focus on impact evaluation which was established in its Mission 2017.
On 23 and 24 July 2018, the following legislation implementing the Fourth Anti-Money Laundering Directive (EU/2015/849) (Vierde anti-witwasrichtlijn, 4MLD) were published in the Dutch Government Gazette (Staatsblad).
On 23 July 2018, the Working Group on Sterling Risk-Free Reference Rates (the Working Group) published a paper on the new issuance of Sterling bonds referencing Libor.
The overall objective of the Working Group is to catalyse a broad-based transition to SONIA by the end of 2021 across sterling bond, loan and derivative markets, in
On 23 July 2018, the International Organization of Securities Commissions (IOSCO) and the Committee on Payments and Market Infrastructures (CPMI) published the fifth update to the level 1 assessment report on implementation monitoring of Principles for Financial Markets Infrastructures (PFMI).
The PFMI are international standards for systemically important payment systems, central securities depositories, securities settlement
On 23 July 2018, the G20 published a communique following the G20 Finance Ministers and Central Bank Governors meeting in Buenos Aires this month. Amongst other things, the G20:
On 23 July 2018, the PRA published an occasional consultation paper on regulatory reporting (the Consultation Paper).
In the Consultation Paper, the Prudential Regulation Authority (PRA) sets out reforms to the PRA reporting requirements. These reforms are:
On 23 July 2018, the Bank of England published an updated briefing, following the completion of its Proof of Concept, to understand how a renewed Real-Time Gross Settlement (RTGS) service could be capable of supporting settlement in systems operating on innovative payment technologies, such as those built on Distributed Ledger Technology.
Based on the