On 18 June 2019, the Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) (Amendment) Regulations 2019 were published on legislation.gov.uk, together with an explanatory memorandum. These Regulations make the necessary changes to UK legislation to implement Regulation (EU) No 2019/834 of the European Parliament and of the Council amending Regulation (EU) No 648/2012 as regards the clearing obligation, the suspension of the clearing obligation, the reporting requirements, the…

On 19 June 2019, the FCA published its first annual perimeter report. The report, which will be published yearly, sets out: what the FCA does and does not regulate; what challenges the perimeter presents and the actions the FCA is taking to overcome them; what this means for consumers; and whether there are any issues with the perimeter which might require legislative or other changes. In terms of firm activity outside the perimeter the…

On 18 June 2019, the European Commission published new guidelines on corporate climate-related information reporting, as part of its Sustainable Finance Action Plan. The guidelines are intended to provide companies with practical recommendations on how to better report the impact that their activities are having on the climate as well as the impact of climate change on their business. The Commission’s expert group on sustainable finance has also published the following reports on: a classification …

On 18 June 2019, the Cyber Task Force of the International Organization of Securities Commissions (IOSCO) published a final report that provides an overview of how its members are using three prominent and internationally recognised cyber frameworks (defined in the report as the ‘Core Standards’): National Institute of Standards and Technology Cybersecurity Framework; CPMI-IOSCO Guidance on Cyber Resilience for Financial Market Infrastructures; and International Organization for Standardization and International Electrotechnical Commission 27000 family of standards…

  On 17 June 2019, the PRA published updates to: the Regulatory Reporting Part of the PRA Rulebook. The update is in the form of an instrument made by the PRA board, the ‘CRR Firms: Liquidity regulatory reporting (amendment) (No.2) Instrument 2019’ (the Instrument); Statement of Policy (SoP) ‘Pillar 2 liquidity’; Supervisory Statement (SS) 24/15 ‘The PRA’s approach to supervising liquidity and funding risks’ (SS24/15); SS34/15 ‘Guidelines for completing regulatory reports’ (SS34/15); and PRA110 template…

On 17 June 2019, the Financial Stability Board (FSB) published a progress report on the implementation of its ‘Principles and Standards for sound compensation practices in financial institutions’ (the P&S). The progress report assesses how compensation practices have evolved since the P&S were published in 2009. The progress report notes that all FSB jurisdictions have implemented the P&S for all significant banks. While most banks have put in place practices and procedures which reduce the…

On 13 June 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the implementation of EMIR. The updated Q&As contain: a new Q&A on the calculation of the clearing threshold under Article 10 of EMIR; and a new Q&A on the reporting obligation under Article 9(1) of EMIR.…