Luke Rodgers

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On 20 March 2019, the European Banking Authority (EBA) published an updated methodological guide on risk indicators and detailed risk analysis tools. The updated guide includes additional indicators based on IFRS 9 information, as well as other indicators to better understand institutions’ profitability, exposures to sovereign counterparties and own funds requirements for operational risk, among others. This updated guide is based on the EBA reporting framework version 2.8, applicable from December 2018 onwards.…
On 19 March 2019, the Bank of England’s Working Group on Sterling Risk-Free Reference Rates published a discussion paper on conventions for referencing SONIA in new contracts. The discussion paper is intended to raise market awareness of the identified conventions for referencing SONIA. The discussion paper has been divided into three parts: Section 1 is a summary of conventions that already exist in SONIA-referencing markets; Section 2 outlines considerations for new products referencing SONIA; and…
On 11 March 2019, the European Banking Authority (EBA) published its report on high earners for 2017. The data shows that the number of high earners in EU banks receiving a remuneration of more than EUR 1 million slightly increased from 4,597 in 2016 to 4,859 in 2017. The average ratio between the variable and fixed remuneration for high earners continued to fall from 104% in 2016 to 101.08% in 2017. The report is part…
On 28 February 2019, the following were published in the Official Journal of the EU: Decision 21/2019 of the EEA Joint Committee concerning the incorporation of the Interchange Fee Regulation into the EEA Agreement. The date of entry into force is specified as 9 February 2019, provided that all notifications under Article 103(1) of the EEA Agreement have been made; and Decision 18/2019 of the EEA Joint Committee concerning the incorporation of the Central Securities…
On 22 February 2019 FCA issued a statement on its website concerning the onshoring of the European Securities and Markets Authority’s (ESMA) temporary intervention measures prohibiting binary options and restricting contract for difference products (CFDs) sold to retail clients. The FCA reminds firms that they are required to comply with ESMA’s decision notices until they expire on 1 April 2019 for binary options and 30 April 2019 for CFDs. The FCA further reminds firms that…
On 15 January 2019, the FCA published a web page which provides data showing how long it takes UK firms to open a current account for new customers, and how long it takes them to replace customers’ debit cards. Firms are also publishing information on major operational and security incidents that they have reported to the FCA. Under a voluntary agreement, they also continue to publish information on the services that they provide to vulnerable…
On 12 February 2019, the FCA published a direction relating to a modification by consent of a rule (16.23A.6R(1)) in the Supervision manual (SUP) for employers’ liability register compliance reporting. This modification allows a firm to appoint the Employer’s Liability Trading Office (ELTO) , instead of an auditor, to prepare a report satisfying the requirements of SUP 16.23A.6(2). It is available to all firms that are members of the ELTO and will last for three years…
On 5 February 2019, the European Securities and Markets Authority (ESMA) published a final report on the second edition of its guidelines on the submission of periodic information to it by credit rating agencies (CRAs). The purpose of the revision is to more clearly structure and specify the information that ESMA needs to receive from CRAs to enable ESMA to carry out its supervisory tasks. The guidelines in Annex I become effective two months after…
On 30 January 2019, ESMA published an updated version of its Q&As on the Benchmarks Regulation (BMR). The updated Q&A includes a new Q&A at 4.5, on the scope of application of the Commission Delegated Regulations adopted under the BMR. The question asks if the scope of application of the Commission Delegated Regulations adopted pursuant to the BMR identical to the scope of the related requirements in the BMR?  …
On 25 January 2019, the FCA published its latest Handbook Notice (No.62). In this Handbook Notice the FCA summarises the changes the FCA Board made to the Handbook on 13 December 2018, 2 January 2019 and 24 January 2019 in the following instruments: Personal Current Accounts and Overdrafts (Information and Tools for Customers) Instrument 2018 (FCA 2018/52) and Personal Current Accounts and Overdrafts (Information and Tools for Customers) (Amendment) Instrument 2018 (FCA 2018/62);…