On 19 November 2020, the German Regulator (BaFin) issued a notice on UK investment funds and their status in light of the imminent expiry of the transition period and the UK qualifying as a third country after 31 December 2020. Currently, UK UCITS and AIFs benefit from the EU-passport regime, which facilitates marketing of EU-UCITS and EU-AIF in Germany. From 1 January 2021 onward, each UK investment fund intended for marketing in Germany needs to…

On 26 November 2020, the Basel Committee on Banking Supervision published a technical amendment ‘Capital treatment of securitisations of non-performing loans’. The technical amendment closes a gap in the Basel framework by setting out prudent and risk sensitive capital requirements for non-performing loan securitisations. The Basel Committee has agreed to add the following elements to the securitisation standard in the Basel Framework, to be implemented by no later than 1 January 2023: An explicit…

On 26 November 2020, the European Payments Council (EPC) published the 2021 payment scheme rulebooks and the related implementation guidelines. All 2021 payment scheme rulebooks enter into force on 21 November 2021. Annex IV of each 2021 rulebook contains a table summarising all changes made in each 2021 rulebook compared to the 2019 rulebook.…

On 26 November 2020, the PRA published Policy Statement 23/20: ‘Market risk: Calculation of risks not in value at risk, and stressed value at risk’ (PS23/20). In PS23/20 the PRA provides feedback to responses to Consultation Paper 15/20: ‘Market risk: Calculation of risks not in value at risk, and stressed value at risk’ (CP15/20). It also contains the PRA’s final policy, in the form of an updated version of Supervisory Statement 13/13 ‘Market Risk’ (SS13/13).…

On 26 November 2020, there was published in the Official Journal of the EU,  Commission Implementing Decision (EU) 2020/1766 of 25 November 2020 determining, for a limited period of time, that the regulatory framework applicable to central securities depositories of the United Kingdom of Great Britain and Northern Ireland is equivalent in accordance with Regulation (EU) No 909/2014 of the European Parliament and of the Council (L 397/26). The Decision applies from 1 January…

On 25 November 2020, the European Parliament published the amendments that it had adopted on the proposed Directive amending MiFID II as regards information requirements, product governance and position limits to help the recovery from the COVID-19 pandemic. The next step is for the Council of the EU to adopt the proposed Directive.  …

In December 2018, the UK’s Better Regulation Executive  invited the Organisation for Economic Cooperation and Development (OECD) to conduct a review into the UK’s international regulatory cooperation practices.  The OECD published a report in May 2020 recommending that HM Government ensure more systematic consideration of international regulatory cooperation across government and regulatory bodies. In response, HM Government published a planned programme of work as well as a call for evidence to help identify priorities for regulatory cooperation.…