On 24 January 2020, there was published in the Official Journal of the EU a corrigendum to the Investment Firms Regulation (IFR).
The corrigendum amends Article 63(4)(e)(7) and Article 63(4)(f)(8) bringing the deadline for the European Securities and Markets Authority to submit draft regulatory technical standards and draft implementing technical standards a year
On 23 January 2020, the PRA published an updated version of Supervisory Statement 6/14: Implementing CRD IV: capital buffers (SS6/14).
The FCA has published SS6/14 following the publication of Policy Statement 2/20: Pillar 2 Capital: Updating the Framework. SS6/14 has been updated to clarify the usability of buffers and the considerations taken
On 23 January 2020, the PRA published Policy Statement 2/20: Pillar 2 Capital: Updating the Framework (PS2/20). In PS2/20 the PRA provides feedback to the responses to Consultation Paper 5/19: Pillar 2 capital: Updates to the framework, which set out refinements to the PRA buffer (also referred to as Pillar 2B). In
On 23 January 2020, the PRA published a letter that it had sent to Chief Financial Officers of PRA regulated UK deposit takers and international banks. The letter was from Sarah Breeden (Executive Director, UK Deposit Takers Supervision) and David Bailey (Executive Director, International Banks Supervision) and concerns the removal of the bespoke liquidity risk
On 23 January 2020, the FCA and the Bank of England (BoE) announced that they were establishing a Financial Services artificial intelligence public private forum. The forum will explore the means to support safe adoption of technology within financial services, and whether principles, guidance, regulation and/or industry good practice could support the safe
On 23 January 2020, the European Union (Withdrawal Agreement) Bill 2019-20 received Royal Assent becoming the European Union (Withdrawal Agreement) Act 2020 (the Act). Amendments made to the Bill in the House of Lords were overturned by MPs sitting in the House of Commons.
Article 126 of the Withdrawal Agreement states that there shall
On 21 January 2020, the European Commission published the opening remarks of Executive Vice-President Valdis Dombrovskis at the ECOFIN press conference. Among other things, Mr Dombrovskis notes that by 10 January 2020, Member States should have transposed the Fifth Anti-Money Laundering Directive. However, there are concerns that some Member States have not yet transposed the
On January 10, 2020, the United States (US) imposed economic sanctions on:
Norton
On 22 January 2020, the FCA published a Dear CEO letter that outlines its view of the key risks of harm that alternative investment firms pose to their customers or the markets in which they operate.
Key messages in the Dear CEO letter include:
On 20 January 2020, the FCA published a Dear CEO letter to asset managers setting out the key areas of harm asset managers pose to their customers and markets in which they operate. Overall, the FCA has observed that standards of governance, particularly at the level of the regulated entity, generally fall below its expectations.