With less than a week before the Insurance Authority (IA) takes over the regulation of insurance intermediaries on 23 September 2019 (please refer to our earlier blog post), we round up the following recent related announcements:
The Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) currently allows certain groups of proprietary traders (persons dealing on own account) not to comply with the 20% bonus cap. In 2017, propriety traders faced a situation where they would be subject to the bonus cap with immediate effect, while
On 16 September, the FCA has published a speech given by its chief executive, Andrew Bailey. The speech was delivered at Bloomberg in London and is entitled Preparing for Brexit in financial services: the state of play.
In his speech, Mr Bailey presents a summary of the FCA’s current work in preparing the financial
On 13 September 2019, the Financial Services and Markets Act 2000 (Benchmarks)(Amendment) Regulations 2019 (Regulations) were made and published on legislation.gov.uk, together with an explanatory memorandum. The Regulations make various amendments to the Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (2018 Regulations) which relate to the UK implementation of the European Benchmarks
On 13 September 2019, the PRA published a waiver by consent of the Continuity of Access (CoA) rules in the Depositor Protection Part of the PRA Rulebook (DPP). The PRA introduced rues in the DPP requiring firms to put in place systems to ensure eligible depositors have continued access to Financial Services Compensation Scheme (FSCS)
On 13 September 2019, the European Commission (Commission) published a set of FAQs on the revised Payment Services Directive (PSD2). The FAQs provide an overview of PSD2 and how it benefits consumers. They also detail the requirements of Strong Customer Authentication (SCA), which came into force on 14 September 2019, and set out the exemptions
In August, the UK’s Financial Reporting Council (FRC), a regulator with responsibility for auditors, accountants and actuaries, issued its first annual enforcement review. The review summarises the FRC’s investigatory and enforcement remit and powers, as well providing details on recent cases and the FRC’s priorities.
In 2018/19, the FRC referred 15 enquiries to enforcement
On 12 September 2019, the FCA published the First Addendum to the Memorandum of Understanding (MoU) between the Securities and Futures Commission of Hong Kong (SFC) and the FCA.
The SFC and the FCA are parties to an MoU concerning Mutual Recognition of Covered Funds and Covered Management Companies and related Cooperation dated 8 October
On 12 September 2019, there was published in the Official Journal of the EU, Decision of the EEA Joint Committee No 190/2019 of 10 July 2019 amending Annex IX (Financial services) and Annex XIX (Consumer protection) to the EEA Agreement.
The decision states that Annexes IX and XIX to the EEA Agreement should be
On 10 September 2019, the European Payments Council (EPC) decided to amend the maximum amount per Single Euro Payments Area (SEPA) Instant Credit Transfer (SCT Inst) transaction to 100,000 euros, effective as of 1 July 2020. For the time being, the maximum amount an originator can transfer via a single SCT Inst transaction is set