United Kingdom (and EU regulation)

EIOPA consults on technical advice for the 2020 review of Solvency II

On 15 October 2019, the European Insurance and Occupational Pensions Authority (EIOPA) published a draft opinion on technical advice for the 2020 review of the Solvency II Directive (2009/138/EC). Responses to the draft technical advice are invited by 15 January 2020 to enable EIOPA to publish a final opinion by June 2020. The European Commission … Continue Reading

FCA consults on motor finance discretionary commission models and consumer credit commission disclosure

On 15 October 2019, the FCA published Consultation Paper 19/28: Motor finance discretionary commission models and consumer credit commission disclosure (CP19/28). In CP19/28 the FCA is proposing a ban on commission models where the amount received by the broker (including motor dealers) is linked to the interest rate that the customer pays and which the … Continue Reading

FCA consults on recovery of costs of supervising cryptoassets firms under AML regulations

On 15 October 2019, the FCA published Consultation Paper 19/29: Recovery of costs of supervising cryptoasset businesses under the anti-money laundering regulations – fees proposals (CP19/29). From 10 January 2020, the FCA will become the anti-money laundering and counter terrorist financing (AML/CTF) supervisor for cryptoassets businesses. In CP19/29 the FCA sets out its proposals for … Continue Reading

PRA Policy Statement 24/19: Large exposures – reciprocation of French measure

On 15 October 2019, the PRA published Policy Statement 24/19: Large exposures – reciprocation of French measure (PS24/19). In PS24/19 the PRA sets out its final rule following Consultation Paper 15/19: Large exposures – reciprocation of French measure (our blog is here). In this consultation the PRA proposed to apply a tighter limit for large … Continue Reading

CMU: Council adopts new clearing house rules

On 15 October 2019, the Council of the EU issued a press statement concerning its adoption of revised rules for clearing houses in the single market (the proposed Regulation amending the EMIR supervisory regime for EU and third-country central counterparties otherwise known as EMIR 2.2). The press release states that the draft Regulation is scheduled … Continue Reading

FSB annual progress report on implementation of OTC derivative reforms

On 15 October 2019, the Financial Stability Board (FSB) published its annual progress report on the implementation of the G20 reforms to over-the-counter (OTC) derivatives markets. The headlines in the report include: trade reporting: 23 out of 24 member jurisdictions have comprehensive requirements in force, an increase of one during the reporting period; central clearing: … Continue Reading

Queen’s Speech 2019: financial services aspects

On 14 October 2019, the Queen delivered her Speech, outlining the Government’s legislative agenda. The Queen’s Speech sets out 26 legislative bills, of which seven are entirely concerned with measures for leaving the European Union. In addition, the Government has published a background briefing relating to the Queen’s Speech, providing a summary of the content … Continue Reading

European public holidays: Brexit day +1

The United Kingdom may withdraw from the European Union on 31 October 2019. The following day, 1 November 2019, is a public holiday in a number of European jurisdictions. These include: Austria Belgium Croatia France Hungary Italy Lithuania Luxembourg Poland Portugal Slovakia Slovenia Spain Germany* (Baden-Württemberg, Bayern, Rheinland-Pfalz, Nordrhein-Westfalen and Saarland) Switzerland* (Appenzell Innerrhoden, Glarus;Jura, … Continue Reading

FCA responds to suggestions on users’ experiences with Gabriel platform

On 14 October 2019, the FCA published a new webpage summarising the feedback received through its online survey in relation to users’ experience of Gabriel, the FCA’s new data collection platform. Following the survey the FCA has highlighted the following three key areas for improvements: accessing Gabriel. The feedback focused on the need for improvements … Continue Reading

New FCA webpage – Submitting a change in control notification

On 14 October 2019, the FCA published a new webpage explaining how to submit a notification for a change in control. The FCA states that the guidance contained on the webpage is not an exhaustive list and there may be additional factors that need to be considered on a case-by-case basis. The FCA states that … Continue Reading

FSB letter – global resilience in the face of new risks and stablecoins

On 13 October 2019, the Financial Stability Board (FSB) published a letter from Randal Quarles, FSB Chair, to G20 Finance Ministers and Central Bank Governors. The letter highlights three areas of the FSB’s work: ensuring resilience in the face of new risks. The outlook for global growth has started to weaken and become more uncertain. … Continue Reading

