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Topic: Regulation and compliance

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IOSCO good practices aim to foster cooperation through global supervisory colleges

On 18 January 2022, the International Organization of Securities Commissions (IOSCO) issued a final report on lessons learned from the use of global supervisory colleges. The report is based on previous IOSCO work on market fragmentation and provides a framework for securities regulators seeking to create new global supervisory colleges for sectors of financial markets … Continue Reading

Summary report – ‘Targeted consultation on taking stock of the framework for supervising European capital markets, banks, insurers and pension funds: supervisory convergence and the single rulebook’

On 17 January 2022, the European Commission issued a summary report ‘Targeted consultation on taking stock of the framework for supervising European capital markets, banks, insurers and pension funds: supervisory convergence and the single rulebook’. The targeted consultation was issued last year and feeds into the preparation of a report required by the Capital Markets … Continue Reading

IOSCO consults on lessons learned from the operational resilience of trading venues and market intermediaries during the pandemic

On 13 January 2022, the International Organization of Securities Commissions (IOSCO) issued a consultation report seeking feedback on the lessons learned regarding the operational resilience of trading venues and market intermediaries during the COVID-19 pandemic. The consultation report concludes that these regulated entities largely proved to be operationally resilient and continued to serve their clients … Continue Reading

Commission adopts new Delegated Regulation amending the regulatory technical standards as regards adjustment the liquidity thresholds and trade percentile used to determine the size specific to the instrument applicable to certain non-equity instruments

On 13 January 2022, the European Commission adopted a Delegated Regulation amending the regulatory technical standards laid down in Delegated Regulation (EU) 2017/583 (RTS 2) regarding transparency requirements for trading venues and investment firms in respect of bonds, structured finance products, emission allowances and derivatives. The draft Delegated Regulation seeks to realise a move to … Continue Reading

Happy New Year

Happy New Year to all our readers. We set out below further developments that occurred over the Christmas period. UK JMLSG consultation: syndicated lending – On 16 December 2021, the Joint Money Laundering Steering Group (JMLSG)  published a proposed revision to Part II Sector 17 (Syndicated Lending) of its guidance. The proposed revision is a … Continue Reading

Financial Institutions – Regulatory outlook for 2022

As 2021 draws to a close, we look ahead to the trends and new requirements that we may see over the next twelve months for financial institutions (FIs) in the white collar crime sphere as regulators, legislators and individuals continue to adapt to the pandemic and prevailing public opinion. 1. An increase in fraud-related investigations … Continue Reading

ESMA statement on transfer of competencies and duties relating to certain data reporting services providers from NCAs to ESMA

On 14 December 2021, the European Securities and Markets Authority (ESMA) issued a statement clarifying the transfer of competences and duties relating to supervisory and enforcement activity in the field of certain data reporting services providers (DRSPs) from Member State competent authorities (NCAs) to ESMA. In the statement ESMA outlines the approach for DRSP supervision … Continue Reading

FSB seeks feedback on how existing national and regional data frameworks affect cross-border data flows

On 10 December 2021, the Financial Stability Board (FSB) launched an online survey as part of its work under Building Block 6 of the Roadmap for enhancing Cross-border Payments. The FSB intends to use the survey to gather stakeholders’ feedback in order to better understand how requirements applicable to data could affect (either enabling or … Continue Reading

EBA report highlights shortcomings in the application of its guidelines on the remuneration of sales staff

On 9 December 2021, the European Banking Authority (EBA) published a report on the application of its guidelines on the remuneration of sales staff in force since 2016. The EBA has found that financial institutions focus more on prudential requirements and commercial interests than on meeting the interests of consumers. The EBA also found that … Continue Reading

Directive 2021/2167 of 24 November 2021 on credit servicers and credit purchasers and amending Directives 2008/48/EC and 2014/17/EU

On 8 December 2021, there was published in the Official Journal of the EU (OJ), Directive (EU) 2021/2167 of 24 November 2021 on credit servicers and credit purchasers and amending Directives 2008/48/EC and 2014/17/EU. The Directive is commonly known as the Non-Performing Loans (NPLs) Directive and sets out a common EU framework and requirements for … Continue Reading

ABC Compliance Survey 2021: five key areas to consider enhancements

Since the UK Bribery Act 2010 came into force in July 2011, standards and scope of anti-bribery and corruption (ABC) compliance programmes have evolved significantly in many jurisdictions. Norton Rose Fulbright recently carried out a global survey to assess how companies’ ABC compliance programmes compare against current global best practice expectations, as documented in guidance … Continue Reading

IOSCO consultation report – The use of innovation facilitators in growth and emerging markets

On 7 December 2021, the International Organization of Securities Commissions issued a consultation report, The use of innovation facilitators in growth and emerging markets. The consultation report covers three types of innovation facilitators: innovation hubs, regulatory sandboxes, and regulatory accelerators. The consultation report proposes four recommendations for emerging market member jurisdictions to consider when setting … Continue Reading

Beyond the temporary permissions regime: what is next for EEA firms operating in the UK?

