January 2021

In 2020, several federal regulatory changes affected banking organizations, such as the finalization of the long-awaited Federal Reserve Board “control” regulations and the revision of the “covered funds” prong of the Volcker Rule. But, what is ahead for 2021 in the regulatory sphere for banking organizations?

In her latest New York Law Journal column, “

On 28 January 2021, the FCA published Consultation Paper 21/3: Changes to the SCA-RTS and to the guidance in ‘Payment Services and Electronic Money – Our Approach’ and the Perimeter Guidance Manual (CP21/3).

In the 2020/2021 Business Plan the FCA identified the payments sector as a priority for the next three years. The

On 28 January 2021, there was published on the legislation.gov.uk website The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2021 together with an explanatory memorandum.

The Order:

  • Amends the regulatory framework for providers of pre-paid funeral plan contracts, such that providers of funeral plan contracts will generally need to be appropriately

On 28 January 2021, there was published in the Official Journal of the EU, Commission Implementing Decision (EU) 2021/85 of 27 January 2021 on the equivalence to the requirements of EMIR of the regulatory framework of the United States of America for central counterparties that are authorised and supervised by the US Securities and Exchange

On 28 January 2021, the European Central Bank (ECB) published the outcome of its 2020 Supervisory Review and Evaluation Process (SREP) and announced its supervisory priorities for 2021. Based on the SREP analysis and taking into account the situation triggered by the pandemic, ECB Banking Supervision has decided to concentrate its

On 13 January 2021, the European Securities and Markets Authority (ESMA) issued a public statement designed to remind firms of the MiFID II requirements on the provision of investment services to retail or professional clients by firms not established or situated in the EU.

The public statement notes that there have been some

On 27 January 2021, the FCA updated its webpage on mortgages, consumer credit, banking and payments during coronavirus by adding a section regarding keeping pace with contactless payments. The new text provides that in light of people increasingly making use of contactless payments the FCA will shortly be seeking views on amending its rules to

On 25 January 2021, the European Commission published Commissioner Mairead McGuinness’ opening remarks at the ECON Committee Structured Dialogue.

Among other things Commissioner McGuinness covers Brexit stating that talks have not yet started on the Memorandum of Understanding that the parties have agreed to reach by March 2021. She also adds that the Commission envisages

On 27 January 2021, the FCA confirmed that it was updating its guidance on mortgages and consumer credit repossessions.

In November 2020, the FCA published guidance providing that firms should generally not enforce repossessions before 31 January 2021. On 13 January 2021, the FCA published updated draft guidance for comment.

For mortgages, the FCA is