On August 20, 2019, the Federal Deposit Insurance Corporation (FDIC) and the Comptroller of the Currency (OCC) became the first two of the five agencies required to approve final amendments to the Volcker Rule that were proposed last year. Our blog post on the proposal may be accessed here.
Highlights of the final rule
On 27 August 2019, the DWP published a tailored review of The Pensions Ombudsman (TPO) explaining that, at the present time, there is not a strong case to merge TPO and the Financial Ombudsman Service (FOS) without changes to the underlying regulatory framework of both organisations. While there is overlap in remit between the two
On 28 August 2019, the European Commission (the Commission) published an answer given by Valdis Dombrovskis (Vice-President European Commission, Financial Stability, Financial Services and Capital Markets Union) concerning cryptoassets. In its response, the Commission refers to an announcement made in its 2018 Action Plan on FinTech (see previous blog post here) that it is
On 28 August 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) published good practices for non-life insurers (schadeverzekeraars) in relation to the adequate risk control of authorised agents (gevolmachtigd agenten). The good practices set out the regulatory requirements for the use of authorized agents and how
On 28 August 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) published several updates in relation to PSD2.
On 28 August 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a final Q&A which provides clarification on whether subscriptions (abonnementen) offered to consumers may be considered as a non-life insurance (schadeverzekering) product
DNB indicates that subscriptions exist in various sectors in multiple variations and that the
On 28 August 2019, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten AFM) published a news item addressing the licence obligation for proprietary trading firms (handelaren voor eigen rekening), in particular in case orders are executed on behalf of clients.
The AFM indicates in order to determine whether someone
On 28 August 2019, the FCA published a letter (dated 19 August 2019) that it has sent to firms in which the regulator shares its findings and observations from the 2018/19 remuneration round and provides information on its approach to the supervision of remuneration for 2019/20.
In the letter, the FCA comments on:
On 28 August 2019, there was published in the Official Journal of the EU, the following decisions relating to the Regulation on the Single Supervisory Mechanism (SSM):
On 28 August 2019, the European Banking Authority (EBA) published the following: