On 25 March 2021, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) started a public consultation of a proposed revision of the policy rule used to determine the amount of nearly all administrative fines imposed by the AFM: the Fine Allocation Policy AFM 2021 (Boetetoemetingsbeleid AFM 2021
On 2 December 2019, the PRA published Consultation Paper 29/19: Operational resilience: Impact tolerances for important business services (CP29/19). CP29/19 set out the PRA’s proposal for PRA rules, a Supervisory Statement and a Statement of Policy designed to improve the operational resilience of firms and protect the wider financial sector and UK economy
In December 2019, the FCA published Consultation Paper 19/32: Building operational resilience: impact tolerances for important business services and feedback to DP 18/04 proposing changes to how firms approach their operational resilience. The proposals were built on the approach first outlined in Discussion Paper: Building the UK Financial Sector’s Operational Resilience published in July 2018.
On 29 March 2021, the PRA published Policy Statement 7/21: Outsourcing and third party risk management (PS7/21).
In PS7/21 the PRA provides feedback to responses to Consultation Paper 30/19: Outsourcing and third party risk management (CP30/19). It also contains the PRA’s final Supervisory Statement 2/21: Outsourcing and third party risk management
On 29 March 2021, the FCA published issue 33 of Primary Market Bulletin.
In this issue the FCA covers:
The FCA also
On 29 March 2021, the Bank of England (BoE) published a number of documents designed to improve the operational resilience of financial market infrastructures (FMIs). Specifically, the BoE published:
On 29 March 2021, the European Securities and Markets Authority (ESMA) updated its Q&As on MiFID II and MiFIR investor protection and intermediaries topics. Specifically, ESMA has added new material to the inducements section.
On 29 March 2021, the European Securities and Markets Authority (ESMA) published its advice to the European Commission concerning the application of administrative and criminal sanctions under MiFID II/MiFIR.
The legislative background to the advice is Article 90 of MiFID II which provides that the Commission, after consulting with ESMA, will present a
On 29 March 2021, there was published in the Official Journal of the EU (OJ) Commission Delegated Regulation (EU) 2021/539 of 11 February 2021 amending Delegated Regulation (EU) No 1222/2014 supplementing Directive 2013/36/EU of the European Parliament and of the Council with regard to regulatory technical standards (RTS) for the specification
On 29 March 2021, the FCA and the Bank of England (BoE) issued a joint statement supporting and encouraging liquidity providers in the sterling non-linear derivatives market to adopt new quoting conventions for inter-dealer trading based on SONIA instead of LIBOR from 11 May 2021. This is to facilitate a further shift in