On 7 February 2020, the FCA updated its Policy development update webpage providing information on recent and upcoming FCA publications. In terms of upcoming publications, the FCA states that in March it will publish a consultation paper on exit fees in investment platforms and comparable firms.
Regulation regarding the promotion of SME growth markets published in the OJ
On 11 December 2019, there was published in the Official Journal of the European Union (OJ), Regulation (EU) 2019/2115 amending Directive 2014/65/EU and Regulations (EU) No 596/2014 and (EU) 2017/1129 as regards the promotion of the use of SME growth markets.
The Regulation will enter into force on the twentieth day following
OJ – Commission Implementing Regulation amending ITS on closely correlated currencies under CRR
On 9 December 2019, there was published in the Official Journal of the European Union (OJ), Commission Implementing Regulation (EU) 2019/2091 (the Amending Regulation) amending Implementing Regulation (EU) 2015/2197 with regard to closely correlated currencies in accordance with the Capital Requirements Regulation (CRR).
The Amending Regulation replaces the text of
Latest FCA policy development update
On 6 December 2019, the FCA published its latest policy development update setting out information on recent and forthcoming FCA publications.
Forthcoming FCA publications include:
- consultation and discussion on Investment Market Study remedies (to be published alongside the Market Study Final Report) – expected March 2019;
- consultation on price discrimination in the cash savings market
ESMA guidance on registering securitisation repositories
On 2 December 2019, the European Securities and Markets Authority (ESMA) published guidance on registering securitisation repositories.
ESMA has direct responsibilities regarding the registration and supervision of securitisation repositories under the Securitisation Regulation laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation.
The purpose
ESMA publishes CRA market share calculation for 2019
On 29 November 2019, the European Securities and Markets Authority (ESMA) published its annual report on market share calculation for EU registered credit rating agencies for 2019 (CRAs).
The purpose of the report is to provide guidance on Article 8d of the Regulation on CRAs which provides that issuers or related
OJ publication – RTS on the homogeneity of the underlying exposures in securitisation
In July the European Banking Authority published two final draft regulatory technical standards (RTS) under the Securitisation Regulation. The first of these RTS established the conditions for which underlying exposures are to be considered homogeneous, being one of the requirements with respect to simplicity, standardisation and transparency of a securitisation transaction. Our earlier
Treasury Select Committee report on IT failures in the financial services sector
On 28 October 2019, the House of Commons Treasury Committee published a report on IT failures in the financial services sector. The report sets out a number of conclusions and recommendations following a series of written submissions from various stakeholders (see previous blog here). These recommendations include:
- further regulatory intervention to improve the operational
Joint Statement on the inaugural meeting of joint EU-Japan financial regulatory forum
On 15 October 2019, the European Commission (Commission) and the Financial Services Agency of Japan (JFSA) published a joint statement (dated 11 October) on the inaugural meeting of the joint EU-Japan regulatory forum held in Tokyo.
Senior officials present at the meeting included representatives from the Bank of Japan, the European
PRA Occasional Consultation paper – October 2019
On 7 October 2019, the PRA published Occasional Consultation Paper 25/19: Occasional Consultation Paper (CP25/19). In CP25/19 the PRA proposes minor amendments to PRA Rulebook Parts, Supervisory Statements (SS), Statements of Policy (SoP) and relevant templates.
In chapter 2, the PRA sets out proposals to update SS20/15: Supervising building societies’ treasury and lending activities and