Jochen Vester (UK)

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Firm/Organization: Norton Rose Fulbright
Blogs: Financial services: Regulation tomorrow

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The House of Commons library has published a paper clarifying the role of domestic law in extending Article 50. Section 20(4) of the European Union (Withdrawal) Act 2018 allows a Minister of the Crown to change exit day provided that a draft statutory instrument has been laid before and approved by both the House of Commons and the House of Lords. However, it can only be used “to ensure that the day and time specified…
On 21 March 2019, the European Central Bank (ECB) published a speech by its Supervisory Board Chair, Andrea Enria, following the publication of its 2018 annual report on supervisory activities. Alongside an overview of work conducted in 2018, Mr Enria discusses the ECB’s supervisory priorities for 2019: credit risk: the ECB will continue to promote the reduction of the stock of non-performing loans. As part of a new initiative, it will assess banks’ credit underwriting…
On 19 March 2019, the European Securities and Markets Authority (ESMA) published a statement on the impact of a no-deal Brexit on the trading obligation for shares under Article 23 of MiFIR. Article 23 of MiFIR requires investment firms to conclude transactions in shares admitted to trading on a regulated market (RM) or traded on an EU trading venue on: (i) RMs, (ii) multilateral trading facilities, (iii) systematic internalisers; or (iv) third-country trading venues assessed…
On 19 March 2019, the European Commission published for consultation the following draft Implementing Decisions under the Benchmarks Regulation (BMR): Commission Implementing Decision (EU) on the equivalence of the legal and supervisory framework applicable to benchmarks in Singapore in accordance with Regulation (EU) 2016/1011 of the European Parliament and of the Council, and annex; and Commission Implementing Decision (EU) on the equivalence of the legal and supervisory framework applicable to benchmarks in Australia in accordance…
On 20 March 2019, the Basel Committee on Banking Supervision (Basel Committee) published the results of its Basel III monitoring exercise, based on data as of 30 June 2018. Data is provided for a total of 189 banks, including 106 large internationally active banks. These “Group 1” banks are defined as internationally active banks that have Tier 1 capital of more than €3 billion, and include all 29 institutions that have been designated as…
On 19 March 2019, the Basel Committee on Banking Supervision (Basel Committee) published a report on proportionality in bank regulation and supervision. The report summarises the responses received to the Basel Committee’s survey on the same topic by member jurisdictions and participants of the Basel Consultative Group. The Basel Committee found that the majority of respondents to its survey apply proportionality measures in their jurisdictions. In most cases, such measures are applied to banks that…
On 15 March 2019, there was published on legislation.gov.uk The Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2019, together with an explanatory memorandum. These Regulations have now been made – the contents of these regulations was covered in our earlier 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 the …
On 14 March 2019, The Counter-Terrorism (International Sanctions) (EU Exit) Regulations 2019 were made and published on legislation.gov.uk. Following the UK’s withdrawal from the EU, this statutory instrument replaces two EU sanctions regimes in respect of terrorism. One of the EU regimes is the regime adopted on the basis of Common Position 2001/931/CFSP and implemented by Regulation (EC) No 2580/2001. This was implemented in the UK through the Terrorist Asset-Freezing etc Act 2010 (TAFA). TAFA…
The Financial Regulators’ Powers (Technical Standards etc) and Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2019 have been made and published on legislation.gov.uk, together with an explanatory memorandum. Our earlier blog on these Regulations is 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 the NRF Institute portal. Conformed copies of the…
On 15 March 2019, the European Banking Authority (EBA) published its fourth report on the convergence of supervisory practices and its activities carried out in 2018 to promote convergence. Key points to note from the EBA’s analysis of supervisory practices include: in 2018, a good degree of progress was made by the competent authorities in the implementation of the 2014 supervisory review and evaluation process (SREP) Guidelines; the EBA has identified areas of the SREP…