Anushka Herath

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Norton Rose Fulbright Global Head of Financial Services said: “Theresa May has today confirmed that the UK will leave the EU single market. For UK financial services looking to access the EU single market, this means the regulatory passport won’t be an option. In view of this, a “building blocks” model of equivalence offers one alternative for the UK and focuses on a pragmatic and dynamic solution that offers benefits to both the UK and…
The PRA has published Consultation Paper 43/16: Implementation of MiFID II: Part 2 (CP43/16). CP43/16 is the PRA’s second consultation on MiFID II and follows Consultation Paper 9/16: Implementation of MiFID II: Part 1 (CP9/16). In CP9/16 the PRA consulted on the implementation of the MiFID II passporting regime and algorithmic trading. A subsequent Policy Statement to CP9/16, Policy Statement 29/16: MiFID II: Response to CP9/16, (PS29/16) was published in October. Our blog entries on…
The Government has announced that from early 2017, the Financial Policy Committee (FPC) will be able to direct the PRA and FCA to require regulated lenders to place limits on buy-to-let mortgage lending in relation to: loan-to-value ratios; and interest coverage ratios. The announcement follows the Government’s earlier consultation on the FPC’s recommended powers relating to the buy-to-let market. Our blog on the consultation can be found here. View New buy-to-let powers to help
The FCA has published Consultation Paper 16/32: Handbook changes to reflect the introduction of the Lifetime ISA (CP16/32). In CP16/32 the FCA sets out its proposed approach to regulating the promotion and distribution of the Lifetime Individual Savings Account (LISA) which was announced in the March 2016 Budget. The Government expects the LISA to be available to investors by April 2017. The FCA’s proposed approach to regulating the promotion and distribution of the LISA seeks…
The European Central Bank (ECB) has published a draft guide on fit and proper assessments. The purpose of the draft guide is to explain in greater detail the policies, practices and processes applied by the ECB when assessing the suitability of members of the management bodies of significant credit institutions that fall under direct ECB supervision. The draft guidelines build on the draft guidelines on the assessment of the suitability of members of the management…
The FCA has published its response to the Competition and Markets Authority’s final report into the effectiveness of competition in the retail banking market. The FCA’s response provides an overview of the retail banking market, summarises the CMA’s findings and remedies and sets out the action the regulator proposes to take. In terms of next steps, the FCA will examine overdrafts (arranged and unarranged) in the context of the wider consumer credit market in comparison…
The European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) have jointly issued a consultation paper containing draft guidelines on the assessment of the suitability of members of the management body and key function holders under the Capital Requirements Directive IV (CRD IV) and the Markets in Financial Instruments Directive (recast) (MiFID II). The draft guidelines: provide common criteria to assess the individual and collective knowledge, skills and experience of members of…
The European Banking Authority (EBA) is mandated by Article 74 of the Capital Requirements Directive IV (CRD IV) to develop guidelines that will further harmonise institutions’ internal governance arrangements, processes and mechanisms. The EBA has now published a consultation paper containing draft guidelines on internal governance. The draft guidelines complete the various governance provisions in the CRD IV taking into account the principle of proportionality, by specifying the tasks, responsibilities and organisation of the management…
The Financial Ombudsman Service (FOS) has published a consultation paper setting out the amendments it proposes to make to the voluntary jurisdiction (VJ) rules in the FCA’s Dispute Resolution: Complaints sourcebook (DISP). The FCA is responsible for making the rules for the compulsory jurisdiction (CJ) and the FOS is responsible for making the rules for the VJ. It is generally the FOS’ policy for the rules and standard terms for the VJ to match those…
On 9 August 2016, the Competition and Markets Authority (CMA) published its final report following its investigation into the retail banking market. It also published a remedies implementation timetable. Our blog entries can be found here and here. The CMA has now published a update on the process of implementing the remedies. The CMA reports that it has received proposals from the nine providers specified in its report for the structure, membership, governance and…