Financial services: Regulation tomorrow

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Financial services: Regulation tomorrow

BoE announces date of stress test results

By Simon Lovegrove (UK) on October 21, 2019

On 18 October 2019, the Bank of England (BoE) announced that it will publish the results of its annual stress test for the UK banking system on 10 December 2019. In March 2019, the BoE published details of the 2019 annual cyclical scenario (ACS) for the seven major UK banks and building societies. The 2019 ACS assesses the resilience of the UK banking system to deep simultaneous recessions in the UK and global economies, large…

Financial services: Regulation tomorrow

FCA Market Watch issue 62

By Joe Bamford (UK) & Matthew Gregory (UK) on October 21, 2019

On 18 October 2019, the FCA published the latest issue of Market Watch (no. 62), its newsletter on market conduct and transaction reporting issues. In this issue of Market Watch, the FCA shares its concerns about personal account dealing (PAD), where employees of authorised firms trade for themselves rather than for clients. It also sets out the findings from the FCA’s study into PAD activity, policies, processes and systems and controls in a sample of…

Financial services: Regulation tomorrow

FSB considers stablecoin regulatory issues

By Hannah Meakin (UK) on October 21, 2019

On 18 October 2019, the Financial Stability Board (FSB) published an issues note on the regulatory issues concerning stablecoins. The note was delivered to G20 finance ministers and central bank governors ahead of their meeting in Washington D.C. The FSB warns that recent developments in the private sector involving the launch of stablecoin-type arrangements for domestic and cross-border retail payments, with the potential to reach a global scale, could alter the G20’s current assessment that…

Financial services: Regulation tomorrow

US banks may soon be able to “SAFEly” serve customers in the cannabis business

By Kathleen Scott (US) on October 18, 2019

On September 25, 2019, the US House of Representatives passed the Secure and Fair Enforcement Banking Act of 2019 (or the SAFE Banking Act). The bill, H.R. 1595, which was first introduced by Congressman Ed Perlmutter on March 7, 2019, generally prohibits US banking regulators from penalizing banks for providing financial services to legitimate cannabis-related businesses and other cannabis-related service providers. The purpose behind the Act is to grant US cannabis companies operating and abiding…

Financial services: Regulation tomorrow

FCA response to House of Commons Treasury Committee report on regulatory perimeter

By Joe Bamford (UK) & Matthew Gregory (UK) on October 18, 2019

On 17 October 2019, the House of Commons Treasury Committee published the FCA’s response to its report published earlier this year on the regulatory perimeter. The conclusions in the Committee report found that the: informal system for the FCA requesting changes to the regulatory perimeter from HM Treasury is insufficient; current system allows grey area between regulated and non-regulated activities to be exploited; and FCA needs formal power to recommend to HM Treasury changes to…

Financial services: Regulation tomorrow

No-deal Brexit ISDA FAQs

By Hannah Meakin (UK) on October 18, 2019

On 17 October 2019, the International Swaps and Derivatives Association (ISDA) published a set of No-Deal Brexit FAQs. The FAQs provide a high level summary of the key impacts in the case of a no-deal Brexit on the over-the-counter derivatives market and ISDA documentation. These FAQs are additional to the ISDA’s previously published Brexit FAQs (see previous blog here). The FAQs focus on the consequences immediately arising on exit day and do…

Financial services: Regulation tomorrow

MoU between HM Treasury, BoE, PRA and FCA on equivalence and exemptions post-Brexit

By Matthew Gregory (UK) on October 18, 2019

On 17 October 2019, the FCA published a memorandum of understanding (MoU) agreed between itself, HM Treasury, the Bank of England (BoE), and the PRA on equivalence and exemptions. The MoU has been established in accordance with Regulation 6 of the Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) Regulations 2019 (Equivalence Regulations). The MoU sets out how the parties expect to coordinate the discharge of their respective functions in relation to equivalence…

Financial services: Regulation tomorrow

FCA complaints data for first half of 2019

By Joe Bamford (UK) on October 18, 2019

On 17 October 2019, the FCA published its latest complaints data which shows that overall complaints increased by 9.7% compared to the previous six months, driven by the increase in payment protection insurance (PPI) related complaints which continues to be the most complained about product. However, the FCA notes that when PPI is excluded, complaints decreased by a 6% drop, from 2.32m to 2.18m. According to the FCA, when PPI is taken out of the…

Financial services: Regulation tomorrow

PRA consults on its approach to supervising liquidity and funding risks

By Jochen Vester (UK) & Simon Lovegrove (UK) on October 18, 2019

On 17 October 2019, the PRA published Consultation Paper: Liquidity: The PRA’s approach to supervising liquidity and funding risks (CP27/19). In CP27/19 the PRA sets out its proposals to update its supervisory statement on supervising liquidity and finding risk (SS24/15) to: reflect updates to the Bank of England’s (BoE’s) Market Operations Guide which was published in October 2019 outlining the framework for the BoE’s operations in sterling money markets and updated its sterling market framework.…

Financial services: Regulation tomorrow

Commission Delegated Regulation supplementing the Securitisation Regulation with regard to RTS on the specification of a securitisation to be made available by originator, sponsor and SSPE

By Jochen Vester (UK) & Catherine Blake (UK) on October 18, 2019

On 16 October 2019, the European Commission (Commission) published a Delegated Regulation supplementing the Securitisation Regulation with regard to regulatory technical standards (RTS) specifying the information and the details of a securitisation to be made available by the originator, sponsor and securitisation special purpose entity (SSPE). Article 7(3) and (4) of the Securitisation Regulation mandates the European Securities and Markets Authority (ESMA) to produce draft RTS and implementing technical standards (ITS) specifying both what information…

Financial services: Regulation tomorrow

Tracks financial services regulatory developments and provides insight and commentary

Blog Authors

BoE announces date of stress test results

FCA Market Watch issue 62

FSB considers stablecoin regulatory issues

US banks may soon be able to “SAFEly” serve customers in the cannabis business

FCA response to House of Commons Treasury Committee report on regulatory perimeter

No-deal Brexit ISDA FAQs

MoU between HM Treasury, BoE, PRA and FCA on equivalence and exemptions post-Brexit

FCA complaints data for first half of 2019

PRA consults on its approach to supervising liquidity and funding risks

Commission Delegated Regulation supplementing the Securitisation Regulation with regard to RTS on the specification of a securitisation to be made available by originator, sponsor and SSPE

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