Financial services: Regulation tomorrow

Tracks financial services regulatory developments and provides insight and commentary

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Financial services: Regulation tomorrow

NCA 2019 report reveals increase of over 50% in consent SARs

By Andrew Reeves (UK)

November 11, 2019

The National Crime Agency (NCA) has published its Suspicious Activity Reports (SARs) Annual Report 2019. The report shows that the number of SARs has continued to increase; an issue that prompted the Law Commission to propose a series of reforms to the SAR regime earlier this year. There has been a 3% increase in the number of SARs received between April 2018 and March 2019, with over 478,000 SARs received. Notably, the number of Defence…

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

FCA statement on SEC decision to extend no-action relief relating to MiFID II inducements and research provisions

By Imogen Garner (UK) & Hannah Meakin (UK)

November 11, 2019

On 8 November 2019, the FCA published a statement on the US Securities and Exchange Commission’s announcement to extend the SEC staff “no action letter” relating to the MiFID II Directive inducements and research provisions. The letter addresses the potential conflict between US regulation and MiFID II. The existing relief was due to expire on 3 July 2020 but has now been extended until 3 July 2023. The FCA welcomes this decision and explains that…

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

Commission Delegated Regulation amending PRIIPs Delegated Regulation to align transitional arrangements

By Matthew Gregory (UK) & Joe Bamford (UK)

November 11, 2019

On 8 November 2019, there was published in the Official Journal of the European Union (OJ) a Commission Delegated Regulation (EU) 2019/1866 which amends Article 18 of Delegated Regulation (EU) 2017/653 supplementing the Regulation on key information documents for packaged retail and insurance-based investment products (PRIIPs) by laying down regulatory technical standards with regard to the presentation, content, review and revision of key information documents and the conditions for fulfilling the requirement to provide such…

Financial services: Regulation tomorrow

Council of EU adopts EU consumer protection Directive

By Matthew Gregory (UK) & Joe Bamford (UK)

November 11, 2019

On 8 November 2019, the Council of the EU announced that it had adopted a Directive amending the Unfair Commercial Practices Directive (2005/29/EC), the Consumer Rights Directive (2011/83/EU), the Unfair Contract Terms Directive (93/13/EEC) and the Price Indication Directive (98/6/EC) (the Directive). The intention of the Directive is to guarantee higher standards of protection for EU consumers when they buy products or services online. It also provides for more robust measures against unfair or misleading…

Financial services: Regulation tomorrow

Council of EU adopts legislative reforms to progress the Capital Markets Union

By Anna Carrier (BE) & Daniel Nevzat (UK)

November 11, 2019

On 8 November 2019, the Council of the EU announced that it had adopted a set of legislative reforms which are part of the progress towards forming the Capital Markets Union, including: the creation of a new category of benchmarks contributing to sustainable finance; transparency obligations for sustainable investments; a new prudential framework for investment firms; a harmonised framework for covered bonds; and rules promoting access to SME growth markets. All the texts will be…

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

Money laundering prevention within the German real estate sector

By Alexander Cappel & Christina Hund (DE)

November 11, 2019

In recent years, Germany has increasingly focused on implementing regulations and provisions linked to money laundering prevention. In doing so, Germany has followed EU requirements including the recently passed 5th Anti-Money Laundering Directive (Directive [EU] 2018/843 of 30 May 2018). Whereas both EU and German legislation have been traditionally focused on the prevention of the use of financial systems for the purpose of money laundering (or terrorist financing), the focus is now starting to shift…

Financial services: Regulation tomorrow

Tracks financial services regulatory developments and provides insight and commentary

Blog Authors

NCA 2019 report reveals increase of over 50% in consent SARs

One million visitors and counting

FCA statement on SEC decision to extend no-action relief relating to MiFID II inducements and research provisions

Financial Services Duty of Care Bill to make no further progress

FSB plenary meeting November 2019

Commission Delegated Regulation amending PRIIPs Delegated Regulation to align transitional arrangements

Council of EU adopts EU consumer protection Directive

Council of EU adopts legislative reforms to progress the Capital Markets Union

EBA progress report on NPLs

Money laundering prevention within the German real estate sector

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