United Kingdom (and EU regulation)

Commission adopts Implementing Decision on amending supervisory reporting of institutions under CRR

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom
On 14 February 2020, the European Commission adopted an Implementing Regulation that amends Implementing Regulation (EU) No 680/2014 laying down implementing technical standards (ITS)  with regard to supervisory reporting of institutions according to the Capital Requirements Regulation, together with related annexes. The Implementing Regulation makes certain changes to supervisory reporting requirements concerning: Common reporting (COREP) … Continue Reading

FCA letter – key risks credit brokers should consider and act on

Matthew Gregory (UK)Joe Bamford (UK)By Matthew Gregory (UK) and Joe Bamford (UK) on Posted in Consumer credit, United Kingdom
On 13 February 2020, the FCA published a letter setting out its views on the key risks credit brokers could pose to their consumers or markets. Credit brokers are asked to consider the extent of these risks in their business and assess if their strategies reduce the risks. The FCA explains that it has examined … Continue Reading

EP resolution: proposed mandate for negotiations for a new partnership with the UK

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Brexit, Brexit, France, Germany, Italy, The Netherlands, United Kingdom
On 12 February 2020, the European Parliament (EP) published the text of a resolution concerning the proposed mandate for negotiations for the EU’s new partnership with the UK. The resolution notes that whilst the EP is supportive of the EU constructively negotiating a balanced, ambitious and comprehensive free trade agreement with the UK, by its … Continue Reading

AFME updates model equity selling restrictions

Imogen Garner (UK)Iona Wright (UK)By Imogen Garner (UK) and Iona Wright (UK) on Posted in France, Germany, Italy, Securities, Securities, Securities, Securities/Capital markets, The Netherlands, United Kingdom
On 9 February 2020, the Association for Financial Markets in Europe (AFME) published a revised version of its model equity selling restrictions to reflect the UK’s withdrawal from the EU until the end of the implementation period. The updated version of the equity selling restrictions are in substantially the same form as the version published … Continue Reading

IOSCO publishes key considerations for regulating crypto-asset trading platforms

Albert Weatherill (UK)Joe Bamford (UK)By Albert Weatherill (UK) and Joe Bamford (UK) on Posted in Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Kingdom
On 12 February 2020, the International Organization of Securities Commissions (IOSCO) published a final report on issues, risks and regulatory considerations relating to crypto-asset trading platforms (CTPs). The key considerations relate to: access to CTPs; safekeeping of participant assets, including custody arrangements; identification and management of conflicts of interest; transparency of operations; market integrity, including … Continue Reading

ISDA legal guidelines for smart derivatives contracts

Hannah McAslan (UK)Hannah Meakin (UK)By Hannah McAslan (UK) and Hannah Meakin (UK) on Posted in France, Germany, Italy, Securities, Securities, Securities, Securities/Capital markets, The Netherlands, United Kingdom
On 10 February 2020, the International Swaps and Derivatives Association (ISDA) published the fourth in a series of legal guidelines for smart derivatives contracts. The ISDA Legal Guidelines for Smart Derivatives Contracts – Equities (2020): provide an overview of equity derivatives transactions and different product types; explain how equity derivatives transactions are documented under both … Continue Reading

EBA consults on guidelines on appropriate subsets of sectoral exposures in the application of the systemic risk buffer

Jochen Vester (UK)Simon Lovegrove (UK)By Jochen Vester (UK) and Simon Lovegrove (UK) on Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom
On 12 February 2020, the European Banking Authority (EBA) launched a consultation on draft guidelines on the appropriate subsets of sectoral exposures to which competent or designated authorities may apply a systemic risk buffer (SyRB) in accordance with the Capital Requirements Directive V (CRD). The EBA is mandated under Article 133(6) of the CRD V … Continue Reading

Commission sends AML letters of formal notice to 8 member states

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Anti-Money Laundering, France, Germany, Italy, Money laundering, The Netherlands, United Kingdom
On 12 February 2020, the European Commission (Commission) published a press release outlining the key infringement decisions it has taken in February 2020. Among other things, the Commission has sent letters of formal notice to 8 member states urging them to transpose the Fifth Anti-Money Laundering Directive (5MLD). The member states are: Cyprus, Hungary, the … Continue Reading

