Jochen Vester (UK)

Photo of Jochen Vester (UK)
Firm/Organization: Norton Rose Fulbright
Blogs: Financial services: Regulation tomorrow

Latest Articles

We are pleased to announce that our Financial Institutions (FI) team will hold a Brexit seminar in February 2019 in Paris. The objective of the seminar is to create awareness of the impact on the European financial institutions industry doing business in the UK after Brexit. Our Paris and London FI experts will give an overview of the recent developments regarding the negotiations on the future EU/UK relationship and what they are seeing in the market…
On 15 January 2019, the European Banking Authority (EBA) published a letter from the European Commission’s Director General of FISMA, regarding a Call for Advice to the EBA to gather data for a benchmarking of national loan enforcement frameworks from a bank creditor perspective. The Call for Advice to the EBA has also been published. The European Commission is seeking technical advice from the EBA to collect data on the recovery rate and speed which…
On 10 January 2019, the European Banking Authority (EBA) published a report on cost and past performance of structured deposits.  Structured deposits are legally defined under article 4(43) of MiFID II. Structured deposits are a subset of the wider product category of ‘structured products’. The report is a response to a request from the European Commission to the European Supervisory Authorities to issue reports on the cost and past performance of the main categories of…
On 4 January 2019, the European Commission published the following draft Delegated Regulations on how investment firms and insurance distributors should take sustainability issues into account when advising clients: Commission Delegated Regulation (EU) …/… of XXX amending Delegated Regulation (EU) 2017/565 as regards the integration of Environmental, Social and Governance (ESG) considerations and preferences into the investment advice and portfolio management; and Commission Delegated Regulation (EU) …/… of XXX amending Regulation (EU) 2017/2359 as regards…
On 21 December 2018, the Bank of England’s Working Group on Sterling Risk-Free Reference Rates published a paper on new and legacy loan transactions referencing Sterling LIBOR (the Paper). The Paper is intended to raise market awareness regarding potential considerations for loan market participants in relation to new and legacy loan agreements which reference LIBOR, to help market participants increase their level of preparedness and forward planning. A number of possible issues are raised by…
On 21 December 2018, HM Treasury published a draft version of the Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019. The draft Regulations amend the Financial Services and Markets Act 2000 (FSMA) (and related legislation) to ensure that the underlying policy of the legislations continues to operate following the UK’s withdrawal from the EU. The explanatory information for the draft Regulations was published on 22 November 2018 (our blog is here…
On 20 December 2018, The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 were made. The Regulations were first published on 9 October 2018 (see our blog here), and were subsequently amended on 23 October 2018 (see our blog here). You can track the financial services Brexit EU Exit statutory instruments (as well as gain access to our Brexit resources) on our Brexit Pathfinder hub. Registration is free via…
On 19 December 2018, the FCA published Policy Statement 18/25: EU Securitisation Regulation (PS18/25). In PS18/25 the FCA sets out final and near-final rules that implement the EU Securitisation Regulation and the Capital Requirements Regulation Amendment (CRR Amendment). It follows two earlier FCA consultations (CP18/22 and CP18/30) which the regulator did not receive any formal responses to. In PS18/25 the FCA sets out final rules, near final rules and guidance dealing with: the authorisation and…
On 18 December 2018, the Bank of England (BoE) and the PRA published proposals on a bank resolvability assessment framework package which is designed to ensure that banks are accountable for their own resolvability. It does this by demonstrating how they are prepared for resolution as well as requiring certain banks to publicly disclose their own assessment of their resolvability. The package has the following components: joint BoE and PRA paper – Introduction to the …
On 18 December 2018, the European Banking Authority (EBA) issued a consultation paper on proposed amendments to the European Commission’s Implementing Regulation on the benchmarking of internal models. The proposed amendments seek to adjust the benchmarking portfolios and reporting requirements in view of the benchmarking exercise that will be carried out in 2020. The proposed changes seek to simplify the portfolio’s structure for the credit risk part of the exercise, and gain more insight into…