Tracks financial services regulatory developments and provides insight and commentary
On 11 April 2018, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) published a draft report on the proposed Directive on the prudential supervision of investment firms. The draft report contains a draft European Parliament legislative resolution which sets out suggested amendments to the draft Directive.
The Rapportuer for the draft Directive, Markus…
The European Banking Authority (EBA) has issued a consultation on its draft guidelines for credit institutions on how to effectively manage non-performing exposures (NPEs) and forborne exposures (FBEs).
The guidelines are designed primarily to reduce NPEs on banks’ balance sheets by providing supervisory guidance to ensure that credit institutions effectively manage NPEs and FBEs in…
The European Supervisory Authorities (ESMA, EBA and EIOPA) (the ESAs) have issued a warning to consumers on the high risks of buying and/or holding so-called virtual currencies (VCs). The warning is based on Article 9(3) of the ESAs’ founding Regulations and follows the publication of statements by ESMA on initial coin offerings.…
The Government Relations and Public Policy team have issued a short video on the European Commission’s legislative proposals for a new prudential regime for non-systemic investment firms. The video can be found here.
The European Securities and Markets Authority (ESMA) has issued the results of a peer review it conducted into how Member State national competent authorities (NCAs) ensure that central counterparties comply with EMIR.
Overall, ESMA found that NCAs supervise CCPs’ default management procedures (DMP) adequately and that most EU CCPs…
The European Commission has published legislative proposals for a Regulation and a Directive that it has adopted introducing a revised EU prudential regime for investment firms. The two legislative acts would amend the existing prudential framework for investment firms set out in the Capital Requirements Directive IV (CRD IV) and the Capital Requirements…
The European Securities and Markets Authority (ESMA) has published an opinion on position limits on ICE Brent Crude contracts.
The opinion follows a notification ESMA received from the FCA under Article 57(5) of MiFID II regarding the exact position limits the FCA intends to set for the ICE Brent Crude commodity futures and…
There has been published on the legislation.gov.uk website, The Financial Services and Markets Act 2000 (FSMA 2000) (Markets in Financial Instruments) (No 2) Regulations 2017 (the Regulations). The Regulations complete the UK implementation of MiFID II and also correct minor errors in the UK implementation of the Market Abuse Regulation.
The Regulations…
The European Commission (Commission) has published a roadmap for deepening the Economic and Monetary Union, including concrete steps to be taken over the next 18 months. The overall aim of the roadmap is to enhance the unity, efficiency and the democratic accountability of Europe’s Economic and Monetary Union by 2025. In addition to…
The House of Commons’ European Scrutiny Committee (Committee) has published its third report of session 2017-19. Among other things the report covers the European Commission’s proposals concerning the screening of foreign direct investment. The Committee shares the Government’s concerns that the Commission’s proposal in its current form could be detrimental to UK interests…
