On 26 September 2019, the International Organization of Securities Commissions (IOSCO) published a final report presenting its findings from its thematic review on suitability requirements with respect to the distribution of complex financial products. The review is based on the legislative, regulatory, and policy measures reported by 29 IOSCO members from 28 jurisdictions that implemented
As previously advertised, the monthly financial services breakfast briefing on Wednesday 2 October will take the form of a webinar rather than a seminar.
In this webinar we discuss what we are seeing in the market as firms make their preparations for a no deal Brexit. We also look at how the PRA and FCA
On 26 September 2019, the FCA provided an update on its temporary transitional power (TTP).
The FCA has published draft directions which update those made on 28 March 2019. The FCA has also updated its explanatory note providing guidance on the use of the TPP.
The FCA reports that the main updates relate to:
On 25 September 2019, the Bank of England (BoE) published an update on the UK payments industry’s move to ISO 20022 – a common language standard for world-wide payments data. As outlined in a joint response to its consultation on the adoption of ISO 20022 in November 2018, the BoE’s approach to the implementation of
On 25 September 2019, the Joint Money Laundering Steering Group (JMLSG) published a notification confirming that it had received ministerial approval for its revised guidance material on credit unions (sector 4), asset finance (section 12) and brokerage services to funds (section 20) of Part II of its anti-money laundering and counter-terrorist financing guidance for the
On 25 September 2019, the European Banking Authority (EBA) announced that it had published a discussion paper on its proposals for a simple, transparent and standardised (STS) framework for synthetic securitisation.
The discussion paper has been developed in response to a mandate assigned to the EBA as per Article 45 of the Securitisation Regulation, which
On 24 September 2019, the FCA published a webpage setting out its key findings and next steps in relation to its review of firms’ governance practices covering the value provided by unit-linked funds. These funds can be described as funds whose performance determines the benefits due to holders of unit-linked insurance contracts.
In an earlier
On 24 September 2019, the Bank of England (BoE) published two speeches given by Mark Carney, Governor of the BoE at the United Nations Climate Action Summit. In his speech, Dr Carney asserts that for climate risks and resilience to be brought into the heart of financial decision making, climate disclosure must become comprehensive; climate
On 24 September 2019, the European Securities and Markets Authority (ESMA) published a letter (dated 19 September 2019) from Steven Maijoor, ESMA Chair, to Olivier Guersent, European Commission Director General for Financial Stability, Financial Services and Capital Markets Union, on the first annual review required by Article 17 of Commission Delegated Regulation (EU) 2017/583 on
On 24 September 2019, the European Payments Council (EPC) published updated guidelines on the appearance of mandates for the Single Euro Payments Area (SEPA) Direct Debit (SDD) Core Scheme and the SDD Business-to-Business (B2B) Scheme.
The guidelines contain EPC guidance on the visual presentation of mandates issued by creditors under the SEPA SDD Core and