The Bank Recovery and Resolution Directive and the Single Resolution Mechanism Regulation require that resolution authorities, before taking resolution action or exercising the power to write down or convert relevant capital instruments, ensure that a fair, prudent and realistic valuation of the assets and liabilities of the institution is carried out by a person independent
On 25 February 2019, the European Banking Authority (EBA) published revised guidelines on outsourcing arrangements.
The guidelines update the Committee of European Banking Supervisors (CEBS) guidelines on outsourcing that were issued in 2006. The EBA recommendation on outsourcing to cloud service providers, published in December 2017, has also been integrated into the revised guidelines.
The
On 20 February 2019, the European Insurance and Occupational Pensions Authority (EIOPA) published a framework to identify the drivers of conduct risk so that EIOPA and European National Competent Authorities (NCAs) can focus on minimising these risks to consumers.
The Financial Conduct Authority (FCA) has not found evidence of significant levels of harm to competition in the wholesale insurance broker sector to merit the introduction of intrusive remedial measures. As a consequence, it is closing its market study and issuing a final report.
As the March 29 deadline looms large for the UK’s exit from the EU we are going to slightly deviate from the monthly 40 minute briefing format.
The briefing on 6 March will take the form of a 30 minute webinar from 9:00am to 9:30am, in which our financial services partners will discuss what they
On 21 February 2019, there was published on legislation.gov.uk the Venture Capital Funds (Amendment) (EU Exit) Regulations 2019, together with an explanatory memorandum. Our previous blog on the Regulations can be found here.
You can track the financial services Brexit EU Exit statutory instruments (as well as gain access to our Brexit resources)
On 21 February 2019, there was published on legislation.gov.uk a draft of the Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019, together with a draft explanatory memorandum. Our blog of 6 February 2019 discusses the purpose of the Regulations.
You can track the financial services Brexit EU Exit statutory instruments (as well as gain
There has been published a letter from David Lidington MP (Minister for the Cabinet Office) to Baroness Taylor of Bolton concerning the treatment of no-deal statutory instruments in a deal scenario.
Mr Lidington’s letter notes that in July 2018, the Government published a White Paper, Legislating for the Withdrawal Agreement between the United Kingdom and
On 20 February 2019, the Collective Investment Schemes (Amendment etc) (EU Exit) Regulations 2019 was published on legislation.gov.uk, together with an explanatory memorandum. Our previous blogs on the statutory instrument can be found here, here and here.
The statutory instrument will come into force on exit day, except for Regulations 50(6), 58 and
On 20 February 2019, the Investment Association (IA) published fund communication guidance.
The guidance is part of the industry response to the FCA Asset Management Market Study which highlighted, among other things, the difficulty for customers of knowing what to expect from their fund and how to assess whether or not it was performing