United Kingdom (and EU regulation)

UK Finance report – Supporting Europe’s economies and citizens: a modern approach to financial services in an EU-UK Trade Agreement

  UK Finance has published a report that proposes an alternative model for a future trade framework for banking and capital markets services between the EU and the UK. It is based on the premises that: (i) in the near future the EU and the UK will have separate regulatory jurisdictions, which are nevertheless part … Continue Reading

Joint Committee of ESAs publishes 2018 work programme

  The Joint Committee of the European Supervisory Authorities (ESAs) has published its work programme for 2018. In 2018, the Joint Committee of the ESAs will give priority to cross-sectoral risks, consumer protection, anti-money laundering, financial conglomerates and accounting and audit.… Continue Reading

Commission adopts Implementing Regulation on ITS on supervisory reporting to reflect operational risk, sovereign exposures and additional monitoring metrics for liquidity reporting

  The European Commission has adopted Commission Implementing Regulation (EU)…/… of xxx amending the Implementing Regulation (EU) No 680/2014 (laying down implementing technical standards with regard to supervisory reporting of institutions according to the Capital Requirements Regulation) as regards templates and instructions. The amended requirements will apply as of 1 March 2018. View Commission Implementing … Continue Reading

ESMA updates Q&As on MiFID II market structures and transparency

  The European Securities and Markets Authority has published an updated version of its Q&As on MiFID II / MiFIR market structures topics. The update includes Q&As on:… Continue Reading

ECB criticises UK banks’ relocation plans

  The European Central Bank (ECB) has published an article entitled Brexit: an ECB supervision perspective. In its article, the ECB states that elements of certain banks’ plans do not meet the ECB’s expectations or the requirements for banks operating in the euro area. … Continue Reading

EBA peer review report on guidelines on criteria for identifying O-SIIs

The European Banking Authority (EBA) has published a final peer review report that presents the outcomes of the ongoing review exercise on the Guidelines on the criteria to determine the conditions of application of Article 131(3) of Capital Requirements Directive IV in relation to the assessment of other systemically important institutions (Guidelines).… Continue Reading

Effective compliance with the Market Abuse Regulation – a state of mind

The FCA has published a speech given by Julia Hoggett (Director of Market Oversight, FCA). The speech is entitled Effective compliance with the Market Abuse Regulation – a state of mind. Key messages in the speech include the following: Primary market oversight – it has been observed in the media that the FCA now has … Continue Reading

EPC updates interbank implementation guidelines for SEPA instant credit transfer scheme and credit transfer scheme

The European Payments Council (EPC) has published the following updated versions of its interbank implementation guidelines for the Single Euro Payments Area (SEPA): SEPA instant credit transfer scheme interbank implementation guidelines – version 1.2. The objective of these guidelines is to define the rules to be applied to the interbank ISO 20022 XML message standards … Continue Reading

ECB TARGET2 decisions and guideline published in OJ

There has been published in the Official Journal of the European Union (OJ), the following decisions and guideline: Decision (EU) 2017/20180 of the European Central Bank (ECB) of 22 September 2017 amending Decision ECB/2010/9 on access to and use of certain TARGET2 data. The Decision enters into force on 15 November 2017; Decision (EU) 2017/2081 … Continue Reading

ESMA updates Q&As on MiFIR data reporting

The European Securities and Markets Authority has published updated Q&As on MiFID II and MiFIR data reporting topics. New questions and answers have been added on: transaction reporting for primary issuances; corporate events; portfolio management; and swaps related to indices. View ESMA updates Q&As on MiFIR data reporting, 14 November 2017… Continue Reading

ESMA updates Q&As on MiFID II/MiFIR commodity derivatives

The European Securities and Markets Authority has published updated Q&As on MiFID II and MiFIR commodity derivatives topics. New questions and answers have been added on: position limits; ancillary activities; and position reporting. View ESMA updates Q&A on MiFID II commodity derivatives, 14 November 2017… Continue Reading

ESMA clarifies trading obligation for shares under MiFID II

The European Securities and Markets Authority (ESMA) has updated its Q&As on transparency in order to clarify the application of the trading obligation for shares to trade certain instruments on-venue. The updated Q&A contains the following question: “What is the scope of the trading obligation where there is a chain of transmission of orders?” ESMA’s … Continue Reading

Commission adopts Delegated Regulations setting out RTS on valuation under BRRD

The European Commission has adopted the following Delegated Regulations setting out regulatory technical standards (RTS) on valuation under the Bank Recovery and Resolution Directive (BRRD): Commission Delegated Regulation (EU) No …/… supplementing the BRRD with regard to RTS specifying the criteria relating to the methodology for assessing the value of assets and liabilities of institutions … Continue Reading

CP17/38: Regulatory fees and levies: policy proposals for 2018/19

The FCA has published Consultation Paper 17/38: Regulatory fees and levies: policy proposals for 2018/19 (CP17/38). In CP17/38 the FCA sets out its proposed policy changes to the way that FCA fees will be raised from 2018/19. After the summary in chapter 1 the layout of CP17/38 is as follows: chapter 2 – proposed tariff … Continue Reading

Official Journal: Delegated Regulation on RTS on co-operation and exchange of information for passporting under PSD2

There has been published in the Official Journal of the EU, Commission Delegated Regulation (EU) 2017/2055 of 23 June 2017 supplementing Directive (EU) 2015/2366 of the European Parliament and of the Council with regard to regulatory technical standards for the cooperation and exchange of information between competent authorities relating to the exercise of the right … Continue Reading

Public consultation on institutional investors and asset managers’ duties regarding sustainability

The European Commission has issued a consultation document concerning institutional investors and asset managers’ duties regarding sustainability. The purpose of the consultation document is to gather information on how asset managers and institutional investors could include environmental, social and governance factors when taking decisions. The may help them allocate capital more efficiently by taking into … Continue Reading

EBA publishes final guidance on connected clients

The European Banking Authority (EBA) has published final guidelines on connected clients under Article 4(1)(39) of the Capital Requirements Regulation (CRR). The guidelines apply from 1 January 2019 and replace the ‘Guidelines on the implementation of the revised large exposures regime’ issued by the Committee of European Banking Supervisors on 11 December 2009. The guidelines … Continue Reading

ESMA highlights ICO risks for investors and firms

The European Securities and Markets Authority (ESMA) has issued two statements on initial coin offerings (ICOs), one on the risks of ICOs for investors and one on the rules applicable to firms involved in ICOs. In the statement for firms, ESMA states that depending on how they are structured, ICOs may fall outside the regulatory … Continue Reading

FCA Handbook Notice No. 49

The FCA has published Handbook Notice No. 49. In this Handbook Notice, the FCA briefly describes the changes that have been made to the FCA Handbook by the following instruments: MiFID II Guide Instrument 2017; and Capital Requirements Directive IV (Amendment) Instrument 2017. The FCA also provides feedback on the following: Consultation Papers 15/43 and … Continue Reading
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