The European Blanking authority (EBA) has published an opinion (EBA/Op/2017/16) on the transition from the Payment Services Directive (2007/64/EC) (PSD) to the revised Directive on payment services in the internal...
Category - Uncategorized
EC publishes proposal to delay IDD application date
The European Commission has today published a legislative proposal to push back the application date of IDD until 1 October 2018, at the request of the European Parliament and Member States. Member states will still be...
EBA Discussion Paper – Implementation in the European Union of the revised market risk and counterparty credit risk frameworks
The European Banking Association (EBA) has published a discussion paper (EBA/DP/2017/04) on the EU implementation of the revised market risk and counterparty credit risk frameworks. The discussion paper focuses on the...
FCA statement on the EBA Guidelines on Operational and Security Risks under PSD2
In response to the European Banking Authority (EBA) Guidelines on Operational and Security Risks under PSD2, published on 12 December 2017, the FCA published a statement on its website reminding payment service...
ESMA UPDATES ITS Q&As RELATING TO MIFID II
The European Securities and Markets Authority (ESMA) has today published updated versions on its Questions and Answers (Q&As) relating to topics under the MiFID II Directive (2014/65/EU) and the Markets in Financial...
Agreement on the EU proposals to prevent money laundering and terrorism financing reached
The European Parliament and the Council has announced they have reached a political agreement on the EU Commission’s proposal to further strengthen EU rules on anti-money laundering and counter terrorist financing...
UK Finance publishes MiFID 2 guidelines
UK Finance has published guidance for firms on product governance and retail costs and charges under MiFID 2. The guidelines on product governance look at the “target market” criteria, which include...
Treasury committee calls for urgent agreement on Brexit transition
The Treasury Committee has published a report which supports a time-limited “standstill” transition arrangement after the Brexit Article 50 negotiations are finished. It thinks it should be simple to...
Commission adopts MiFID 2 trading equivalence decisions
The Commission has recognised a number of trading venues in the US, Australia and Hong Kong as equivalent for the purposes of the MiFID 2/ MiFIR share trading obligation. This follows publication in the OJEU of the...
EBA publishes PSD2 security measures guidelines
EBA has published its final guidelines on security measures for operational and security risks of payment services required by PSD2. The guidelines require PSPs to have in place: an effective operational and security...
EIOPA publishes editable IPID template
EIOPA and the European Commission have developed an editable version of the IPID template. Under the IDD, the IPID is required to be provided for non-life insurance products to enable the customer to make a more...
PRA consults on internal models under Solvency 2
As part of its review into Solvency 2, PRA has published a consultation paper which proposes updated expectations of firms in respect of: the model change process set out in Supervisory Statement (SS) 12/16 ‘Solvency...
Complaints Commissioner recommends Register review
The Complaints Commissioner has rejected a complaint against FCA from complainants who suffered loss when a firm that had passported into the UK sold products that were outside its permission. The firm was a Cypriot...
FCA sets out future approach to authorisation and competition
FCA has outlined its approach to authorisation and to competition. It notes it is one of the few financial regulators in the world with an objective that includes promoting competition. It wants to understand, in...
Lloyd’s reacts to Brexit developments
Reacting to the news that the UK and EU are planning to move to the next phase of Brexit talks, Lloyds has released a press release stating that it is pleased that the Brexit talks can now enter the second phase...
ECB Transcript of the public hearing on the addendum to the ECB Guidance on non-performing loans
The European Central Bank (ECB) has published a transcript of the public hearing on the addendum to the ECB Guidance on non-performing loans, held on 30 November 2017 at the ECB’s main building premises in...
ECB approves major projects in the field of large-value payments and collateral management
The European Central Bank (ECB) has announced the approval of the consolidation of the Eurosystem’s real-gross settlement system TARGET2 and the securities settlement system platform TARGET2-Securities (T2S), as...
Compliance Trainer award – thank you!