Commission consults on strengthening AML framework

John Coley (UK)Lisa Lee Lewis (UK)By John Coley (UK) and Lisa Lee Lewis (UK) on Posted in Anti-Money Laundering, France, Germany, Italy, Money laundering, The Netherlands, United Kingdom
On 12 February 2020, the European Commission (Commission) published a roadmap for a proposed communication highlighting the areas in which it intends to focus on to address deficiencies in the EU’s anti-money laundering (AML) framework. The Commission published an analysis of money laundering scandals in July 2019 which illustrated the cross-border nature of money laundering, … Continue Reading

Airbus’ Sky High Settlement – Focus on Global Reach and Collaboration in Anti-Corruption Prosecutions

Mayling BlancoCarlos F. OrtizKevin Harnisch (US)Ruth Cowley (UK)Andrew Reeves (UK)Patrick BourkeChristian Dargham (FR)Caroline Saint OliveBy Mayling Blanco, Carlos F. Ortiz, Katey Fardelmann (US), Kevin Harnisch (US), Ruth Cowley (UK), Andrew Reeves (UK), Patrick Bourke, Christian Dargham (FR) and Caroline Saint Olive on Posted in France, Investigations and enforcement, United Kingdom, United States
On January 31, 2020, France, the United Kingdom, and the United States announced a settlement with Airbus SE (“Airbus”), the French aircraft manufacturer, in relation to bribery allegations and, in the US and France, export controls violations. The combined penalties total $3.9 billion, which is the largest anti-corruption settlement in history. The settlement offers insight … Continue Reading

BoE speech on Governance of Financial Globalisation

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Banking, United Kingdom
On 11 February 2020, the Bank of England (BoE) published a speech given by Sir Jon Cunliffe (BoE Deputy Governor for Financial Stability) entitled Governance of Financial Globalisation. In his speech, Sir Jon sets out, among other things, the governance of EU-UK financial interconnectedness and how both parties will need to figure out new ways … Continue Reading

FCA review of basic bank accounts

Matthew Gregory (UK)Joe Bamford (UK)By Matthew Gregory (UK) and Joe Bamford (UK) on Posted in Banking, United Kingdom
On 11 February 2020, the FCA published a new webpage setting out the findings from its review of basic bank accounts (BBAs). BBAs are designed to increase access to financial services to those who may otherwise be unable to open a standard bank account. The FCA conducted the review through a mystery shopping exercise of … Continue Reading

FCA feedback on LSB’s Standards of Lending Practice for business customers

Jochen Vester (UK)By Jochen Vester (UK) on Posted in Banking, United Kingdom
On 11 February 2020, the FCA published Feedback Statement 20/1: Recognition of codes: feedback on QCP 25 CP19/27 (FS20/1). In FS20/1 the FCA states that it has decided to recognise the LSB’s Standards of Lending Practice for business customers for unregulated activities. As the LSB’s Standards of Lending Practice for business customers covers both regulated … Continue Reading

Final EBA opinion on deposit guarantee schemes pay outs

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom
Article 19(6) of the Deposit Guarantee Schemes Directive (DGSD) requires the European Commission to submit to the European Parliament and to the Council a report on the progress towards the implementation of the Directive. To support the Commission in meeting this obligation, the European Banking Authority (EBA) committed to drafting three opinions on the DGSD. … Continue Reading

ESG in asset management – new webinar

Imogen Garner (UK)Caroline HerkströterFloortje Nagelkerke (NL)Daniel Nevzat (UK)By Imogen Garner (UK), Caroline Herkströter, Floortje Nagelkerke (NL) and Daniel Nevzat (UK) on Posted in ESG, ESG, ESG, Germany, The Netherlands, United Kingdom
As demand for environmental, social and governance (ESG) investments increases, we consider what is driving demand, and the implications for asset managers, including changes to their duties and disclosure obligations. This webinar focuses on developments in the EU, with a particular focus on the UK, the Netherlands and Germany. The webinar can be found on … Continue Reading

ESMA and Commission confirm non-EU AIFs not subject to SFTR reporting obligations

