The Basel Committee on Banking Supervision (Basel Committee) has launched a new section of its website that sets out a consolidated version of its global standards for the regulation and supervision of banks. The new area of the website provides the full set of standards of the Basel Committee.
Also, the website enables users to
On 9 April 2019, the European Commission published a new webpage detailing a consultation on the Distance Marketing Directive (the Directive).
The Commission notes that since 2002, when the Directive came into force, the retail financial sector has gone increasingly digital, with new products and actors available on the market and new sales channels being
On 8 April 2019, the Financial Action Task Force (FATF) published its April report to the G20 Finance Ministers and Central Bank Governors. The report sets out the FATF’s ongoing work to fight money laundering and terrorist financing.
Key points raised by the FATF include:
On March 13, 2019, the Financial Stability Oversight Council (FSOC) published in the Federal Register proposed revised interpretive guidance (Proposed Guidance) on how the FSOC would assess risks to the US financial system, prioritizing an activities-based approach, rather than focusing on identifying specific systemically important financial institutions (SIFIs), which come under the FRB’s purview for
On 22 March 2019, the French Ministry of Economy and Finance passed a decree (the Decree) implementing the provisions of the ordinance n° 2019-75 of 6 February 2019, introducing a contingency plan for the financial institutions sector in connection with the withdrawal of the United Kingdom (UK) from the European Union (EU) (the Ordinance).
As a reminder, the Ordinance provides that in the event of no-deal, UK insurers that have lost their passporting permissions as a result of Brexit will no longer be entitled to renew, extend or modify their existing policies, or write new policies (our full analysis of the Ordinance can be found here). Consequently, the Ordinance imposes on these insurers an obligation to inform their insureds and policyholders residing in France of the situation, so as to provide them with legal certainty in respect of their cover.
On 5 April 2019, the International Swaps and Derivatives Association published a letter it had sent jointly with a number of UK and international financial services trade bodies (including AFME, the FIA and AIMA) to HM Treasury regarding the recognition of EEA derivatives trading venues under EMIR and MiFIR as they apply in the UK
On 8 April 2019, the FCA announced that it had agreed two Memoranda of Understanding (MoU) with the Australian Securities and Investments Commission (ASIC) to ensure there is continuity once the UK leaves the EU. The MoUs cover trade repositories and alternative investment funds (AIFs).
The MoU on trade repositories will ensure that ASIC can
On 8 April 2019, the PRA published Consultation Paper 8/19: Supervising international banks: revision of the Branch Return Form (CP8/19).
CP8/19 is relevant to all existing and prospective PRA-supervised branches of deposit-takers and PRA designated investment firms which are not UK headquartered firms.
CP8/19 sets out the PRA’s proposals for changes to the format and
On 8 April 2019, the European Banking Authority (EBA) published a report containing the final draft regulatory technical standards (RTS) specifying the conditions that allow institutions to calculate the capital requirements of the securitised exposures (KIRB) in accordance with the purchased receivables approach under Article 255 of the Capital Requirements Regulation (CRR).
The draft RTS,
On 19 March 2019, Consob (the Italian competent authority for the supervision on markets and listed companies) published a discussion document about initial coin offerings (ICOs) and crypto-assets exchanges (the “Document”), that may lead to the introduction of specific regulation in this field. The Document summarises the main items Consob is considering in