On 14 October 2020, the House of Commons’ Treasury Committee published a letter it had received from the FCA in response to earlier questions that the Committee had raised on UK bank closures of current accounts of customers living in the EU post transition period.
Key points in the FCA’s letter include:
On 14 October 2020, the European Banking Authority (EBA) published a report containing final draft regulatory technical standards (RTS) specifying the prudential treatment of software assets.
Article 36(1)(b) of the Capital Requirements Regulation (as amended) (CRR), provides for an exemption from the deduction of intangible assets from Common Equity
On 15 October 2020, HM Treasury issued a statement that provides an update on the financial services statutory instruments made under the European Union (Withdrawal) Act 2018 (the 2018 Act) and the European Union (Withdrawal Agreement) Act 2020 (the 2020 Act).
The statement explains that HM Treasury will bring forward further secondary legislation
In a much-anticipated decision with important implications for the cryptocurrency industry, a second New York federal judge has now ruled that an offeror’s use of a two-stage “Simple Agreement for Future Tokens” or “SAFT” structure for issuing cryptocurrency tokens will not suffice to exempt the offering from the reach of US securities law. In this
On 13 October 2020, the Financial Stability Board (FSB) published the final version of its high-level recommendations for the regulation, supervision and oversight of “global stablecoin” (GSC) arrangements following an earlier public consultation. The report states that GSC arrangements are expected to adhere to all applicable regulatory standards and to address
On 13 October 2020, the FCA published a speech by Nisha Arora (Director of Consumer and Retail Policy) entitled FCA regulation of consumer credit – during the pandemic and beyond.
Key points in the speech include:
On 13 October 2020, the Bank of England (BoE) updated its webpage on the new messaging standard for UK payments, ISO 20022.
The webpage explains that the approach to ISO 20022 migration is as follows:
On 13 October 2020, Ofgem provided an update on EU exit REMIT contingency arrangements. The key message is that Ofgem expects the REMIT arrangements that will apply in Great Britain from 1 January 2021 will be consistent with the arrangements set out in its ‘No-deal EU exit REMIT contingency arrangements – September update’ letter published
On 13 October 2020, there was published in the Official Journal of the EU, a corrigendum to Regulation (EU) 2019/630 amending Regulation (EU) No 575/2013 as regards minimum loss coverage for non-performing exposures. The corrigendum amends Article 1(2), second subparagraph of new Article 47a(6), introductory part.
The corrigendum changes ‘Full and timely repayment shall not
On 13 October 2020, the Financial Stability Board (FSB) published a report to enhance cross-border payments. The report was delivered to G20 Finance Ministers and Central Bank Governors for their meeting on 14 October 2020.
The G20 has made enhancing cross-border payments a priority during the Saudi Arabian Presidency, and asked the FSB