On 25 July 2019, there was published in the Official Journal of the European Union (OJ) Regulation (EU) 2019/1238 on a pan-European personal pension product (PEPP). The Regulation will enter force on 14 August 2019. It will apply 12 months after publication in the OJ of the delegated acts referred to
On 24 July 2019, the European Money Markets Institute (EMMI) announced that the euro overnight index average (EONIA) will be published at or shortly after 9:15am CET as of 2 October 2019. This announcement follows that of the European Central Bank’s (ECB) decision to publish the euro short-term rate
On 25 July 2019, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) and the Dutch Central Bank (De Nederlandsche Bank, DNB) published a brochure on the use of artificial intelligence (AI) in the insurance sector (the AI Brochure).
The AFM and DNB
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) recently released the final version of the regulations amending the Regulations to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (as amended, the Regulations). The Regulations govern anti-money laundering (AML) rules in Canada. The changes in the Regulations
On 24 July 2019, the European Commission adopted a Communication and four reports that are intended to support European and Member State competent authorities in better addressing money laundering and terrorist financing (ML / TF) risks.
The Communication, Towards a better implementation of the EU’s anti-money laundering and countering the financing of terrorism
On 24 July 2019, the European Banking Authority (EBA) published an opinion on the link between money laundering and terrorist financing (ML / TF) concerns and prudential objectives. The opinion is addressed to prudential supervisors of Member State competent authorities.
In the opinion the EBA invites prudential supervisors to communicate to
On 23 July 2019, the FCA launched a consultation on proposed guidance for firms on the fair treatment of vulnerable customers. The draft guidance sets out the FCA’s view of what the FCA Principles for Businesses (Principles) require of firms to ensure that vulnerable consumers are consistently treated fairly across financial services sectors.
The FCA
On 23 July 2019, the PRA published Policy Statement 14/19: Credit risk mitigation: Eligibility of financial collateral (PS14/19). In PS14/19 the PRA provides feedback to responses to Consultation Paper 1/19: Credit risk mitigation: Eligibility of financial collateral (CP1/19). It contains in the Appendix the updated Supervisory Statement 17/13: Credit risk mitigation (SS17/13).
In CP1/19 the
On 23 July 2019, the PRA published Consultation Paper 17/19: Counterparty credit risk: treatment of model limitations in banks’ internal models (CP17/19).
CP17/19 is relevant to all firms to which the Capital Requirements Directive IV applies. It sets out the PRA’s proposed changes to Supervisory Statement 12/13: Counterparty Credit Risk (SS12/13) to clarify expectations regarding
On 23 July 2019, the European Banking Authority (EBA) published its International Financial Reporting Standard (IFRS) 9 roadmap providing a comprehensive overview of planned monitoring activities on IFRS 9 implementation. The EBA has also launched an IFRS 9 benchmarking exercise on a sample of institutions aimed at analysing the different modelling practices followed by institutions