On 29 April 2019, the FCA published a speech by Christopher Woolard, Executive Director of Strategy and Competition at the FCA, on the progress of Project Innovate.
Key points to note within the speech include:
There has been published in the Official Journal of the EU (OJ) Commission Delegated Regulation (EU) 2019/667 of 19 December 2018 amending Delegated Regulations (EU) 2015/2205, (EU) 2016/592 and (EU) 2016/1178 to extend the dates of deferred application of the clearing obligation for certain over-the-counter derivative contracts.
The Delegated Regulation, which reflects a mandate under
On 26 April 2019, the Financial Stability Board (FSB) published a press release summarising the key areas of discussion at its plenary meeting in New York.
Key takeaways from the plenary include:
On 29 April 2019, the Financial Stability Board (FSB) published a report on its thematic review on bank resolution planning. The report evaluates the implementation by FSB jurisdictions of the resolution planning standard as set out in the FSB’s Key Attributes of Effective Resolution Regimes for Financial Institutions. It focuses on resolution planning for
On April 18, 2019, the U.S. anti-money laundering (“AML”) agency, the Financial Crimes Enforcement Network (“FinCEN”), announced that it had assessed a civil money penalty of $35,350 against Eric Powers of Kern County, California, for acting as an unregistered money services (“MSB”) business. Mr. Powers also agreed to cease engaging in any activity that might
In our extended briefing this Wednesday, we are joined by David Blunt (Head of Conduct Specialists Department, FCA) who will discuss the purpose of the SM&CR and the importance of preparing for the new regime, ensuing that it is embedded into firms’ DNA as a business as usual process. Breakout sessions will follow involving colleagues
On 26 April 2019, the FCA announced that it is delaying the publication of its final rules for contract for differences (CFDs) and CFD-like options sold to retail clients. The FCA consulted in December on making the European Securities and Markets Authority’s (ESMA) temporary product intervention measures for CFDs permanent in the UK, and in
On 26 April 2019, the FCA published Handbook Notice 65.
In Handbook Notice 65 the FCA briefly discusses:
On 17 April, the European Parliament adopted new rules to protect whistleblowers.
The rules are designed to encourage the reporting of breaches of EU law by offering to whistleblowers EU-wide protection from dismissal, demotion and other forms of retaliation in areas including public procurement, financial services, money laundering, product and transport safety, nuclear safety, public
On 25 April 2019, the European Banking Authority (EBA) published a press release announcing that it had updated its Interactive Single Rulebook and Q&A tool with the Mortgage Credit Directive (MCD). The update allows users to review all the EBA’s final Technical Standards and Guidelines associated with the MCD by navigating through the Directive on