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The European Central Bank (ECB) has published a guide to fit and proper assessments. The guide is relevant to significant credit institutions that fall under the direct supervision of the ECB and is intended to ensure consistency in the application of the fit and proper assessment criteria, with a view to establishing common supervisory practices for assessing the qualifications, skills and proper standing of a candidate for a position on a bank’s board. To the…
The FCA has published Policy Statement 17/11: Review of the FCA’s appropriate qualification exam standards (PS17/11). PS17/11 provides feedback on responses to Consultation Paper 16/24: Review of the FCA’s appropriate qualification exam standards, and sets out the final updated exam standards for appropriate qualifications listed in the FCA’s Training and Competence (TC) sourcebook. The FCA sets out guidance in TC Appendix 4.1.1 clarifying how to read and use the appropriate qualification tables. In addition, the…
The FCA has published its latest Policy Development update. The update provides information on recent FCA publications and lists forthcoming FCA publications. Forthcoming FCA publications include: Policy Statement on enhancing conduct of business rules for firms providing contract for difference products to retail clients (expected in June 2017); Consultation Paper on the implementation of the Benchmarks Regulation expected dated ‘TBC’); Consultation Paper on new rules for firms running crowdfunding platforms (expected date ‘TBC’); and Consultation…
In September 2016, the FCA published Consultation Paper 16/25: Whistleblowing in UK branches of overseas banks (CP16/25). In CP16/25 the FCA proposed that UK branches of overseas banks tell their UK-based employees about the FCA and PRA whistleblowing services. The regulator also proposed that, where a branch of an overseas bank sits alongside a UK-incorporated bank that is subject to its whistleblowing rules, the UK-based staff of that branch should be informed of the subsidiary’s…
The PRA has published PRA Rulebook: Administration Instrument (No.2) 2017. The Instrument makes certain corrections to the PRA Rulebook that are not substantive and are not intended to change the regulator’s policy. Corrections are made to the following part of the PRA’s Rulebook: Regulatory Reporting; Fitness and Propriety; Group Supervision; Conditions Governing Business; Insurance – Fitness and Propriety; Large Non-Insolvency II Firms – Fitness and Propriety; Non-Solvency II Firms – Fitness and Propriety; Third Country…
The FCA has published its latest policy update. The update provides information on recent FCA publications and lists forthcoming FCA publications including a Consultation Paper on: the implementation of the Benchmarks Regulation (TBC); new rules for firms running crowdfunding platforms (TBC); and creditworthiness and affordability in consumer credit (TBC. View FCA policy development update: April 2017, 7 April 2017…
Article 1(6) of the Markets in Financial Instruments Regulation (MiFIR) contains an exemption from pre- and post-trade transparency requirements for transactions where the counterparty is a member of the European System of Central Banks (ESCB) and where that transaction is entered into in performance of monetary, foreign exchange and financial stability policy which that member of the ESCB is legally empowered to pursue and where that member has given prior notification to its counterparty that…
The Financial Ombudsman Service (FOS) has published the latest issue of its newsletter, Ombudsman news. In this issue of Ombudsman news the FOS highlights some of its finalised plans for the year ahead. The case studies in the newsletter illustrate how the FOS has helped consumers and businesses sort out and move forward from a range of concerns and complaints, from confusion about bank account switching to the distress of repossession. View Ombudsman news –
The FCA has published Handbook Notice No.42. The Handbook Notice briefly describes the Handbook changes made by the FCA Board on 30 March 2017. It also describes changes made by the Board of the Financial Ombudsman Service to their rules and standard terms on 15 March 2017. On 30 March 2017, the Board of the FCA made changes to the Handbook in the following instruments: Training and Competence sourcebook (Qualification Time Limits and Qualifications Amendments)…
The European Securities and Markets Authority (ESMA) has published the official translations of its final guidelines on the validation and review of credit rating agencies’ (CRAs) methodologies. The guidelines are intended to clarify ESMA’s expectations and ensure consistent application of Article 8(3) of the CRA Regulation which states that ‘a credit rating agency shall use rating methodologies that are rigorous, systematic, continuous and subject to validation based on historical experience, including back testing’. The guidelines…