On 5 September 2019, the FCA published a speech given by Charles Randell, FCA Chair, on the fight against skimmers and scammers. In his speech Mr Randell raises some questions about the system for combatting investment fraud, from the point of view of the FCA, one of the many bodies with a role within such
European Commission agrees MOU with SRB
On 13 August 2019, the Single Resolution Board (SRB) published a memorandum of understanding (MOU) between itself and the European Commission in respect of co-operation and information exchange pursuant to the Single Resolution Mechanism Regulation (SRMR). The MOU aims to codify best practices and ensure that effective working arrangements are in place between the Commission
ESMA call for evidence on impact of the inducement and costs and charges disclosure requirements under MiFID II
On 17 July 2019, the European Securities and Markets Authority (ESMA) issued a call for evidence on certain investor protection topics included in the European Commission mandate to ESMA on the reports to be submitted by the Commission under Article 90 of MiFID II.
Article 90 of MiFID II provides that the Commission shall, after
FCA Handbook Notice 67
On 28 June 2019, the FCA published Handbook Notice 67.
This Handbook Notice provides a summary of the changes the FCA board made to the Handbook on 30 May 2019 and 27 June 2019. The relevant instruments are:
- Mortgages and Home Finance (Peer to Peer) Instrument 2019;
- Operating an Electronic System in Relation to
ESMA speech on international cooperation and Brexit considerations
On 4 June 2019, the European Securities and Markets Authority (ESMA) published a speech from its Chair, Steven Maijoor, on international cooperation in financial regulation and supervision. Key points to note in the speech include:
- as of October 2018, the EU had granted equivalence to thirty-five jurisdictions across eight securities and accounting files;
- ESMA’s view
Commission Delegated Regulation (EU) 2018/815 supplementing the Transparency Directive with regard to RTS on the specification of a single electronic reporting format
On 30 May 2019, there was published in the Official Journal of the EU, Commission Delegated Regulation (EU) 2018/815 of 17 December 2018 supplementing the Transparency Directive with regard to RTS on the specification of a single electronic reporting format.
The Commission Delegated Regulation specifies the single electronic reporting format, as referred to in Article
ESMA clarifies its position on the share trading obligation in a hard Brexit
On 29 May 2019 ESMA released a statement clarifying its position on the share trading obligation in a hard Brexit scenario. In its view, all EU27 shares, i.e. ISINs starting with a country code corresponding to an EU27 Member State and, in addition, shares with an ISIN from Iceland, Liechtenstein and Norway are within the
The Proxy Advisors (Shareholders’ Rights) Regulations 2019
On 14 May 2019, there was published on legislation.gov.uk The Proxy Advisors (Shareholders’ Rights) Regulations 2019, together with an explanatory memorandum.
These Regulations transpose Article 3j of the revised EU Shareholder Rights Directive (SRD II) into UK law, in line with the UK’s obligations as a member of the EU. Article 3j of
EBA seeks extension for addressing Commission’s call for advice on benchmarking of national loan enforcement frameworks
On 7 May 2019, the European Banking Authority (EBA) published a letter it sent to the Director General for Financial Stability at the Financial Services and Capital Markets Union (FISMA), dated 5 March 2019, regarding the European Commission’s call for advice (CFA) for the purposes of a benchmarking of national loan enforcement frameworks (including insolvency
EBA consultation on RTS for derivative transaction mapping
On 2 May 2019, the European Banking Authority (EBA) published a consultation on the draft Regulatory Technical Standards (RTS) on the mapping of derivative transactions to risk categories, on supervisory delta formula for interest rate options and on determination of long or short positions in the standardised approach for counterparty credit risk under Article 277(5)