Following Brexit, European firms that were previously providing services in the UK (either through a UK branch or on a cross-border basis) in reliance upon passporting rights, are able to continue to do so under the UK’s temporary permissions regime (TPR) for a period of time. The TPR will expire on 31 December 2023, unless … Continue Reading

Speech by Mairead McGuinness: Structured Dialogue with the ECON Committee in the European Parliament

On 3 December 2021, the European Commission published the opening remarks made by Mairead McGuiness at the Structured Dialogue with the ECON Committee in the European Parliament. Among others things the remarks mention that: An extension of the equivalence decision for UK CCPs will be proposed early in 2022. The goal is to set up … Continue Reading

The UK TPR is ending – what should EU firms do next?

The recording of our recent webinar ‘The UK TPR is ending – what should EU firms do next’ is now available. The webinar, which is targeted both at standalone EU firms using the temporary permissions regime (TPR) and at EU firms using the TPR who are within those groups with a UK presence, covers the … Continue Reading

Commission Delegated Regulation amending Delegated Regulation 2019/815 as regards the 2021 update of the taxonomy laid down in the RTS on the single electronic reporting format

On 30 November 2021, the European Commission published Commission Delegated Regulation (EU) of 29.11.2021 amending Delegated Regulation (EU) 2019/815 as regards the 2021 update of the taxonomy laid down in the regulatory technical standards on the single electronic reporting format (RTS on ESEF) together with Annexes. The delegated act sets out technical updates to the … Continue Reading

Corrigendum to Commission Decision C(2021)4858 final of 6 July 2021 on the adoption of the answers to be provided to questions submitted by the ESAs

On 30 November 2021, the European Commission adopted a corrigendum concerning Commission Decision C(2021)4858 final of 6 July 2021 on the adoption of the answers to be provided to questions submitted by the European Supervisory Authorities under Article 16b(5) of Regulation (EU) No 1093/2010, Regulation (EU) No 1094/2010, Regulation (EU) No 1095/2010 of the European … Continue Reading

FSB report on good practices for Crisis Management Groups

On 30 November 2021, the Financial Stability Board (FSB) issued a report on good practices for Crisis Management Groups (CMGs). The report sets out good practices that have helped CMGs to enhance preparedness for the management and resolution of a cross-border financial crisis affecting a global systemically important bank (G-SIB) consistent with the FSB’s Key … Continue Reading

SRB updates guidance on operational continuity in resolution

On 29 November 2021, the Single Resolution Board (SRB) published an updated version of its guidance on operational continuity in resolution (OCIR) which was published in July 2020. The guidance provides clarification for banks on how to implement the SRB’s expectations for operational continuity and has an indicative phasing-in timetable. In particular, the guidance covers … Continue Reading

Policy Statement 21/16 ‘Issuing statutory notices – a new approach to decision makers’

On 26 November 2021, the Financial Conduct Authority (FCA) published Policy Statement 21/16 ‘Issuing statutory notices – a new approach to decision makers’ (PS21/16). In PS21/16 the FCA provides feedback to Consultation Paper 21/25 ‘Issuing statutory notices – a new approach to decision makers’ in which it set out proposals to move some decision making … Continue Reading

10 things to know about the European Commission’s MiFIR Review Proposal

On 25 November 2021, the European Commission (the Commission) published its long-awaited legislative proposal for a review of the Markets in Financial Instruments Regulation (MiFIR Review Proposal). This note summarises ten key issues market participants should know about the proposed amendments to the MiFIR framework: Changes to the CTP regime As expected, the much-anticipated centrepiece … Continue Reading

EBA final report on guidelines on sound remuneration policies under the IFD

On 22 November 2021, the European Banking Authority (EBA) published its revised guidelines on sound remuneration policies for investment firms under the Investment Firms Directive (IFD). The guidelines have been developed on the basis of Articles 30(4) and 32(9) of the IFD which mandates the EBA to develop guidelines on remuneration policies for investment firms … Continue Reading

EBA final report on guidelines on internal governance under the IFD

On 22 November 2021, the European Banking Authority (EBA) published a final report containing revised guidelines on internal governance for investment firms under the Investment Firms Directive (IFD). The guidelines have been prepared in accordance with Article 26 of the IFD which requires investment firms to have robust governance arrangements, including a clear organisational structure … Continue Reading

ESMA – new Q&As available

On 19 November 2021, the European Securities and Markets Authority announced that it had updated Questions and Answers on the: Benchmarks Regulation. Central Securities Depositories Regulation. EMIR implementation. European crowdfunding service providers for business Regulation. MiFID II and MiFIR investor protection topics. Securitisation Regulation.… Continue Reading
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