Financial services: Regulation tomorrow

Tracks financial services regulatory developments and provides insight and commentary

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Financial services: Regulation tomorrow

The importance of purpose and authenticity in culture

By John Coley (UK)

November 14, 2019

Having attended the City & Financial: 5th Annual Culture & Conduct Forum today, I took away clear messages around “purpose” – both all our own individual purposes and also for businesses to think carefully about what there’s are. It was insightful to reflect on firms formed years ago, many of which had clear and easy to understand purposes, with a lot being focussed on good societal areas. It is clear that having a purpose alone…

Financial services: Regulation tomorrow

FCA consults on proposed 2020/21 regulatory fees and levies

By John Coley (UK) & Lisa Lee Lewis (UK)

November 14, 2019

On 13 November 2019, the FCA published Consultation Paper 19/30: FCA regulated fees and levies: rates proposals 2020/21 (CP19/30). In CP19/30 the FCA consults on its periodic fees for the next financial year (1 April 2020 to 31 March 2021) and any proposed changes to application fees and other fees. The FCA also consults on the Financial Ombudsman Service general levy, Money and Pensions Service, Devolved Authorities and illegal money-lending levies for the next financial…

Financial services: Regulation tomorrow

Report by the ECB working group on euro risk-free rates on fallback arrangements for €STR

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

November 14, 2019

On 12 November 2019, the working group on euro risk-free rates published a report on fallback arrangements for the euro short-term rate (€STR). The report provides supervised entities with guidance on potential ways to comply with Article 28.2 of the EU Benchmarks Regulation (BMR) when using the euro short-term rate (€STR), as the euro risk-free rate, in contracts. Article 28.2 of the BMR requires supervised entities to have robust written plans setting out the actions…

Financial services: Regulation tomorrow

Joint trade associations letter to European Commission requesting extension of Brexit temporary equivalence for UK CCPs

By Hannah Meakin (UK)

November 14, 2019

On 12 November 2019, the Association for Financial Markets in Europe (AFME) published a joint letter, in collaboration with 13 other trade associations, to the European Commission (Commission) on temporary equivalence and recognition in relation to UK central counterparties (CCPs). The decision to allow the European Securities and Market Authority (ESMA) to temporarily recognise UK CCPs to allow them to continue to provide clearing services in the EU expires on 30 March 2020 under…

Financial services: Regulation tomorrow

ECB reminder to banks to implement Brexit plans

By Simon Lovegrove (UK)

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

PRA publishes statement on French regulator’s response to EIOPA Brexit Recommendations

By Laura Hodgson (UK) & Bénédicte Denis (FR)

November 14, 2019

On 12 November 2019, the Prudential Regulation Authority (PRA) published a response on its website to a statement from the Autorité de contrôle et de resolution (ACPR) in response to the EIOPA Recommendations for the insurance sector in the light of the UK withdrawal from the European Union. The responses of EU member states to the EIOPA Recommendations are available through the EIOPA website. The ACPR response was published on 8 November 2019. ACPR…

Financial services: Regulation tomorrow

European Commission hosts conference on Basel III implementation

By Anna Carrier (BE)

November 13, 2019

On Tuesday, 12 November 2019, the European Commission hosted a conference titled Implementing Basel III: Challenges and impact. The event was held in the context of the ongoing Commission consultation on Basel III implementation (see our earlier post here). The opening remarks were delivered by Valdis Dombrovskis, the Commission’s Vice-President for the Euro and Social Dialogue, Financial Stability, Financial Services and Capital Markets Union, who confirmed that legislative proposals implementing the final elements…

Financial services: Regulation tomorrow

EU co-legislators hold second round of trilogue negotiations on Sustainable Finance Taxonomy

By Flupke van den Bogart

November 13, 2019

On Wednesday 6 November 2019 the EU legislators held their second trilogue negotiation round on the proposal for a Regulation on the establishment of a framework to facilitate sustainable investment (hereinafter: the ‘Taxonomy proposal’). The proposed regulation will establish the conditions and the framework to create a unified classification system on what economy activities can be considered as environmentally sustainable. The Taxonomy Proposal was published by the European Commission in May 2019. The European Parliament…

Financial services: Regulation tomorrow

New Global Asset Management webinar: Europe – Member State domestic regimes

By Imogen Garner (UK)

November 13, 2019

In the second webinar of our global asset management series, our team from the UK, Germany, France, the Netherlands, Italy and Luxembourg provide their insight and views on their domestic regime’s approach to marketing, investors and structure. The webinar can be viewed here. For further information, please visit our Asset Management Regulation hub that houses all of all knowledge materials in this area including our AIFMD surveys, our global asset management quarterly updates, AIFMD…

Financial services: Regulation tomorrow

Securitisation Regulation: Final RTS specifying information to be provided for STS notifications

By Jochen Vester (UK)

November 13, 2019

On 12 November 2019, the European Commission published a Delegated Regulation supplementing the Securitisation Regulation with respect to regulatory technical standards (RTS) specifying the information to be provided in accordance with the ‘Simple, Transparent and Standardised’ (STS) notification requirements, together with annexes. Article 27(6) of the Securitisation Regulation mandates the European Securities and Markets Authority (ESMA) to develop draft RTS specifying the information that originators and sponsors are required to provide in order to…

Financial services: Regulation tomorrow

Tracks financial services regulatory developments and provides insight and commentary

Blog Authors

The importance of purpose and authenticity in culture

FCA consults on proposed 2020/21 regulatory fees and levies

Report by the ECB working group on euro risk-free rates on fallback arrangements for €STR

Joint trade associations letter to European Commission requesting extension of Brexit temporary equivalence for UK CCPs

ECB reminder to banks to implement Brexit plans

PRA publishes statement on French regulator’s response to EIOPA Brexit Recommendations

European Commission hosts conference on Basel III implementation

EU co-legislators hold second round of trilogue negotiations on Sustainable Finance Taxonomy

New Global Asset Management webinar: Europe – Member State domestic regimes

Securitisation Regulation: Final RTS specifying information to be provided for STS notifications

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