Jennifer Cutting

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The International Organization of Securities Commissions (IOSCO) has published a final report that sets out the findings from its thematic review into the progress jurisdictions have made in adopting legislation, regulation and other policies in relation to IOSCO’s Recommendations Regarding the Protection of Client Assets (the Principles). The review found that a majority of jurisdictions have generally adopted a client asset protection regime described by the Principles. Implementation progress varied by jurisdiction and across the…
The European Securities and Markets Authority (ESMA) has published a report that provides an overview of the application of the fair value measurement and disclosure requirements provided for by IFRS 13 Fair Value Measurement as applied by European issuers with the objective of assessing their level of compliance and comparability. The overview builds on a desktop review of the 2015 annual reports of a sample of 78 issuers and on the evidence from enforcement actions…
The three European Supervisory Authorities, the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority have each published their 2016 annual reports setting out their objectives, activities and key achievements during the course of 2016. The Chair’s foreword to the EBA annual report includes the following comments: “….the Basel Committee is close to finalising the last changes to international standards, aimed at addressing the excessive…
There has been published in the Official Journal of the European Union (OJ), the Commission Implementing Regulation (EU) 2017/988 of 6 June 2017 laying down implementing technical standards with regard to standard forms, templates and procedures for cooperation arrangements in respect of a trading venue whose operations are of substantial importance in a host Member State. The Implementing Regulation will enter into force 20 days after its publication in the OJ, that is 3 July…
The Financial Ombudsman Service (FOS) has published its annual review for 2016/17. Key figures in the annual review include: in 2016/17 the FOS resolved 336,381 complaints; 52,5% of new complaints to the FOS were in relation to payment protection insurance (PPI) -168,769 complaints overall compared to 177,712 last year; and 5% of non-PPI complaints involved consumer credit. Complaints about payday loans have risen by 227% since 2015/16 while complaints about instalment loans and guarantor loans…
The London Bullion Market Association (LBMA) has launched a new global precious metals code (the Metals Code). The Metals Code sets out a common set of principles to promote the integrity of the wholesale precious metals market. The Metals Code is organised around four leading principles: ethics; governance, compliance and risk management; information sharing; and business conduct. The Metals Code will be periodically reviewed and is expected to evolve over time. View LBMA launches new
HM Treasury has announced that Her Majesty the Queen has agreed, on the recommendation of the Chancellor and Prime Minister, to appoint Charlotte Hogg as Deputy Governor for Markets and Banking at the Bank of England. Charlotte Hogg will succeed Minouche Shafik, who will leave at the end of February. In addition to taking on the role of Deputy Governor, Charlotte will continue in her current role as Chief Operating Officer. The appointment is effective…
The European Securities and Markets Authority (ESMA) has issued detailed reporting instructions and XML schemas under its Financial Instruments Reference Data System (FIRDS). Specifically ESMA has published: MiFIR transaction reporting instructions. The document describes the elements of the interface that shall be built between Member State national competent authorities (NCAs) and submitting entities in their jurisdiction. In particular, it refers to the overall process for transaction data reporting, the common technical format for data submission;…