Latest FCA policy development update
On 1 November 2019, the FCA published its latest policy development update setting out information on recent and forthcoming FCA publications.…
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PRA Occasional Consultation paper – October 2019
On 7 October 2019, the PRA published Occasional Consultation Paper 25/19: Occasional Consultation Paper (CP25/19). In CP25/19 the PRA proposes minor amendments to PRA Rulebook Parts, Supervisory Statements (SS), Statements of Policy (SoP) and relevant templates.
In chapter 2, the PRA sets out proposals to update SS20/15: Supervising building societies’ treasury and lending activities and SoP: The PRA’s methodologies for setting Pillar 2 capital to remove references to the London Inter-bank Offered Rate.
In chapter…
Latest FCA policy development update
On 4 October 2019, the FCA published its latest policy development update setting out information on recent and forthcoming FCA publications.…
IOSCO reports on peer reviews of MMFs and securitisation regulation
On 2 October 2019, the International Organization of Securities Commissions (IOSCO) published two update reports on its peer reviews of the regulation of money market funds (MMFs) and of the implementation of incentive alignment recommendations for securitisation.
The reports summarises IOSCO’s sustained efforts to monitor implementation for MMFs and securitisation since it published its two peer reviews in September 2015. The reports describe progress by IOSCO members in Financial Stability Board jurisdictions in adopting legislation,…
ESMA work programme for 2020
On 1 October 2019, the European Securities and Markets Authority (ESMA) published its work programme for 2020. In terms of the single rulebook, the EMIR Review and the resulting EMIR Refit and EMIR 2.2 will require ESMA to develop several technical standards and technical advice. In addition, following the start of the work on the MiFID II/MIFIR and Market Abuse Regulation (MAR) review reports in 2019, ESMA will focus in 2020 on providing advice to…
FSB reports on work to assess and address correspondent banking declines
The Financial Stability Board (FSB) has published:
a progress report on the implementation of its action plan to assess and address the decline in correspondent banking relationships. The decline in the number of correspondent banking relationships remains a source of concern for the international community, as the number of active correspondent banks declined by 3.4% in 2018, bringing the cumulative decline since 2011 to 19.3%. Access to correspondent banking relationships remains a critical issue…
ESMA updates Q&As on BMR
On 23 May 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the Benchmarks Regulation (BMR). The updated Q&As provide the following new questions:
What information may national competent authorities rely on in an external audit report of compliance to IOSCO Principles under Article 32(2) of BMR?
What time is relevant to determine the Member State of reference in an application for recognition under Article 32(4)?
What type…
ECB decision on total supervisory fees for 2019 published in OJ
On 2 May 2019, there was published in the Official Journal of the EU, the European Central Bank’s (ECB) decision concerning its supervisory fees for 2019. Annex 1 to the decision sets out the calculation of the total amount of the ECB’s supervisory fees for 2019. The split of the total amount of annual supervisory fees for 2019 payable in respect of each category of supervised entity is shown in Annex II. The decision enters…
FCA Handbook Notice No. 64
On 29 March 2019, the FCA published Handbook Notice No. 64.
The Handbook Notice describes the changes to the Handbook, Binding Technical Standards and other material made by the FCA under its legislative and other statutory powers on 28 February and 28 March 2019, and by the Board of the Financial Ombudsman Service, subject to approval by the FCA, on 6 and 27 March 2019.
The relevant FCA instruments for the period are:
Fees…