Hannah Meakin (UK)Jochen Vester (UK)By Hannah Meakin (UK) and Jochen Vester (UK) on Posted in France, Germany, Italy, Securities, Securities, Securities, Securities/Capital markets, The Netherlands, United Kingdom
On 10 February 2020, the International Securities Lending Association (ISLA) submitted a letter to the European Commission and the European Securities and Markets Authority (ESMA) regarding the Regulation on reporting and transparency of securities financing transactions (SFTR). Specifically the letter concerned the SFTR scope of non-EU alternative investment funds (non-EU AIFs), and its conflict in … Continue Reading

FCA publishes policy statement on travel insurance sign-posting for people with pre-existing medical conditions

Laura Hodgson (UK)By Laura Hodgson (UK) on Posted in Insurance, United Kingdom
On 5 February 2020, the Financial Conduct Authority (FCA) published a policy statement on Signposting to travel insurance for consumers with medical conditions (PS20/7). The new FCA Handbook rules will require firms to include details of a directory of firms that will cover people with pre-existing medical conditions within 30 days of the directory going … Continue Reading

Airbus’ $4 billion settlement – Key takeaways for business in the Middle East

Orlando VidalLolan Sagoe-MosesBy Orlando Vidal and Lolan Sagoe-Moses on Posted in France, Investigations and enforcement, United Arab Emirates, United Kingdom, United States
Airbus’ record US$4 billion (AED 14.6 billion / 15 billion Saudi Riyal) global settlement with the US Department of Justice (DOJ), France’s parquet national financier (PNF), and the UK’s Serious Fraud Office (SFO) for bribery and related offences has dominated the headlines over the past week. The investigation into Airbus uncovered bribery and attempted bribery … Continue Reading

Monthly global FinTech regulatory updater

Hannah Meakin (UK)Sean Murphy (UK)Imogen Garner (UK)By Hannah Meakin (UK), Sean Murphy (UK) and Imogen Garner (UK) on Posted in Africa, Asia, Australia, Canada, Fintech, France, Germany, Italy, The Netherlands, United Kingdom, United States
Every month we provide the Global Blockchain Business Council’s Post-Trade Distributed Ledger group with a global regulatory FinTech updater, the latest version of which can be found here. Post Trade Distributed Ledger (PTDL) Group is composed of over 40 prominent market infrastructure stakeholders whose shared vision of the use of distributed ledger technology has brought … Continue Reading

New briefing note available – IFR/IFD: Remuneration requirements for EU investment firms

Simon Lovegrove (UK)Jochen Vester (UK)By Simon Lovegrove (UK) and Jochen Vester (UK) on Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, France, Germany, Investment firms, Italy, The Netherlands, United Kingdom
Our latest briefing note concerning the remuneration requirements for EU investment firms under the Investment Firms Regulation and Investment Firms Directive is now available here.… Continue Reading

Market integrity and strategic approach

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Regulation and compliance, United Kingdom
On 7 February 2020, the FCA published a speech by Mark Steward (Executive Director of Enforcement and Market Oversight, FCA) entitled Market integrity and strategic approach. Highlights from Mr Steward’s speech include: the FCA works with a very high degree of precision and collaboration with both US regulators and EU authorities on issues that affects … Continue Reading

FCA, ICO and FSCS warn insolvency practitioners and authorised firms on sales of personal data

Albert Weatherill (UK)By Albert Weatherill (UK) on Posted in Regulation and compliance, United Kingdom
On 7 February 2020, the FCA, the Information Commissioner and the Financial Services Compensation Scheme issued a joint statement warning insolvency practitioners and FCA authorised firms to be responsible when dealing with personal data. Among other things the regulators warn that by passing on personal data, companies may be failing to meet their obligations under … Continue Reading

ESMA issues latest double volume cap data

Hannah Meakin (UK)Hannah McAslan (UK)By Hannah Meakin (UK) and Hannah McAslan (UK) on Posted in France, Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom
On 7 February 2020, the European Securities and Markets Authority (ESMA) updated its public register with the latest set of double volume cap (DVC) data under MiFID II. The update includes DVC data and calculations for the period 1 January 2019 to 31 December 2019 as well as updates to already published DVC periods.… Continue Reading
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