Thank you to all of our FIN readers who nominated us for awards at the Compliance Register Platinum Awards 2017. Emma was delighted to retain her award for “most outstanding compliance trainer“.
US MiFIR equivalence decision in OJEU
The decision to consider the legal and supervisory framework of the USA applicable to designated contract markets and swap execution facilities as equivalent to MiFIR standards under MiFIR has been published in the...
ESAs publish draft group AML risk RTS
The ESAs have published draft RTS under MLD4 on how credit and financial institutions should manage their AML/TF risks at group level where their group includes branches or major subsidiaries in third countries that do...
BEIS gives payment surcharge guidance
BEIS has published guidance on the Consumer Rights (Payment Surcharges) Regulations 2012. New rules come into force on 13 January 2018 as a result of PSD2 that ban surcharges on a wide range of transactions, while...
EIOPA speaks on insurance and pensions
The Chairman of the European Insurance and Occupational Pensions Authority (EIOPA), Gabriel Bernardino, delivered a speech at EIOPA’s 7th annual conference on Insurance and Pensions Reloaded: A Game Changer. The...
ESMA publishes MiFID compliance function peer review
ESMA has published the results of its peer review on the guidelines on certain aspects of the compliance function under MiFID 1. The review covered a 2 year period and assessed the approaches of 31 NCAs. It included...
LMG proposal addresses issues of access, control and continuity of service in post-Brexit insurance sector
In light of Brexit-related concerns over continuity of service in the insurance sector, the London Market Group (LMG) has issued a proposal to the UK government detailing a mechanism whereby both the UK and EU are...
EBA repeals its Guidelines on retail deposits subject to different outflows for the purpose of liquidity reporting
On the 27 November 2017, the European Banking Authority (EBA) announced that it has decided to formally repeal its guidelines on retail deposits subject to different outflows for the purposes of liquidity reporting...
ESMA updates MAR FAQs
ESMA has updated the FAQs on MAR. New questions address the requirements around managers’ transactions.
UK based EU agencies agree relocation
The Council has decided on the new locations of various UK-based EU agencies. In the financial services sector, the EBA will be relocating to Paris.
Barnier speaks on EU future and Brexit
Michel Barnier, speaking at the Brussels office of the Centre for European Reform, spoke on the EU “standing up for itself”. He said Brexit could be a turning point in what he called the European project. He...
Legislative proposals to set the application date of IDD at 1 October 2018
Following the European Parliament’s call to postpone the application of the IDD to 1 October 2018, ECON has written to the European Commission asking it to take the Committee’s suggestion into account. ECON...
ENISA publishes recommendations on cyber insurance
The European Union Agency for Network and Information Security (ENISA) has published a report on the commonality of risk assessment language in cyber insurance. ENISA comments on the growth of the cyber insurance market...
Treasury implements Venezuela sanctions regime
The Government has made legislation creating a financial sanctions regime in relation to Venezuela and OFSI has published a financial sanctions notice, although there are as yet no designated persons under the regime...
ESMA updates MiFID 2 FAQs
ESMA has issued: a further update to its FAQs on market structure issues under MiFID 2, including on DEA and tick sizes an update to its transparency FAQs, including new questions on a range of pre- and post-trade...
MLD5 negotiations stalled
Reports from the European Parliament say that the last scheduled trilogue on MLD5 ended without agreement, because the Council did not have a mandate to negotiate and there was no text for discussion. ECON expressed its...
David Davis’ speech on the financial services sector post Brexit
On 14 November 2017, David Davis, Secretary of State for Exiting the European Union, gave a speech on the post-Brexit relationship between the UK and the EU relating to the financial services sector. In his speech, Mr...
ICO launches new advice service to help small organisations with GDPR preparations
The Information Commissioner’s Office (ICO) has launched an advice line in order to help small organisations prepare for compliance with the EU General Data Protection Regulation (GDPR), which is due to come into...
