In the June edition of the 40 minute briefing, members of our financial services team in London will be joined by colleagues from our government and regulatory affairs team and risk consultancy practice to discuss the hot topics currently impacting the asset management sector.
In this webinar, we will cover:
An update from Brussels
Over the coming weeks, partners and members of our financial services team will be sharing with clients and contacts a series of video diaries setting out their views on the latest developments in respect of COVID 19 impacts in the various areas of financial services.
On 15 May 2020, the European Banking Authority (EBA) issued a consultation on draft regulatory technical standards (RTS) for contractual recognition of stay powers laid down in the Bank Recovery and Resolution Directive (BRRD).
The draft RTS are made under Article 71a(5) of the BRRD, which requires the EBA
On 15 May 2020, the Joint Money Laundering Steering Group (JMLSG) published a proposed new piece on Pooled Client Accounts in Part I Chapter 5 of its Guidance.
A Pooled Client Account (PCA) is a bank account opened with the firm by a customer, for example a legal practitioner or letting
On 14 May 2020, following engagement with the private sector, including UK based insurers, the U.S. Government issued new sanctions guidance for international maritime operators. The intent of the guidance is to provide those in the maritime industry, energy and metals sectors with further information and tools to counter current and emerging trends related to
On 14 May 2020, the Financial Conduct Authority (FCA) published final guidance for insurers and premium finance firms on the fair treatment of customers who are experiencing financial difficulty as a result of coronavirus (COVID-19) – see FS20/5: Coronavirus and customers in temporary financial difficulty: guidance for insurance and premium finance firms. The finalised guidance
On 14 May 2020, the PRA published Policy Statement 12/20 ‘Responses to Occasional Consultation Paper 25/19 – Chapter 5: Retirement interest-only (PS12/20).
Chapter 5 of Consultation Paper 25/19 ‘Occasional Consultation Paper’ (CP25/19) set out proposals to address potential inconsistencies in practices across firms in relation to the capital treatment of retirement
On 14 May 2020, the PRA published Policy Statement 11/20 ‘Credit risk: Probability of Default and Loss Given Default estimation’ (PS11/20).
In PS11/20 the PRA provides feedback to Consultation Paper 21/19 ‘Credit risk: Probability of Default and Loss Given Default estimation’ (CP21/19). In CP21/19 the PRA consulted on proposals to
While the majority of the new requirements under the EMIR Refit applied upon the regulation entering into force, other requirements are phased in, such as the changes in relation to the current EMIR reporting regime.
The new reporting requirements will apply in less than a month’s time, from June 18, 2020 onwards.
We have published
On 14 May 2020, the FCA published a new web page concerning the financial services exemptions on the Corporate Insolvency and Governance Bill (the Bill).
The Bill is expected to include new insolvency and corporate governance measures to help businesses affected by the COVID-19 pandemic. In particular, the Bill will contain specific provisions for