On 25 October 2018, the Bank of England (BoE) published a consultation paper setting out proposals to levy fees on non-UK central counterparties (CCPs) that apply to the BoE to be recognised under domestic law after the UK’s withdrawal from the EU.
The consultation paper sets out the proposed fee for applications for UK recognition,
On 25 October 2018, the European Commission adopted a Delegated Regulation supplementing the Bank Recovery and Resolution Directive (BRRD) with regard to regulatory technical standards (RTS) specifying the criteria for assessing the impact of an institution’s failure on financial markets, on other institutions and on funding conditions.
Essentially the RTS promote convergence of practices among
Introduction
Following on from the FCA’s consultation papers on Brexit which were published earlier this month, the Bank of England (BoE) has now issued a package of communications setting out proposed changes to its rules and some of the binding technical standards that have been allocated to it under the Financial Regulators’ Powers
The European Commission (Commission) has published its work programme (the Programme) for 2019, including five annexes of initiatives. The Commission has also published a supporting Q&A document.
The Programme is focused around the ’10 priorities of the Juncker Commission’ before the European Parliament elections in May next year. Relevant to the financial services sector are:
On 22 October 2018, there was published in the Official Journal of the European Union (OJ) Commission implementing regulation (EU) 2018/1580 of 19 October 2018 amending Implementing Regulation (EU) 2015/2197 laying down implementing technical standards with regard to closely correlated currencies in accordance with Regulation (EU) No 575/2013 of the European Parliament and of the
On 24 October 2018, HM Treasury (HMT) published a response (the Response) to the Government’s 2016 consultation paper ‘Mutual deferred shares: consultation on technical policy details’ (the Consultation). The Consultation invited opinions on the Government’s proposed Mutuals’ Deferred Shares Regulations which would allow mutual insurers to issue a new type of capital ‘Mutual Deferred Shares’
On 23 October 2018, the European Banking Authority (EBA) published its work programme for 2019. The Programme is defined by five high level strategic priorities:
On 23 October 2018, UK Finance published a review into the complaints and alternative dispute resolution (ADR) landscape for the UK’s small and medium enterprises (SME) market. The report serves three purposes to:
On 23 October 2018, there was published on legislation.gov.uk an updated version of the draft Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018. This version of the draft Regulations has been laid before Parliament. There are a number of minor changes to the original version of the draft Regulations published on
The Financial Stability Board (FSB) has issued a press release following its plenary meeting in Ottawa on 22 October 2018. At the plenary meeting FSB members discussed a number of key topics: