On 25 October 2019, the FCA published Policy Statement 19/26: Brexit – Regulatory Technical Standards for Strong Customer Authentication and Common and Secure Open Standards of Communication (PS19/26).
In PS19/26 the FCA follows up on its earlier consultation paper containing proposals that in the event of a no-deal Brexit it would make its
On 24 October 2019, there was published on legislation.gov.uk, The Financial Services (Miscellaneous) (Amendment) (EU Exit) (No.3) Regulations 2019 together with an explanatory memorandum.
In the event of a no-deal Brexit the statutory instrument amends:
On 24 October 2019, the PRA published Consultation Paper 28/19: Credit unions – review of the capital regime (CP28/19). In CP28/19 the FCA sets out proposed changes to the capital requirements that apply to credit unions by amending the following documents:
On 25 October 2019, the FCA published a new webpage concerning its future role as the anti-money laundering and counter terrorist financing (AML / CTF) supervisor of UK cryptoasset businesses under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, as amended (MLRs).
The new
On 24 October 2019, the Financial Action Task Force (FATF) published a paper setting out best practices on beneficial ownership for legal persons. The paper identifies the most common challenges that countries face in ensuring that the beneficial owner(s) of legal persons is identified, and suggests key features of an effective system. The
The use of IT is of fundamental importance for the finance industry. After having already published two circulars on supervisory IT requirements for financial institutions and insurance undertakings in the past (BAIT and VAIT), the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) has now also published a circular
The Hong Kong Monetary Authority has revised its supervisory policy manual module TM-E-1 (SPM) on risk management of e-banking. This SPM is a non-statutory guideline issued as a guidance note.
The revisions are intended to strengthen risk management controls for e-banking given the rise in cyber threats and fraud risks, introduce changes to cater for
On 24 October 2019, the Joint Committee of European Supervisory Authorities (ESAs) published a joint supervisory statement on the application of the Regulation on key information documents for packaged retail and insurance-based investment products (PRIIPs) to bonds.
The ESAs state that uncertainty over the application of the PRIIPs Regulation to bonds
On 24 October 2019, the Council of the EU published the texts it adopted at first reading for the:
On 23 October 2019, the Council of the EU published the texts it adopted at first reading for the: