United Kingdom (and EU regulation)

Final EBA opinion on deposit guarantee schemes pay outs

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

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

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

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

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

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

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

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

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

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

ESMA issues opinions on position limits under MiFID II

On 7 February 2020, the European Securities and Markets Authority (ESMA) published seven opinions on position limits regarding commodity derivatives under MiFID II / MiFIR. The opinions agree with the proposed position limits regarding: ICE Endex Dutch TTF Gas contracts; EEX Phelix DE Base Power contracts; EEX Capesize TC5 Freight contracts; EEX Spanish Power Base … Continue Reading

FCA updated webpage on using Connect to submit EMIR notifications and applications

On 6 February 2020, the FCA updated its webpage on using the FCA Connect system to submit notifications and applications under the European Markets Infrastructure Regulation (EMIR). The FCA reminds firms that the legacy EMIR web portal will be decommissioned on 31 March 2020. All counterparties must register on the FCA Connect system to submit … Continue Reading

FCA Dear CEO letter on its approach to supervising platforms

On 6 February 2020, the FCA published a Dear CEO letter setting out its view of the concerns and expectations relating to platforms. The FCA’s supervision strategy is focused on addressing the following key harms: Technology and operational resilience. The FCA expects accountable individuals under the Senior Managers and Certification Regime to be responsible for … Continue Reading

ISDA updates IBOR Fallback Rate Adjustments FAQs and workstreams table

On 6 February 2020, the International Swaps and Derivatives Association (ISDA) published an updated version of its FAQs on IBOR Fallback Rate Adjustments. The FAQs insert a new question and answer on whether fallbacks are “benchmarks” for regulatory purposes. ISDA responds to this question by stating: It is important to keep in mind that the … Continue Reading

ESMA publishes the final report on MiFIR alignments following the introduction of EMIR Refit

On 7 February 2020, the European Securities and Markets Authority (ESMA) published a final report suggesting amendments to the trading obligation under the Markets in Financial Instruments Regulation (MiFIR) following the introduction of EMIR Refit. The European Market Infrastructure Regulation (EMIR) has been amended by EMIR Refit. The changes introduced by EMIR Refit concern inter-alia … Continue Reading

ESMA statement on the state of play of implementing a supervisory approach to pre-trade transparency requirements in commodity derivatives

On 6 February 2020, the European Securities and Markets Authority (ESMA) published a statement providing an update on the progress made on implementing its supervisory briefing on pre-trade transparency in commodity derivatives under MiFIR, which was published in June 2019. In the statement, ESMA explains that all Member State national competent authorities (NCAs), except for … Continue Reading

ESMA sets out strategy on sustainable finance

On 6 February 2020, the European Securities and Markets Authority (ESMA) announced its strategy on sustainable finance, setting out how the European Supervisory Authority will place sustainability at the core of its activities by embedding environmental, social and governance (ESG) factors at the forefront of its work. The key priorities for ESMA highlighted in the … Continue Reading

Financial Services and Markets Act 2000 (Central Counterparties, Investment Exchanges, Prospectus and Benchmarks) (Amendment) Regulations 2020

On 5 February 2020, there was published on the legislation.gov.uk website, the Financial Services and Markets Act 2000 (Central Counterparties, Investment Exchanges, Prospectus and Benchmarks) (Amendment) Regulations 2020 (the Regulations), together with an explanatory memorandum. The Regulations are being made under section 2(2) of the European Communities Act 1972, which was repealed by the European … Continue Reading

Pay.UK consults on the adoption of ISO 20022 for UK payment systems

On 4 February 2020, Pay.UK published a consultation paper setting out its proposals for adopting ISO 20022 and other key standards for the clearing and settlement capability that will be enabled by the New Payments Architecture (NPA) infrastructure. The consultation is structured in three parts: the recommended direction for the adoption of ISO 20022 for … Continue Reading

ESMA launches common supervisory action with NCAs on MiFID II suitability rules

On 5 February 2020, the European Securities and Markets Authority (ESMA) announced the launch of a common supervisory action (CSA) with Member State national competent authorities (NCAs) concerning the application of the suitability requirements under the MiFID II Directive. The CSA will enable ESMA and the NCAs to assess the progress made by intermediaries in … Continue Reading

ESRB letter on issues raised with AIFMD

On 5 February 2020, the European Systemic Risk Board (ESRB) published a letter to John Berrigan, Director General for Financial Stability, Financial Services and Capital Markets Union at the European Commission, regarding shortcomings of the current framework of the Alternative Investment Fund Managers Directive (AIFMD). The letter highlights areas for improvement in AIFMD reporting ahead … Continue Reading
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