On 22 July 2019, the European Commission adopted a guidance notice on the interpretation and application of the Unfair Contract Terms Directive (UCTD). The main purpose of the guidance notice is to present, in a structured way, the interpretation which the Court of Justice of the EU has provided on the key concepts and provisions
On 23 July 2019, the Basel Committee on Banking Supervision (Basel Committee) and the International Organization of Securities Commissions (IOSCO) issued a joint statement confirming that the final implementation of the margin requirements for non-centrally cleared derivatives would be extended by one year.
With this extension, the final implementation phase will take place on 1
On 17 July 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) launched a public consultation on its revised guidance document on the Act on the prevention of money laundering and terrorist financing (Wet ter voorkoming van witwassen en financieren van terrorisme, Wwft) and the Sanctions Act 1977 (Sanctiewet
On 2 July 2019, Japan’s Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks (JCIC) comprising leading banks and market participants active in Japan and convened by the Bank of Japan launched its public consultation on the Appropriate Choice and Usage of Japanese Yen Benchmarks. The consultation document can be found here.
The focus of
On 22 July 2019, the FCA updated its web page concerning the call for input on the evaluation of the Retail Distribution Review (RDR) and the Financial Advice Market Review (FAMR).
The FCA states that since issuing its call for input in May 2019 it has received 57 responses from a range of consumer bodies,
On 22 July 2019, the FCA published a report that provides an update on the key issues it identified in Consultation Paper 18/35: Rent-to-own and alternatives to high-cost credit – feedback on CP18/12 and consultation on a price cap (our blog is here).
In the report the FCA:
On 22 July 2019, the European Securities and Markets Authority (ESMA) published its annual peer review report on the overall supervision of EU central counterparties (CCPs) by Member State national competent authorities (NCAs).
The peer review covered NCAs of CCPs authorised under the European Markets Infrastructure Regulation (EMIR) as of 1 June 2018. On this
On 22 July 2019, the European Banking Authority (EBA) published an updated list of Common Equity Tier 1 (CET1) instruments of EU institutions. The list is accompanied by an updated CET1 report, which includes information on the underlying objectives of the monitoring as well as on the consequences of including or excluding instruments in or
On July 17, 2019, the time period for a no-action position with respect to enforcement action under the Volcker Rule for certain non-US funds was extended for two more years.
On July 21, 2017, the Federal Reserve Board, Office of the Comptroller of the Currency, and Federal Deposit Insurance Corporation (the “US Banking Agencies”), issued
When parties conduct transactions via blockchain technology, they may find themselves in relationships to one another that the law has not yet had the opportunity to clearly define.
In a recent New York Law Journal column, Robert Schwinger, a partner in the New York office of Norton Rose Fulbright, discusses how Courts, commentators, governmental