On 25 February 2019, the Council of the EU announced that had reached a preliminary agreement with the European Parliament on the proposal creating a new category of financial benchmarks aimed at giving greater information on an investment portfolio’s carbon footprint.
The announcement states that the two EU institutions have agreed on a harmonised tool
On 26 February 2019, the FCA published a letter responding to the Competition and Markets Authority’s (CMA’s) letter of 12 December 2018 which concerned the CMA’s findings and remedies from its market investigation into the supply and acquisition of investment consultancy and fiduciary management services.
The FCA’s letter notes that the CMA identified a number
On 26 February 2019, there was published on legislation.gov.uk an amended draft of the Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019, together with an explanatory memorandum. These Regulations have been laid before Parliament. The content of the Regulations is addressed in our earlier blog here.
You can track the financial services
On 25 February 2019, the FCA published a speech given by its chief executive Andrew Bailey (AB) on MiFID II at the European Independent Research Providers Association.
AB begins his speech by focussing on the positive impacts the FCA has seen on the initial implementation of MiFID II. In particular, the FCA has seen a
On 25 February 2019, the Financial Stability Board (FSB) has announced it is seeking feedback on the effects of the G20 financial regulatory reforms on the provision of financing to small and medium-sized enterprises (SMEs). The evaluation forms part of a broader FSB examination of the effects of post-crisis reforms on financial intermediation.
The FSB
On 26 February 2019, the European Commission published the speech given by Vice-President Valdis Dombrovskis (VD) at the 3rd Annual Afore Fintech Conference.
VD begins his speech by covering the Commission’s Fintech Action Plan. Last year the Commission asked the European Supervisory Authorities to report on regulatory sandboxes and innovation hubs in Member States.
On 26 February 2019, the European Commission published for consultation the draft text of its Implementing Decision on the recognition of the legal, supervisory and enforcement arrangements of Japan for derivatives transactions supervised by the Japan Financial Services Agency as equivalent to the valuation, dispute resolution and margin requirements of Article 11 of the European
On 26 February 2019, Prime Minister Theresa May issued a statement to the House of Commons regarding the progress of ongoing Brexit negotiations with the EU, and steps forward. The statement includes key upcoming dates prior to the 29 March which will determine the course of Brexit. The statement was made ahead of the Government
The Global Financial Innovation Network (GFIN), a network of 29 state financial sector regulators and supervisors committed to supporting financial innovation in the interests of consumers, including Quebec’s Autorité des Marchés Financiers (AMF) and the Ontario Securities Commission, has announced the launch of a pilot phase of cross-border testing and knowledge
Deferred prosecution agreements (DPAs) have been a mainstay of the recent initiatives to deter corporate offending and change companies’ behaviour. They offer corporate offenders the chance to defer criminal charges provided they comply with financial penalties and other conditions agreed with a prosecuting authority. They are intended to broaden the range of tools available to