On 19 September 2019, the FCA published an updated joint statement on opportunistic strategies in the credit derivatives market in cooperation with the US Securities and Exchange Commission and the US Commodity Futures Trading Commission.
The initial joint statement made in June 2019 outlined mutual concerns about the pursuit of such strategies and the adverse
The German regulator BaFin has published an English version of its guidelines published in November 2018, Link.
The guidance specifies the contractual provisions which BaFin expects to be included in agreements between German regulated insurers, reinsurers and credit institutions and cloud service providers.
On 19 September 2019, the FCA published a webpage summarising its research into how firms have implemented the MiFID II requirements relating to the unbundling of third-party research.
MiFID II bans the receipt of all monetary and non-monetary benefits by portfolio managers in relation to their services to clients, other than minor non-monetary benefits and
On 19 September 2019, the Bank of England (BoE) published an updated memorandum of understanding (MoU) between itself (exercising its prudential regulation functions) and the Financial Services Compensation Scheme (FSCS). The MoU sets out the framework agreed between the FSCS and the PRA. It was agreed pursuant to section 217A(1) and (2) of the Financial
On 19 September 2019, the FCA published a speech (delivered on 12 September 2019) given by Debbie Gupta, Director of Life Insurance and Financial Advice Supervision at the FCA on improving the suitability of financial advice.
Ms Gupta states that there are four broad areas of work that the FCA is focusing on: improving standards,
On 19 September 2019, Members of the European Parliament (MEPs) passed a resolution calling for anti-money laundering (AML) rules to be better coordinated and implemented in a timely manner. The resolution was adopted with 530 votes to 14 and 104 abstentions.
The date of transposition of the Fourth Anti-Money Laundering Directive was June 2017, and
The German regulator BaFin has updated its guidance on the conduct of reinsurance business by US insurers in Germany under the provisions of the 2017 EU-US Covered Agreement (“Bilateral Agreement between the European Union and the United States of America on prudential measures regarding insurance and reinsurance”). An English language version has also been published,
On 16 September 2019 the Bank for International Settlements (BIS) published a working paper by its Monetary and Economic Department on Embedded supervision: how to build regulation into blockchain finance. The working paper suggests that asset tokenisation and the use of the underlying distributed ledger technology (DLT) in finance provides new avenues for the
On 18 September 2019, the PRA published the following letters concerning its latest annual assessment of category 5 credit unions:
On 16 September 2019, HM Treasury published a letter from John Glen, Economic Secretary to the Treasury to Sir William Cash, House of Commons European Committee Chair, providing an update on the current status of the proposal for an EU Regulation on the recovery and resolution of central counterparties (CCPs).
Mr Glen states that the