On October 25, 2018, the Conference of State Bank Supervisors (“CSBS”) filed a lawsuit in the U.S. District Court for the District of Columbia against the Office of the Comptroller of the Currency (“OCC”) seeking to stop the OCC from issuing any special-purpose national bank charters to financial technology companies that
FCA Handbook Notice 59
On 26 October 2018, the FCA published Handbook Notice No.59. 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 instrument:
- Conduct of Business Sourcebook (Pension Transfers) (No 2) Instrument 2018 (FCA 2018/47).
Sam Woods Mansion House speech
The Prudential Regulation Authority (PRA) has published a speech given by its CEO, Sam Woods. The speech is entitled Good cop / bad cop, describing the two different roles the PRA often finds itself playing.
One Brexit Mr Woods reiterates the message that firms should be working on their contingency plans. He encourages incoming
The Financial Regulators’ Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018
On 26 October 2018, there was published on legislation.gov.uk the Financial Regulators’ Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018, together with an explanatory memorandum. The Regulations were laid before Parliament on 25 October 2018 and following approval, entered into force on 26 October 2018. The Regulations have minor amendments from the
FMLC reports on uncertainty arising from onshoring Bank Recovery and Resolution Regulations
On 27 October 2018, the Financial Markets Law Committee (FMLC) published a report as part of their “onshoring” statutory instruments comment series (the Report), concerning the onshoring of the Bank Recovery and Resolution framework post-Brexit. Onshoring the framework will be achieved via the Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018
Compromise proposal on Regulation amending EMIR supervisory regime for EU and third-country CCPs
The Council of the EU has published its latest compromise proposal on the draft Regulation amending the authorisation and recognition regime for third country Central Counterparties (CCPs). The compromise proposal includes amendments to the text of the draft Regulation.
ESA joint committee consultation on amending ITS on mapping credit assessments of ECAIs under CRR
On 26 October 2018, the Joint Committee of the European Supervisory Authorities (the Committee) comprised of ESMA, the EBA and EIOPA, published a consultation paper (the Consultation) on the draft implementing technical standards (ITS) amending the implementing regulation (the Implementing Regulation) on the mapping of external credit assessment institutions (ECAI) under the Capital Requirements Regulation
BCBS report on the implementation of Basel III regulatory framework
On 26 October 2018, the Basel Committee on Banking Supervision (BCBS) published their fifteenth progress report on the adoption of the Basel regulatory framework (the Report). The Report sets out the adoption status of Basel III standards for each member jurisdiction of the BCBS as of end-September 2018. All 27 member jurisdictions have risk-based capital
FATF guidance on risk-based approach for securities sector
On 25 October 2018, the Financial Action Task Force (FATF) published the final version of their guidance for a risk-based approach (RBA) for the securities sector (the Guidance). The RBA is key for businesses to understand the money laundering and terrorist financing (ML/TF) risks to which they are exposed; the Guidance offers specific advice for
HMT advisory notice regarding money laundering and terrorist financing controls in overseas jurisdictions
On 25 October 2018, HM Treasury updated its advisory notice on money laundering and terrorist financing controls in higher risk jurisdictions. The advisory notice briefly sets out the requirement to apply Enhanced Due Diligence for higher risk jurisdictions and attaches two statements that the Financial Action Task Force (FATF) published on 19 October 2018 identifying