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
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
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
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
On 13 January 2021, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published its supervision agenda for 2022 (the AFM Agenda 2022). The AFM Agenda 2022 follows on and links specific actions and priorities to trends and risks listed in the AFM’s Trend Monitor 2022 (Trendzicht 2022), the AFM’s annual analysis … Continue Reading
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
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
On 20 December 2021, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a report with the results of an exploratory study into investor protection requirements relating to social media posts titled “The pitfalls of ‘finfluencing’” (the Report). The Report is based on an exploratory study carried out by the AFM … Continue Reading
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
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
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
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
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
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
On 7 December 2021, the Dutch Central Bank (De Nederlandsche Bank, DNB) published an updated version of its plan ‘Vision on Supervision’ (Visie op Toezicht) (the Plan). The Plan sets out the supervisory topics that DNB will be spearheading until 2024 (building on some topics which were included in the previous version) and provides insight … Continue Reading
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
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 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
On 24 November 2021, the Dutch Minister of Finance submitted the Amendment Decree Financial Markets 2021 (Wijzigingsbesluit financiële markten 2021, the Amendment Decree 2021) to the Dutch Parliament (Tweede Kamer) and the Dutch Senate (Eerste Kamer). The Amendment Decree 2021 is part of an annual cycle of amendments to the laws and regulations relevant to … Continue Reading
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
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
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
As of 1 January 2022 it is expected that all managers of alternative investment funds which have registered for the AFM ‘light’ regime (Light AIFMs) will need to submit their AIFMD reports to the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) instead of the Dutch Central Bank (De Nederlandsche Bank). Light … Continue Reading
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
