Simon Lovegrove (UK)

Firm/Organization: Norton Rose Fulbright

Blogs: Financial Institutions Legal Snapshot, Financial services: Regulation tomorrow

Latest Articles

ECB reminder to banks to implement Brexit plans

November 14, 2019

On 13 November 2019, the European Central Bank (ECB) published an article on its website reminding banks that operational risk increases as they delay the implementation of their Brexit plans. The article repeats the same warning issued in August 2019 before the third extension of the Article 50 period (see previous blog) with an increased stress on operational activities. The ECB has found that banks are delaying transfers of assets and customers as…

Financial services: Regulation tomorrow

Basel Committee consults on guidelines on interaction and cooperation between prudential and AML/CFT supervision

By Simon Lovegrove (UK)

November 12, 2019

On 8 November 2019, the Basel Committee on Banking Supervision (Basel Committee) issued a consultative document concerning the introduction of guidelines on the interaction and cooperation between prudential and anti-money laundering / countering the financing of terrorism (AML / CFT) supervision. In the consultative document the Basel Committee proposes certain amendments to its guidelines on the Sound management of risks related to money laundering and financing of terrorism. In particular, the Basel Committee proposes revisions…

Financial services: Regulation tomorrow

One million visitors and counting

By Simon Lovegrove (UK)

November 11, 2019

We have recently passed one million visitors to our Regulation tomorrow blog! My thanks to my colleagues for their contributions to the blog and to clients and contacts for using this resource.…

Financial services: Regulation tomorrow

Financial Services Duty of Care Bill to make no further progress

By Simon Lovegrove (UK)

November 11, 2019

On 8 November 2019, the UK Parliament updated its webpage on the Financial Services Duty of Care Bill 2019 (the Bill). Following the dissolution of the 2017-2019 Parliament, the Bill will make no further progress. For more information on the Bill, see our previous blog here. In October 2019, the FCA expressed its intentions to issue a consultation paper on the Duty of Care over the coming months.…

Financial services: Regulation tomorrow

FSB plenary meeting November 2019

By Simon Lovegrove (UK)

November 11, 2019

On 7 November 2019, the Financial Stability Board (FSB) published a press release outlining the discussions held during its plenary meeting in New York. Key points from the meeting include: Current vulnerabilities in the global financial system. Members discussed a report assessing vulnerabilities associated with leveraged loans and collateralised loan obligations. The report suggests that vulnerabilities have grown since the global financial crisis and more work is needed to close data gaps. The full report…

Financial services: Regulation tomorrow

EBA progress report on NPLs

By Simon Lovegrove (UK) & Jochen Vester (UK)

November 11, 2019

On 8 November 2019, the European Banking Authority (EBA) published its second thematic report on non-performing loans (NPLs). The report is based on supervisory data of asset quality metrics, and provides an update on the progress made so far in addressing NPLs in Europe. It also takes stock of ongoing initiatives to tackle the NPL issue both at the EU level and at Member State level, identifies challenges to tackle the remaining NPL stock and…

Financial services: Regulation tomorrow

EBA revised materials for EU-wide stress test 2020

By Jochen Vester (UK) & Simon Lovegrove (UK)

November 8, 2019

On 7 November 2019, the European Banking Authority (EBA) published the final methodology and draft templates for its 2020 EU-wide stress test along with key milestones of the exercise. The objective of the stress test is to provide EU supervisors, banks and other market participants with a common analytical framework to consistently compare and assess the resilience of EU banks and the EU banking system to shocks, and to challenge the capital position of EU…

Financial services: Regulation tomorrow

New EU prudential regime for investment firms – webinar recording

By Hannah Meakin (UK), Anna Carrier (BE), Jochen Vester (UK), Iona Wright (UK) & Simon Lovegrove (UK)

November 7, 2019

The recording from our latest 40 minute briefing webinar covering the new EU prudential regime for investment firms is now available. The webinar covers: Where we are in the legislative process for the IFR and IFD; Transitional provisions; Firm classification; New prudential requirements; Remuneration and governance; Equivalence; and What does the new regime mean in practice.…

Financial services: Regulation tomorrow

FMLC addendum to paper on legal uncertainty arising out of Brexit – the provision and application of third country regimes in EU legislation

By Simon Lovegrove (UK)

November 7, 2019

On 5 November 2019, the Financial Markets Law Committee (FMLC) published an addendum to its July 2017 paper (see previous blog here) which focused on issues of legal uncertainty arising out of the UK’s withdrawal from the European Union without retaining access to the Single Market under any other legal provision. The addendum provides key updates on developments that have transpired since the result of the 2017 referendum. These include descriptions of the no-deal…

Financial services: Regulation tomorrow

The Prospectus Directive and Transparency Directive Equivalence (Variation) Directions 2019

By Simon Lovegrove (UK) & Jochen Vester (UK)

November 7, 2019

On 6 November 2019, there was published on legislation.gov.uk the Prospectus Directive and Transparency Directive Equivalence (Variation) Directions 2019 (Directions). The Directions have been made by HM Treasury in exercise of the power conferred by regulation 2(1) and paragraph 9 of Schedule 1 of the Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019. The Directions make minor amendments to the Prospectus Directive and Transparency Directive Equivalence Directions 2019 which…

Simon Lovegrove (UK)

ECB reminder to banks to implement Brexit plans

Basel Committee consults on guidelines on interaction and cooperation between prudential and AML/CFT supervision

One million visitors and counting

Financial Services Duty of Care Bill to make no further progress

FSB plenary meeting November 2019

EBA progress report on NPLs

EBA revised materials for EU-wide stress test 2020

New EU prudential regime for investment firms – webinar recording

FMLC addendum to paper on legal uncertainty arising out of Brexit – the provision and application of third country regimes in EU legislation

The Prospectus Directive and Transparency Directive Equivalence (Variation) Directions 2019

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