On 21 June 2019, the European Banking Authority (EBA) published an opinion on the elements of strong customer authentication (SCA) under the revised Payment Services Directive (PSD2). The opinion provides a non-exhaustive list of the authentication approaches currently observed in the market and states whether or not they are considered to be SCA compliant. The opinion does so separately for each of the three SCA elements of knowledge, possession and inherence, and also provides clarifications…

On 21 June 2019, there was published in the Official Journal of the European Union (OJ), Commission Delegated Regulation (EU) 2019/1011 of 13 December 2018 amending Commission Delegated Regulation (EU) 2017/565 as regards certain registration conditions to promote the use of SME growth markets for the purposes of MiFID II. The Commission Delegated Regulation applies from 11 October 2019. On 20 June 2019, there was published in the OJ, Commission Delegated Regulation (EU) 2019/1000 of …

The Basel Committee on Banking Supervision (Basel Committee) has published an overview report of Pillar 2 supervisory practices and approaches. The report describes the key concepts of Pillar 2 and the different practices in use across Basel Committee member jurisdictions. Pillar 2 of the Basel framework does not include prescriptive guidance or direction on supervisory approaches. Instead, it is principles-based and intended to be tailored to the risks, needs and circumstances of the respective jurisdictions.…

Although the Bitcoin craze has recently fallen by the wayside, parties interested in digital and crypto-assets continue to press forward despite unclear regulations. This remains true in Canada, where the regulatory framework is still under development.  Toronto Finance International and Norton Rose Fulbright recently hosted two panel discussions exploring the trends and emerging issues in the regulation of this sphere. Members of the first panel consisted of three partners from Norton Rose Fulbright: Hannah Meakin,…

The UK continues to be the global pioneer in open banking through the implementation of the EU PSD2 and the CMA open banking initiative. However, through regulatory reforms and/or market-led initiatives, many jurisdictions are now catching up. Working with our colleagues across the globe, we have produced a comparative guide to open banking as part of our NRF Institute, to help our clients understand how open banking is being treated in key jurisdictions and the…

On 19 June 2019, the European Banking Authority (EBA) launched a consultation on draft guidelines on loan origination and monitoring. The draft guidelines specify the internal governance arrangements for granting and monitoring credit facilities throughout their lifecycle. They introduce requirements for borrowers’ creditworthiness assessment and bring together the EBA’s prudential and consumer protection objectives. To support the dual focus of the guidelines bringing together the prudential framework and consumer protection aspects of credit granting, the…

On 20 June 2019, the FICC Markets Standards Board published a transparency draft of a new statement of good practice on conflicts of interest. The main purpose of the statement is to provide fixed income currencies and commodities (FICC) market participants with guidance as they consider ways in which to identify, manage or mitigate conflicts of interest that arise both: (i) specifically in connection with their FICC markets business; and (ii) more generally across their…