Between 23 and 26 May 2019 citizens of 28 European Union (EU) Member States elected 751 new Members of the European Parliament (MEPs). With a record high turnout of 51% across the EU-28, voters have expressed a powerful vote against some of the governing political parties. Here is our analysis of the preliminary results: Germany … Continue Reading
Markus Ferber, a German MEP, has been elected the new whip for the European People’s Party in the European Parliament’s Committee on Economic and Monetary Affairs (ECON). Mr Ferber previously was the first vice chair of the ECON committee and succeeds Burkhard Balz who is leaving the Parliament to join the board of German Bundesbank … Continue Reading
On 24 July 2018, the European Banking Authority (EBA) published a report setting out the outcome of its assessment of the European Commission’s call for advice on European Secured Notes (ESNs). The report makes 5 recommendations on key aspects for consideration by the European Commission when structuring the legislative framework for ESNs: Small and medium-sized … Continue Reading
On 25 July 2018, the Bank of England (BoE) published its statement of compliance (as at 14 May 2018) with the International Organization of Securities Commission (IOSCO) principles for financial benchmarks. The IOSCO principles, which the statement shows BoE in compliance with, ensure international best practice in the BoE’s administration of the Sterling Overnight Index … Continue Reading
On 24 July 2018, the Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) (Amendment) Order 2018 (SI 2018/897) (Amendment Order) was published. The Amendment Order, which comes into force on 31 October 2018, amends the definition of “core deposit” in the Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) … Continue Reading
On 6 July 2018, the FCA published its response to the recommendations made by the Environment Audit Committee in its June 2018 report, Greening Finance: embedding sustainability in financial decision making. The FCA’s comments included: The FCA will consult on rule changes requiring independent governance committees to report on their firm’s policies on evaluating environmental, … Continue Reading
On 24 July 2018, the FCA published two papers relating to the way it assesses the potential impact of its policies prior to implementing rules. The theme of the papers reflect the FCA’s increased focus on impact evaluation which was established in its Mission 2017. The first paper (How we analyse the costs and benefits … Continue Reading
The Chancellor of the Exchequer, George Osborne, has made his Autumn Statement. The statement touches on the following financial services aspects: bank levy; information on lending to small and medium-sized enterprises; tax treatment of Solvency II compliant instruments; stamp duty in relation to exchange traded funds; and limited liability partnership reform. View Autumn Statement 2013, … Continue Reading