Select committee calls for post-Brexit transactional deal
The Lords’ EU Financial Affairs Sub-Committee has written to the Chancellor calling for an urgent agreement on a post-Brexit “standstill” transition point for the financial services sector. Baroness...
CITY OF LONDON LAW SOCIETY RESPONSE TO NEW BUSINESS CONTRACT TERMS REGULATIONS
The City of London Law Society has written to the Department for Business, Energy and Industrial Strategy outlining a number of concerns with the draft Contract Terms (Assignment of Receivables) Regulations 2017. The...
UN and EU sanction Mali with no designated persons
OFSI has published a financial sanctions notice confirming that the UN Security Council has imposed restrictive measures because of the threat to international peace and security posed by Mail, and this was followed by...
EBA publishes final guidelines on the supervision of significant branches
On 1 November 2017, the European Banking Authority (EBA) published a final report on the guidelines on the supervision of significant branches (EBA/GL/2017/14). The final report follows a consultation, which took place...
Legislative proposal for an EU framework on crowd and peer to peer finance
The European Commission (Commission) has published an inception impact assessment on its legislative proposal for an EU framework on crowd and peer to peer finance. The initiative is part of the Commission’s...
Treasury launches inquiry into UK’s economic relationship with the EU
The Treasury Committee has launched a new inquiry into the UK’s economic relationship with the EU, which amongst other things will consider: Transitional arrangements; Preparedness for ‘no deal’; and...
Commission starts reporting fitness check
The European Commission has invited feedback on whether supervisory reporting requirements in financial services legislation are fit for purpose. It has published a roadmap on which it asks for views by 14 November. ...
TheCityUK warns on dangers of transition delay
TheCityUK has called on the government to progress the Brexit transitional arrangements as quickly as possible, before firms have to implement their contingency plans because they cannot wait any longer. The paper...
EBA’s Opinion on the UK’s departure from the EU
On 12 October 2017, the European Banking Authority (EBA) published an Opinion on issues relating to the UK’s departure from the European Union (EU). The Opinion is focused on the period prior to the departure of...
FCA publishes BMR checklist
FCA has published a draft checklist for firms applying for registration as a benchmark administrator under the BMR.
Bank of England expects 130 licence applications before Brexit
Comments made by Sam Woods, Chief Executive Officer of the Prudential Regulation Authority (PRA) were reported in an article published by Reuters, in which he stated that the Bank of England expects at least 130...
FMLC writes to MoJ on Withdrawal Bill
FMLC was invited to comment on the EU (Withdrawal) Bill, and has now provided its views to the Ministry of Justice. It is concerned that the wording of the Bill will create confusion. The Bill essentially says that all...
ECB: Brexit clock is ticking
Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, talks about developments in the preparatory work of banks and supervision in light of the UK leaving...
Government publishes DP Bill statement of intent
We have written an article on the Government’s statement of intent for the Data Protection Bill.
8 EU states offer to host the EBA post-brexit
The EC has today announced that the following cities have proposed to host the EBA: Brussels (Belgium) Dublin (Ireland) Frankfurt (Germany) Paris (France) Prague (Czech Republic) Luxembourg-City (Luxembourg) Vienna...
ECB sets out its approach to implementing the FX global code
The European Central Bank (ECB) published a press release setting out its approach to implementing the FX global code. The FX Global Code is a set of global principles of good practice in foreign exchange markets...
House of Lords calls for evidence on financial regulation and supervision following Brexit
The House of Lords EU Financial Affairs Sub-Committee (the Committee) is calling for evidence to support its inquiry into the future of UK financial regulation and supervision following Brexit. The Committee will...
FCA consults on proposal to create new premium listing category for sovereign controlled companies
The FCA is consulting on a targeted proposal to make the listing regime work better for companies controlled by a shareholder that is a sovereign country. This consultation paper (CP17/21) will be of interest to:...
