On 19 November 2018, the Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 were made, and have been published on legislation.gov.uk. The Regulations have only minor amendments to the earlier draft Regulations published on 5 September 2018 (our blog on which can be found here), which
On 19 November 2018, the Legal Entity Identifier Regulatory Oversight Committee (LEI ROC) published its second consultation paper on fund relationships in the global LEI system. The consultation paper provides a limited update to the way relationships affecting funds are recorded in the Global LEI System (GLEIS). To ensure consistency throughout the GLEIS, the consultation
On 20 November 2018, the Financial Stability Board (FSB) published a report evaluating the effects of financial regulatory reforms on infrastructure finance (the Report). The evaluation was carried out under the FSB framework for the post-implementation evaluation of the effects of the G20 financial regulatory reforms. It is part of a broader evaluation of the
On 20 November 2018, the Single Resolution Board (SRB) published its 2018 minimum requirement for own funds and eligible liabilities (MREL) policy for the first wave of resolution plans. This document aims to make the public in general, and institutions in particular, aware of the SRB MREL policy as well as the process currently being
On 20 November 2018, the European Central Bank (ECB) published a speech given by Daniele Nouy, Chair of the Supervisory Board of the ECB, at an ordinary hearing for the European Parliament’s Committee on Economic and Monetary Affairs.
The speech is focused around four areas:
On 14 March 2018, the European Commission published a package of measures targeting non-performing loans (NPLs). Among these measures was a proposal for a Directive on credit servicers, credit purchasers and the recovery of collateral (the draft Directive). The aim of the draft Directive is to increase the efficiency of debt recovery procedures through the
The Italian financial services regulator, the Commissione Nazionale per le Società e la Borsa (Consob), has recently been in the news for suspending an initial coin offering (ICO) to the Italian public.
The full text of the Consob resolution (no. 20660 dated 31 October 2018) is available in Italian here.
On November 13, 2018, the CFTC published its Final Rule (Final Rule) setting its de minimis exception threshold to swap dealer registration and regulation requirements at an aggregate gross notional amount (“AGNA”) threshold of $8 billion in swap dealing activity.
Under the de minimis exception as originally adopted, a person
On 19 November 2018, the Payment Systems Regulator (PSR) published a consultation paper concerning the onshoring of the EU regulatory technical standards under the Interchange Fee Regulation (CP18/3).
CP18/3 consults on the PSR’s proposals to amend the regulatory technical standards (RTS) adopted under Article 7 of the EU Regulation on interchange fees for card-based payment
On 19 November 2018, HM Treasury published a draft of The Long-term Investment Funds (Amendment) (EU Exit) Regulations 2018.
Currently, UK fund managers must apply to the FCA for authorisation of a European long-term investment fund (ELTIF) in order to market them using the ELTIF label. In a hard Brexit scenario UK fund managers