On 19 September 2019, Members of the European Parliament (MEPs) passed a resolution calling for anti-money laundering (AML) rules to be better coordinated and implemented in a timely manner. The resolution was adopted with 530 votes to 14 and 104 abstentions. The date of transposition of the Fourth Anti-Money Laundering Directive was June 2017, and the Fifth Anti-Money Laundering Directive is to be implemented by January 2020. As the deadline approaches, MEPs urge Member States…

On 13 September 2019, the Financial Services and Markets Act 2000 (Benchmarks)(Amendment) Regulations 2019 (Regulations) were made and published on legislation.gov.uk, together with an explanatory memorandum. The Regulations make various amendments to the Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (2018 Regulations) which relate to the UK implementation of the European Benchmarks Regulation (BMR). The Regulations amend the definition of a “miscellaneous benchmarks person” in regulation 5(2)(e) of the 2018 Regulations to…

On 12 September 2019, there was published in the Official Journal of the EU, Decision of the EEA Joint Committee No 190/2019 of 10 July 2019 amending Annex IX (Financial services) and Annex XIX (Consumer protection) to the EEA Agreement. The decision states that Annexes IX and XIX to the EEA Agreement should be amended to incorporate the EU Benchmarks Regulation (BMR). The decision specifies adaptations to the reading of certain provisions in the…

On 11 September 2019, the FCA published a press release announcing that it is stepping up efforts to ensure firms are aware of what they need to do in preparation of a no-deal Brexit. The FCA will be running a series of digital adverts signposting to the FCA Brexit webpages and has set up a dedicated telephone line. The FCA urges all firms to consider any regulatory changes that could apply in the event of…

On 11 September 2019, the International Organization of Securities Commissions (IOSCO) published a consultation paper (CR04/19) recommending that trading venues and their participants synchronise the business clocks used to record the time and date of a reportable event with co-ordinated universal time (UTC). The proposal follows a recommendation from an earlier IOSCO report published in April 2013 on the consideration of technological challenges to effective market surveillance (FR04/13). Since 2013, various jurisdictions have implemented clock…

On 9 September 2019, the FCA announced that it has decided to postpone its call for input on accessing and using data in wholesale markets. The FCA originally said that it would publish this call for input in Q2 2019/2020. The FCA is postponing the call for input as it is mindful of the resources that stakeholders are dedicating in preparing for Brexit.…

On 9 September 2019, the PRA issued Consultation Paper 20/19: Regulatory capital instruments – update to pre-issuance notification requirements (CP20/19). In CP20/19 the PRA sets out proposals to amend the Pre-Issuance Notification (PIN) regime applicable to PRA-authorised Capital Requirements Regulation (CRR) firms. Appendix 1 of CP20/19 contains proposed amendments to the PIN regime as set out in the Definition of Capital Part of the PRA Rulebook. The proposals reflect the adoption of amendments to Part…