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As previously advertised, the monthly financial services breakfast briefing on Wednesday 6 March will take the form of a webinar rather than a seminar. The webinar will start at 9:00am and finish at 9:30am. The webinar will focus on Brexit, specifically our speakers will share their thoughts on the following questions: Where are we at politically and how does the political overlay impact on firms practically? What are the possible outcomes (Deal, No Deal, Extension)…
On 1 March 2019, the FCA updated its policy development webpage. The webpage provides details of recently published, and upcoming publications from the regulator. Upcoming publications include, amongst other things: policy statement on the high-cost credit review: rent-to-own; and consultation and discussion on Investment Platforms Market Study remedies.…
On 28 February 2019, the FCA, PRA and Bank of England (BoE) (collectively, the Regulators) published a number of policy documents following on from their Autumn 2018 consultations, on their respective approaches to a hard Brexit. FCA: Brexit Policy Statement: Feedback on CP18/28, CP18/29, CP18/34, CP18/36 and CP19/2 The FCA has provided its response to the feedback to its five Brexit consultations in one Policy Statement (Policy Statement 19/5: Brexit Policy Statement: Feedback on
The webex recording of our January 40 minute briefing, Brexit – deal or no deal, is now available. To access the recording, please click here. If you would like access to our Brexit Pathfinder hub referenced in the briefing, registration is free via the NRF Institute here. Our exclusive PathfinderPLUS service, containing conformed copies of the financial services EU Exit statutory instruments, is also available upon request. To find out more, please contact Jochen
On 9 January 2019, the FCA published a Dear CEO letter concerning its expectations as regards clarity in promotions concerning regulated and unregulated business. The FCA reminds firms that it makes it clear in the Handbook that if a firm names the FCA and/or the PRA as its regulator in a financial promotion that refers to aspects of its business (for example products or services) which are not regulated by the FCA and/or the PRA,…
On 14 October 2018, the Financial Action Task Force (FATF) published its annual report 2017-18. Among other things the annual report notes that during the year the FATF: completed its two-year terrorist financing operational plan and adopted a new plan to continue its focus on the evolving threat; revised its standards to respond to the evolving money laundering and terrorist financing threats, including on information sharing and guidance on counter proliferation financing; and adopted…
On 12 October 2018, the PRA published Consultation Paper 22/18: Liquidity reporting: FSA047 and FSA048 (CP22/18). In CP22/18 the PRA sets out proposed amendments to its rules to mitigate risks to the supervision of liquidity in the initial period following the introduction of the new PRA110 report on 1 July 2019. Specifically, the FCA proposes the following changes to its reporting requirements: delay terminating the FSA047 and FSA048 for six months (to 1 January 2020);…
On 28 September 2018, the PRA published version 1 of its Q&As on PRA110 reporting template and instructions. The Q&As are a response to a number of questions from firms on template and reporting instructions stemming from the publication of the final PRA110 template and associated reporting instructions in Policy Statement 2/18: Pillar 2 liquidity. The eleven published Q&As concern monetisation, corresponding to rows 7240-7420 under PRA110.…
On 20 September 2018, the Basel Committee on Banking Supervision (BCBS) published a press release on the outcome of their meeting  of 19 and 20 September 2018 (the Press Release).  The Press Release notes that the BCBS discussed: the results of the annual assessment exercise for global systemically important banks (G-SIBs). The BCBS also agreed to publish the high-level indicator values of all the banks that are part of the G-SIB assessment exercise; progress on…