FSB letter – ongoing work on market fragmentation

On 14 October 2019, the Financial Stability Board (FSB) published a report to G20 Finance Ministers and Central Bank Governors providing progress updates on its ongoing work on market fragmentation. In its June 2019 report on market fragmentation, the FSB identified four areas for further work to address market fragmentation. The latest report provides a … Continue Reading

FMSB issues final statement of good practice on conflicts of interest

On 14 October 2019, the FICC Markets Standards Board published a final statement of good practice on conflicts of interest. The main purpose of the statement is to provide fixed income currencies and commodities (FICC) market participants with guidance as they consider ways in which to identify, manage or mitigate conflicts of interest that arise … Continue Reading

Commission consultation on final Basel III reforms – spotlight on ESG risks

As previously blogged, the European Commission (Commission) has launched a public consultation on the implementation of the final elements of the Basel III reforms. Chapter 8 of the Commission consultation document covers sustainable finance. The Commission notes three actions that have been identified by the co-legislators in the course of the recent legislative review of … Continue Reading

Commission consults on review of the EU Benchmarks Regulation

On 11 October 2019, the European Commission (Commission) launched consultation on a review of the EU Benchmarks Regulation (BMR). The Commission is mandated by Article 54 BMR to conduct a review of certain provisions of the BMR and to submit a report to the European Parliament and to the Council by 1 January 2020. In … Continue Reading

New FCA webpage – Form K explained

On 11 October 2019, the FCA published a new webpage providing further information on the submission of Form K; the senior managers and certification regime (SMCR) conversion notification form. Form K enables firms to inform the FCA regarding approved individuals they wish to convert from the Approved Persons Regime to corresponding senior management functions under … Continue Reading

HM Treasury approves the latest amendments to Chapter 17 of the JMLSG Guidance

On 10 October 2019, the Joint Money Laundering Steering Group (JMLSG) announced that HM Treasury had approved the revised guidance on syndicated lending set out in Part II, Chapter 17 of the JMLSG guidance. The amendments to the JMLSG guidance clarify that market participants entering into a syndicated loan transaction, whether in the capacity of … Continue Reading

FCA sets out latest expectations for firms on Brexit

On 11 October 2019, the FCA issued a press release concerning its latest expectations for firms on Brexit. The FCA reports that it is aware that leaving the EU during the working week could pose operational challenges for firms. During this time firms should take reasonable steps to be prepared to comply with post-exit MiFID … Continue Reading

FSB and IMF publish 2019 progress report on G20 data gaps initiative

On 11 October 2019, the Financial Stability Board (FSB) and International Monetary Fund (IMF) jointly published the fourth progress report on the implementation of the second phase of the G20 data gaps initiative (DGI-2). The report provides an overview of the progress made since September 2018 in addressing the issue of post-crisis data gaps and … Continue Reading

Commission issues non-paper on key elements of a refined methodology for identifying high-risk third countries under Directive (EU) 2015/849

On 1 October 2019, the General Secretariat of the Council of the EU (the Council) published a European Commission (Commission) non-paper on key elements of a refined methodology for identifying high-risk third countries under Directive (EU) 2015/849 (the Fourth Anti-Money Laundering Directive). Following the rejection by the Council of the most recent Delegated Regulation identifying … Continue Reading

COREPER approves European Parliament position on EMIR 2.2

On 11 October 2019, the Council of the EU (Council) published an ‘A’ item note relating to the Permanent Representatives Committee’s (COREPER) approval of the European Parliament’s (Parliament) position on the proposed Regulation amending the EMIR supervisory regime for EU and third-country central counterparties (EMIR 2.2). The note also invites the Council to approve the … Continue Reading

European Commission launches public consultation on the implementation of the final Basel III reform in the EU

On 11 October 2019, the European Commission launched a public consultation on the implementation in the European Union of the December 2017 Basel Committee on Banking Supervision (BCBS) standard (Basel III: Finalising post-crisis reforms). The consultation document addresses the key elements of the BCBS standard, including revisions to the Basel III standards on credit risk, … Continue Reading

Commissioner Margrethe Vestager: A level playing field for banks in the Union

On 10 October 2019, the European Commission (Commission) published a speech given by Margrethe Vestager (Competition Commissioner) at the SRB Conference 2019. The speech was entitled A level playing field for banks in the Union. In her speech Competition Commissioner Vestager discusses the Commission’s response to the financial crisis of 2008, competition control in the … Continue Reading
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