On 26 July 2019, representatives of the two European Third Party Providers (TPP) associations and representatives of the three European Credit Sector Associations (ECSAs) and the Financial Data and Technology Association (FDATA) published a joint statement concerning the transition to the new security and communication standards that will be applicable from 14 September 2019 within
On 26 July 2019, the European Central Bank (ECB) published a letter from its president, Mario Draghi, to Markus Ferber MEP.
In the letter Mr Draghi discusses how the European System of Central Banks (ESCB) is closely monitoring innovation in the financial sector, including stablecoin projects such as Facebook’s ‘Libra’. The
On July 2, 2019, the Government published its policy paper on the Green Finance Strategy – a strategy that “recognises the role of the financial sector in delivering global and domestic climate and environmental objectives.” Imogen Garner, partner in the Financial Services team, Glenn Hall, partner and head of the Government Relations and Public Policy
On 26 July 2019, the FCA published Policy Statement 19/20: Optimising the Senior Managers & Certification Regime and feedback to CP19/4 (PS19/20).
In January 2019, the FCA consulted on changes to optimise the Senior Managers and Certification Regime (SM&CR). In PS19/20 the FCA summarises the feedback it received to the consultation,
On 23 July 2019, the Network for Greening the Financial System (NGFS) published a technical supplement to its first comprehensive report on climate change as a source of financial risk which is aimed at central banks and financial supervisors. The paper provides an analysis of two types of risks that arise from climate
On 25 July 2019, the Payment Systems Regulator (PSR) published Consultation Paper 19/7 – PSR powers and procedures guidance consultation (CP19/7).
The PSR initially published its Powers and Procedures Guidance (PPG) in March 2015 when it became operational. Since then, the powers and functions employed by the PSR have
On 25 July 2019, there was published on the legislation.gov.uk website a draft version of the Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment etc and Transitional Provision) (EU Exit) (No 2) Regulations 2019, together with a draft explanatory memorandum.
The draft Regulation is being made using the power in section
On 25 July 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a guidance document containing general principles for the use of artificial intelligence (AI) in the financial sector (the Guidance Document). The Guidance Document serves as a discussion paper containing DNB’s preliminary views on the responsible use
On 25 July 2019, the Bank of England (BoE) and PRA issued a joint consultation paper which contains:
On 25 July 2019, the FCA confirmed that it intends to extend the proposed duration of the directions issued under the temporary transitional power to the 31 December 2020. This is to reflect the extension of Article 50. Other than the additional time the FCA’s approach remains unchanged.
As the FCA announced in February 2019,