On 30 August 2018, the PRA published the following letters concerning its latest annual assessment of category 5 credit unions:
On 31 August 2018, the PRA updated its webpage on changes to resolution planning under Supervisory Statement 19/13: Resolution Planning (SS19/13). SS19/13 sets out details on information that firms should submit to the PRA to facilitate resolution planning.
The updated web page explains that earlier this year final draft implementing technical standards (ITS) on reporting
On 30 August 2018, the Dutch Central Bank (De Nederlandsche Bank, DNB) notified financial institutions that it expects them to make the necessary amendments to their systems and procedures to comply with the implementation of the Fourth Anti-Money Laundering Directive (EU/2015/849) (Vierde anti-witwasrichtlijn, 4MLD) that came into force on
In April 2018, we blogged that the European Parliament’s Committee on Economic and Monetary Affairs (ECON) had published a draft report on relationships between the EU and third countries concerning financial services regulation and supervision.
In particular the draft report contained a motion for a European Parliament resolution which among other things argued that the
Markus Ferber, a German MEP, has been elected the new whip for the European People’s Party in the European Parliament’s Committee on Economic and Monetary Affairs (ECON). Mr Ferber previously was the first vice chair of the ECON committee and succeeds Burkhard Balz who is leaving the Parliament to join the board of German Bundesbank
On 28 August 2018, the European Banking Authority (EBA) published three consultation papers concerning Implementing Technical Standards (ITS) on supervisory reporting by firms subject to the Capital Requirements Regulation (CRR).
Consultation paper on draft ITS amending Implementing Regulation (EU) 2016/322 with regard to LCR for liquidity reporting (Paper 1).
On 13 July 2018 the European
On August 10, 2018, the Bureau of Consumer Financial Protection (the “Bureau”) announced that it had finalized amendments to the Gramm-Leach-Bliley Act (“GLBA”) regulations implementing a statutory change that provides an exemption for certain financial institutions from the GLBA requirement to deliver an annual privacy notice to their customers.
As discussed in our post from
In case you may have missed any key Brexit updates during the summer:
European Union (Withdrawal) Act
European Withdrawal Bill becomes law
HMT paper on financial services legislation under the EU (Withdrawal) Act
First SI made under the European Union (Withdrawal) Act 2018
Draft UK statutory instruments
Financial Regulators’ Powers (Technical Standards) (Amendment etc) (EU
On 24 August 2018, the European Central Bank (ECB) published an opinion (dated 22 August 2018) on the legislative package on prudential supervision of investment firms. The legislative package comprises of both a draft Directive and a draft Regulation. Together these draft legislative measures amend the existing prudential framework for investment firms set out in
The European Securities and Markets Authority (ESMA) has announced that it is renewing the prohibition on the marketing, distributing or sale of binary options to retail clients. The prohibition has been in effect since 2 July 2018, and will extend for a further 3-month period from 2 October 2018.
However, ESMA has agreed to two