On 22 November 2018, HM Treasury published a draft of The Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019, together with explanatory information.
The draft statutory instrument is part of the wider work the UK Government is undertaking to prepare for the UK’s withdrawal from the EU. It is not
On 23 November 2018, the European Securities and Markets Authority (ESMA) issued a public statement to address the risks of a no-deal Brexit in the area of central clearing. The ESMA board of supervisors supports the continued access to UK central counterparties to limit the risk of disruption in central clearing and to avoid negatively
On 23 November 2018, there was published a communication (dated 13 November 2018) from the European Commission entitled Preparing for the withdrawal of the UK from the EU on 30 March 2019: a Contingency Action Plan. The communication focuses on a no-deal scenario and identifies key areas and actions to be taken, as well
On 22 November 2018, PRA published Consultation Paper 29/18: The systemic risk buffer: updates to the Statement of Policy (CP29/18). In CP29/18 the PRA proposes minor updates to its Statement of Policy ‘The PRA’s approach to the systemic risk buffer’ (SoP). CP29/18 is relevant to ring-fenced bodies within the meaning of section 142A of the
On 23 November 2018, the Financial Stability Board (FSB) published its finalised Recommendations for national supervisors: Reporting on the use of compensation tools to address potential misconduct risks. The Recommendations are directed at national supervisory authorities and set out the types of data that can support improved monitoring on the use of compensation tools
On 22 November 2018, HM Treasury published a letter updating the House of Common’s European Scrutiny Committee on the progress of the proposed EU Regulation (the Regulation) amending the EMIR supervisory regime for EU and third country central counterparties (CCPs).
The letter notes that the European Parliament have agreed a position on the draft Regulation.
On 22 November 2018, the European Payments Council (EPC) published a number of updated versions of its 2017 Single European Payments Area (SEPA) scheme rulebooks, along with new 2019 editions. The updated 2017 Rulebooks become effective on 1 January 2018, the new 2019 Rulebooks become effective on 17 November 2019.
Updated 2017 Rulebooks
On 23 November 2018, the European Banking Authority published a draft handbook on valuation for purposes of resolution, with a view to operationalising the valuation process in order to facilitate its implementation by resolution authorities in case of crisis. The handbook is addressed to resolution authorities and aims to be a useful non-exhaustive support document
On 22 November 2018, the European Central Bank (ECB) published a speech by Ignazio Angeloni, a member of the ECB Supervisory Board, on the Single Supervisory Mechanism (SSM). The speech is centred on the SSM’s strategic objectives and key points to note include:
The German Federal Ministry of Finance (BMF) has published a draft bill which, inter alia, sets out a national transition regime for UK credit institutions, investment firms and insurance undertakings in case of a hard Brexit. The provisions regarding market access of UK institutions introduced by the draft bill will only apply should the