FCA publishes ESMA statement on transitional provisions for the EU Benchmark Regulation
FCA has updated its webpage to include a set of questions and answers published by ESMA on the transitional provisions for the EU Benchmark Regulation (BMR). FCA says this is an important clarification for the industry...
Andrew Bailey upbeat on Brexit
Andrew Bailey has spoken on how free trade, freedom of location and open markets in financial services can continue after Brexit . His key point was that firms should be able to take their own decisions on where they...
BoE publishes record of Financial Policy Committee meeting
BoE has published a record of its Financial Policy Committee’s Meeting on 21 June 2017. The report reveals the reasoning behind the recommendations and decisions in its Financial Stability Report no. 41. in...
Commission launches pan-European pensions label
The European Commission is to launch a pan-European pension product (PEPP) that will have the same standard features wherever in the EU it is sold. The PEPP can be offered by a broad range of providers and will...
FSB issues a report on the financial stability implications from FinTech
The FSB has been analysing the potential financial stability implications from FinTech with a view to identifying supervisory and regulatory issues that merit authorities’ attention. In a Report released this week, the...
Lending Standards Board considers enhancements to take account of technological advancements
The Lending Standards Board (LSB) published a report (dated May 2017) setting out the findings of its Standards Development Project (SDP) on digital. The SDP included credit card, loan and overdraft products. In the...
MLD5 due for plenary in October
The latest forecast from the European Parliament’s legislative observatory indicates the first plenary hearing of the MLD5 proposals will be on 23 October.
ICO publishes Information Rights Strategic Plan 2017 – 2021
The Information Commissioner’s Office (ICO) recently published its information rights strategic plan 2017 – 2021. The strategic plan sets out the ICO’s mission to increase the trust that the public has in...
The European parliament’s committee on economic and monetary affairs (econ) calls on commission to present legislation to protect whistle-blowers
In a draft opinion published on the 23 May, ECON says there is a need to ensure whistle-blowers are able to report not only illegal activities but also wrongdoing and any information in the public interest. The draft...
The European Data Protection Supervisor publishes 2016 Annual Report
Giovanni Buttarelli, the European Data Protection Supervisor (EDPS) presented the EDPS Annual Report 2016 to the European Parliament’s Committee on Civil Liberties, Justice and Home Affairs on 4 May 2017. By way of...
Commission recommends Brexit negotiations
The College of Commissioners has sent a recommendation to the Council to open Article 50 negotiations, following on from the political guidelines adopted a few days ago. The negotiating directives focus on: safeguarding...
EU Council publishes Brexit negotiation guidelines
The European Council has published its guidelines following the UK’s Article 50 notification. It notes the uncertainty that Brexit will mean for individuals and businesses in the UK and the rest of the EU and says...
The Government calls for views on GDPR derogations
The UK Government has launched a Call for Views on the derogations (exemptions) from the EU General Data Protection Regulation (GDPR), which comes into force on 25 May 2018. Although there is limited scope for...
Draft GDPR Guidance receives a significant response
The Information Commissioner’s Office (ICO) recently announced that it has received a large number of responses to its consultation on the draft GDPR Consent guidance. The GDPR Consent guidance sets down the...
European Parliament adopts resolution on Brexit negotiations with UK – Financial services aspects
Read the full draft text of the principles and conditions here. An overwhelming majority of the house (516 votes in favour, 133 against, with 50 abstentions) adopted a resolution officially laying down the European...
Many MiFID 2 measures in OJEU
A swathe of delegated legislation and adopted technical standards relating to MiFID 2 has been published in the OJEU. Key measures now published (many of which had been finalised some time ago) include: the MiFID 2...
Government publishes Great Repeal Bill White Paper
As promised, the Department for Exiting the EU has set out the Government’s proposals for making sure the UK statute book will continue to function once Brexit has taken place. As has been well documented, the...
UK triggers article 50
On 29 March, as promised, Theresa May wrote to Donald Tusk triggering Article 50 of the Treaty on European Union. The letter stresses the vote to leave the EU does not mean the UK is leaving Europe, nor did it attempt...
