On 6 October 2020, we reported that the European Parliament issued a press release stating that it had adopted at second reading a Regulation on European crowdfunding service providers for business and a Directive making amendments to MiFID II.
These two pieces of EU legislation were subsequently published in the Official Journal of the EU
On 20 October 2020, the FCA updated its webpage concerning firm handling of complaints during the COVID-19 pandemic. The FCA has provided updated information on payment protection insurance (PPI) complaints and reinforces its messaging about the importance of continuing to comply with complaint handling requirements. In particular, claims management companies are reminded of
On 20 October 2020, the FCA published Occasional Paper No. 58: Understanding consumer financial wellbeing through banking data. In this Occasional Paper, the authors integrate two approaches by investigating the relationship between subjective financial wellbeing, measured by self-reported responses of survey respondents, and objective financial wellbeing, measured by the same respondents’ bank account data.
On 21 October 2020, HM Treasury published a Policy Paper ‘Amendments to the Benchmarks Regulation to support LIBOR transition’.
The Policy Paper refers to the Financial Services Bill (Bill) that the UK Government has brought forward which, among other things, amends the Benchmarks Regulation, providing an overarching legal framework which gives
On 20 October 2020, there was published a memorandum of understanding (MoU) between the Bank of England (BoE) and the United States Commodity Futures Trading Commission (CFTC) regarding cooperation and the exchange of information in the supervision and oversight of clearing organisations that operate on a cross-border basis in
On 21 October 2020, the European Banking Authority (EBA) issued an opinion to clarify the prudential treatment of the so-called ‘legacy instruments” in view of the end of the grandfathering period on 31 December 2021. In its opinion, the EBA proposes policy options to address the infection risk when created by such instruments.
On 20 October 2020, the PRA published Consultation Paper 17/20: Capital Requirements Directive V (CRD V): Further implementation (CP17/20).
In CP17/20 the PRA sets out proposed changes to its rules, supervisory statements (SS) and statements of policy (SoP) to implement elements of the Capital Requirements Directive V (CRD
The two UK financial regulators, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have sent a letter to the chief executives and branch managers of insurance firms in the UK. The letter reminds firms about the end of the transition period in December and the need to be ready for a range
In 2015, the US Court of Appeals for the Second Circuit in New York stunned markets when it issued an opinion in Madden v. Midland Funding, LLC that ignored the “valid-when-made” principle of usury law that had been in place for decades. That decision impugned much of the secondary consumer debt market, including credit card
On 19 October 2020 the European Commission published its Work Programme for 2021. The Work Programme, titled ‘A Union of vitality in a world of fragility’, is the second one published by the Von der Leyen Commission. The Work Programme provides an overview of the legislative priorities of the Commission for the upcoming year,