On 19 December 2018, the draft Mortgage Credit (Amendment) (EU Exit) Regulations 2019 were laid before Parliament. Our earlier blog explains the purpose of these Regulations.
The Mortgage Credit (Amendment) (EU Exit) Regulations 2019
FCA Finalised guidance: Fairness of variation terms in financial services consumer contracts under the Consumer Rights Act 2015
On 19 December 2018, the FCA published Finalised Guidance 18/7: Fairness of variation terms in financial services consumer contracts under the Consumer Rights Act 2015 (FG18/7).
In FG18/7, the FCA outlines a number of non-exhaustive areas that it believes firms should have regard to when drafting and reviewing variation terms in financial services
FCA speech on diversity in financial services
On 19 December 2018, the FCA published a speech by Christopher Woolard (Executive Director of Strategy and Competition, FCA), Opening up and speaking out: diversity in financial services and the challenge to be met.
One of the key messages in the speech is that how a firm approaches diversity and inclusion tells the FCA
ESMA consults on measures to promote sustainability in EU capital markets
On 19 December 2018, the European Securities and Markets Authority (ESMA) issued three consultation papers on sustainable finance initiatives to support the European Commission’s Sustainability Action Plan in the areas of securities trading, investment funds and credit rating agencies.
The consultation paper on integrating sustainability risks and factors in MiFID II seeks stakeholder input on
Commission Delegated Regulation modifying three existing RTS on the clearing obligation
On 19 December 2018, the European Commission adopted a Delegated Regulation amending amending Delegated Regulation (EU) 2015/2205, Delegated Regulation (EU) 2016/592 and Delegated Regulation (EU) 2016/1178 supplementing the European Markets Infrastructure Regulation with regard to regulatory technical standards on the clearing obligation to extend the dates of deferred application of the clearing obligation for certain
Federal Reserve Board proposes risk-based prudential standards
On November 29, 2018, the Federal Reserve Board published for public comment a Notice of Proposed Rulemaking that would reorganize the current prudential standards regulatory framework for US banking organizations deemed to be of systemic risk into four separate categories to reflect their risk profiles.
CHRB report assesses the human rights standards of 101 of the world’s largest publicly traded companies
Major international companies in the agricultural, clothing and extractive industries have recently been assessed in respect of human rights standards in their businesses and supply chains.
The 2018 Key Findings Report issued by the Corporate Human Rights Benchmark (CHRB) was released on 12 November 2018. The report scored 101 of the largest publicly traded companies
New bipartisan bills aim to regulate and promote blockchain and cryptocurrencies
Legislation has been introduced in the US House of Representatives directed at regulating virtual currency. In a post from the Norton Rose Fulbright Project Finance blog available, Deanne Barrow analyzes the bills.
Readers interested in learning more about cryptocurrency can sign up for updates on our FinTech law and regulation page.
Bank of England consultations on resolvability assessment framework
On 18 December 2018, the Bank of England (BoE) and the PRA published proposals on a bank resolvability assessment framework package which is designed to ensure that banks are accountable for their own resolvability. It does this by demonstrating how they are prepared for resolution as well as requiring certain banks to publicly disclose their
FCA announces proposals to fundamentally reform the way banks charge for overdrafts and extends protections for other high-cost credit products
Introduction
On 18 December 2018, the FCA announced the next package of measures forming part of its high-cost credit review. It has announced proposals to change how banks charge for overdrafts. It has also made new rules strengthening the protections for consumers using home-collected credit (doorstep lending), catalogue credit and store cards and it is