ECB reflects on supervisory priorities for 2017
Danièle Nouy, Chair of the Supervisory Board of the ECB, made the introductory statement in Brussels yesterday. Current supervisory priorities comprise three high-level areas: business models and profitability drivers;...
Bond Dickinson named Insurance Team of the Year 2017
At the Legal Business Awards on 23 March, we were delighted to win Insurance Team of the Year 2017. Click here to read more about our team’s achievement.
ECB makes statement on standards for Eurozone bank licences after a ‘hard Brexit’
In a statement by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, Lautenschläger considered that any bank that moves to the euro area will have to meet...
Government responds on Brexit report
Treasury has responded to the EU Financial Affairs Sub-Committee’s report on Brexit: Financial Services. The report, published in December, highlighted among other things the importance of agreeing a transitional...
Spring budget recommendations for regulators
Philip Hammond’s Spring Budget has not sprung any surprises on financial regulation. The Chancellor is required to write to FCA and PRA (to be operated by the Prudential Regulation Committee) each year with...
IA updates authorised funds guidance
The Investment Association (IA) has published an updated version of its guidance for members on authorised funds. This is a document designed for use by investors who are considering investment in a UK authorised fund...
Secondary insurance broker sets up redress scheme
A direct mail order and online business has agreed with FCA that it will set up a redress scheme to provide around £12.5m redress to 330,000 customers to whom it sold insurance which offered them little or no value...
LMA responds to Treasury Committee’s call for evidence on EU exit and transitional arrangements
The Loan Market Association (LMA) has responded to the UK Treasury Committee’s call for evidence on EU exit and transitional arrangements, in preparation for the start of official negotiations upon the triggering...
Article 52 Bill process begins
David Davis, Secretary of State for Exiting the European Union, has introduced the European Union (Notification of Withdrawal) Bill into the House of Commons. The Bill has only one substantive clause, which gives the...
More action on Brexit
The CityUK has published a lengthy study and report on the EU’s “third country” regimes and alternatives to passporting. The following day, the Supreme Court delivered its judgement that confirmed an...
Treasury proposes limited partnership changes
Treasury has published a draft legislative reform order to amend the Limited Partnerships Act 1907 in respect of private investment funds, such as venture capital and private equity funds. The proposals include the...
May confirms Brexit Plan
Industry has reacted to Theresa May’s speech of 17 January, when she confirmed Britain would leave the single market. In her speech, the Prime Minister reiterated that it is for the Government alone to invoke...
INSOLVENCY RULES TO CHANGE IN APRIL 2017
The new rules which will guide insolvency practice are to come into force on 6 April 2017. The Insolvency Rules 2016 have been introduced to consolidate the Insolvency Rules 1986 and their numerous amendments into a...
FCA consults on retail CFD changes
The FCA is proposing stricter rules governing retail CFD products after identifying a number of concerns. It is worried retail customers are opening and trading CFD products that they do not adequately understand. A...
Bond Dickinson wins Compliance Register Awards
At the Compliance Register Platinum Awards dinner on 1 December, we were delighted to win: Bond Dickinson: Most Effective Law Firm Emma Radmore: Best Compliance Trainer Emma Radmore: Long and Distinguished Service to...
ICO revises Privacy Notices code of Practice
The ICO has recently issued a revised Privacy Notices Code of Practice, which we have reviewed in our recent article on the Code for the Privacy and Data Protection Journal.
PRA responds on MiFID 2
PRA has published its response to its consultation on implementing MiFID 2 into its Rulebook. It has made some clarificatory changes to its proposals for its rules on Algorithmic Trading and has now published its final...
UK confirms adoption of the GDPR
The UK Government has confirmed that the UK will adopt the GDPR . Secretary of State Karen Bradley MP stated: ‘We will be members of the EU in 2018 and therefore it would be expected and quite normal for us to opt...