On 25 April 2019, the FCA published the Supervision Manual (Supervisory Principles Amendment) Instrument 2019. The Instrument amends the FCA’s Supervision Manual (SUP) by inserting at part 1A.3.2A G the FCA’s supervisory principles: as set out in their Approach to Supervision document (see our blog here). Also amended by the Instrument is parts
On 25 April 2019, there was published in the Official Journal of the EU (OJ) Regulation (EE) 2019/630 of the European Parliament and of the Council of 17 April 2019 amending Regulation (EU) No 575/2013 as regards minimum loss coverage for non-performing exposures. The rules contained in the Regulation set capital requirements applying to banks
On 24 April 2019, the European Banking Authority (EBA) published an opinion on the nature of passport notifications of payment institutions (PIs) and electronic money institutions (EMIs) using agents and distributors located in another EU Member State, under PSD2, the second Electronic Money Directive (2EMD) and the Fourth Anti-money Laundering Directive (MLD4).
An EBA analysis
On 25 April 2019, a press release and letter were published through which the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) and the Dutch Central Bank (De Nederlandsche Bank, DNB) asks financial institutions for the preparations and actions they are taking to manage transition from
The amount of insurance commissions paid to insurance intermediaries for the placement of life insurance contracts has been a thorn in the side of consumer protection groups and the German insurance regulator BaFin for years. Another area which came increasingly in the focus of the regulator’s attention are payment protection policies and the related remuneration
On 24 April 2019, the FCA published its approach to supervision (the Approach) following on from the FCA’s March 2018 consultation paper on the same topic (our blog is here). The Approach gives an insight into the FCA’s approach to supervising firms and individuals, and sets out the FCA’s role in ensuring fair and
On 24 April 2019, the Bank of England (BoE) published a report by its Independent Evaluation Office (IEO) evaluating the BoE’s approach to concurrent stress testing.
The IEO found good evidence that the approach successfully delivers on its principal objective: to provide a forward-looking assessment of banks’ resilience and, linked to that, an orderly and
On 23 April 2019, the FCA published a speech by its Chief Executive, Andrew Bailey, on the future of financial conduct regulation. Key points to note within the speech include:
On 23 April 2019, the FCA published a report on payment for order flow (PFOF). PFOF occurs when an investment firm that sources liquidity and executes orders for clients receives a fee / commission from both the client that originates the order and the counterparty the trade is then executed with.
The FCA’s report provides
On 23 April 2019, the FCA published a feedback statement (FS19/2) to its July 2018 discussion paper on a new duty of care. FS19/2 provides a detailed overview of responses received to its discussion paper; the FCA notes responses were ‘constructive’.
The context for a new duty of care is that stakeholders in the financial