On 22 July 2020, the European Banking Authority (EBA) issued a consultation paper detailing on the three conditions institutions should comply with when they decide to make use of the alternative treatment with regard to tri-party repurchase agreements facilitated by a tri-party agent.
Article 403(3) of the Capital Requirements Regulation (CRR)
On 22 July 2020, the European Banking Authority (EBA) issued a consultation paper on draft regulatory technical standards on default probabilities (PDs) and loss given default (LGD) for default risk model for institutions using the new Internal Model Approach (IMA) under the Fundamental Review of the Trading
On 21 July 2020, the ISDA published version 8 of its Brexit FAQs.
The following FAQs have been updated to the position as at 30 June 2020 and therefore do not reflect any developments after that date:
On 22 July 2020, the Financial Stability Board (FSB) published a stocktake of financial authorities’ experience in including climate-related risks in financial stability monitoring. It draws on information provided by FSB member national authorities, international bodies and a workshop with the private sector.
The stocktake finds that financial authorities vary in terms of
On 20 July 2020, the Council of the EU announced that it had adopted a Directive and a Regulation on crowdfunding. The Council’s press release on the new legislative measures states:
On 20 July 2020, the Government launched a review into the UK’s financial technology industry. The independent Fintech Strategic Review will establish priority areas for industry, policy makers and regulators to explore in order to support the ongoing success of the UK fintech sector.
The review will seek to advance three objectives:
On 20 July 2020, the House of Lords EU Services Sub-Committee published a letter it has sent to City Minister John Glen MP about UK-EU equivalence decisions, future UK-EU regulatory cooperation and the Government’s plans for financial services, particularly the role for Parliament in the future regulatory framework. The letter follows Mr Glen’s appearance before
On 20 July 2020, HM Treasury published a Policy Statement setting out certain changes to the FCA’s cancellation of authorisation process. The government intends to provide an additional process through which the FCA can cancel the authorisation of firms no longer carrying out FCA-regulated activities. The situation where this will be triggered is where the
On 20 July 2020, the PRA and FCA jointly published Consultation Paper FCA CP20/11 PRA – CP8/20 ‘Complaints against the Regulators’ (CP20/11).
In CP20/11 the PRA and FCA are proposing a revised version of the Complaints Scheme (the Scheme) which is more user friendly, using plain language to make it more accessible.
At Budget 2020 the government announced its intention to introduce an economic crime levy. On 20 July 2020, HM Treasury issued a consultation inviting views on the design principles of the levy, and how the levy could operate in practice, to ensure that it is proportionate and effective.
The consultation seeks views on what the