On 14 July 2020, the European Payments Council issued an article on its website called ‘Brexit from 1 January 2021 onwards: get ready for the end of the transition period’. Key points in the article include: During the remainder of the transition period the UK will continue operating within the scope of the payment schemes without any change, due to the fact that existing rules and regulations will continue to apply in the…

Financial services: Regulation tomorrow

FCA updates EMIR breach notification form

By Hannah McAslan (UK)

July 15, 2020

On 14 July 2020, the FCA updated its EMIR breach notification form in light of the changes to EMIR reporting brought in under EMIR REFIT. The FCA requests that firms use the new form to notify it about any errors or omissions in their trade reports under Article 9 of EMIR. The FCA asks that firms no longer use the historic breach notification form. Completed forms should continue to be sent to EMIR@fca.org.uk.…

Financial services: Regulation tomorrow

Commission adopts Delegated Regulations supplementing EMIR on tiering, comparable compliance and fees for third-country CCPs

By Hannah Meakin (UK)

July 15, 2020

On 14 July 2020, the European Commission published the following on its web page dealing with implementing and delegated acts under the European Market Infrastructure Regulation (EMIR): Commission Delegated Regulation (EU) …/… supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to the criteria that ESMA should take into account to determine whether a central counterparty established in a third-country is systemically important or likely to become systemically important…

Financial services: Regulation tomorrow

BoE speech – Libor: Entering the Endgame

By Hannah Meakin (UK)

July 15, 2020

On 13 July 2020, the Bank of England (BoE) published a speech by its Governor, Andrew Bailey, entitled ‘Libor: Entering the Endgame’. Key points in the speech include: Plans now need to be in place to transition from Libor to alternative reference rates by end 2021. With 18 months to go these plans must now be acted upon in the time remaining. Despite the COVID-19 pandemic, work on transition in sterling markets has…

Financial services: Regulation tomorrow

CPMI report identifies steps to enhance cross-border payments

By Albert Weatherill (UK)

July 15, 2020

On 13 July 2020, the Committee on Payments and Market Infrastructures (CPMI) issued a report, ‘Enhancing cross-border payments: building blocks of a global roadmap’. The report presents the output of stage 2 of a three stage process to develop a global roadmap for enhancing cross-border payment. The report identifies a set of building blocks where further joint public and private sector work could enhance cross-border payments, thereby supporting a global approach to addressing…

Financial services: Regulation tomorrow

FICC Markets Standards Board – Statement of Good Practice for Participation in Sovereign and Supranational Auctions in Fixed Income Markets

By Matthew Gregory (UK)

July 15, 2020

On 13 July 2020, the FICC Markets Standards Board (FMSB) published a statement of good practice which describes the way in which sovereign and supranational auctions are typically conducted in Europe, the roles market participants in those auctions play, the types of auction structure, orders and transaction types that are often utilised, and the different conflicts of interest that can arise for such market participants. The statement also sets out eight good practice statements relating…

Financial services: Regulation tomorrow

European Commission Publishes Best-Practice Examples in Relation to Insurers’ COVID-19 Measures

By Laura Hodgson (UK)

July 15, 2020

The European Commission has published a paper setting out examples of best-practices relating to relief measures offered to the customers of financial services businesses in the COVID-19 crisis. The best-practice paper includes examples relevant to insurance. The paper is the outcome of two roundtables including a number of participants from across the financial services industries, held in May and June 2020. Participants included members of Insurance Europe, representing insurance companies, and Bipar, representing intermediaries. The…

Financial services: Regulation tomorrow

FCA finalised guidance – Coronavirus and safeguarding customers’ funds: additional guidance for payment and e-money firms

By Albert Weatherill (UK)

July 15, 2020

On 9 July 2020, the FCA published finalised guidance regarding coronavirus and the safeguarding of customers’ funds. The finalised guidance applies to authorised payment institutions or small payment institutions, e-money institutions or small e-money institutions, credit institutions and custodians. Guidance for firms on safeguarding and managing prudential risk is currently available in the FCAs payment services approach document (Approach document). However, in light of the COVID-19 pandemic and its impact on firms’ business models, the…

Financial services: Regulation tomorrow

Modification by consent: SUP 10A.5.6

By Lisa Lee Lewis (UK)

July 15, 2020

On 10 July 2020, the FCA published a new web page concerning a modification by consent of SUP 10A.5.6. The modification by consent extends the period in which an individual can cover for an Approved Person without being approved (known as the ’12-week rule’ and detailed in SUP 10A.5.6) from a maximum of 12 weeks in a consecutive 12-month period to a maximum of 36 weeks in a consecutive 12-month period. Further details of the…

Financial services: Regulation tomorrow

ESMA updates its opinion on ancillary activity calculations

By Hannah McAslan (UK)

July 15, 2020

On 10 July 2020, the European Securities and Markets (ESMA) updated its opinion on ancillary activity calculations. The opinion provides the estimation of the market size of commodity derivatives and emission allowances for 2019. Determining market size figures is challenging for national competent authorities (NCAs) and market participants since there is no centralised recording of on-venue and off-venue transactions for commodity derivatives and emission allowances, which are publicly available. NCAs and market participants have asked…

Financial services: Regulation tomorrow

Tracks financial services regulatory developments and provides insight and commentary

Blog Authors

EPC – get ready for the end of the transition period

FCA updates EMIR breach notification form

Commission adopts Delegated Regulations supplementing EMIR on tiering, comparable compliance and fees for third-country CCPs

BoE speech – Libor: Entering the Endgame

CPMI report identifies steps to enhance cross-border payments

FICC Markets Standards Board – Statement of Good Practice for Participation in Sovereign and Supranational Auctions in Fixed Income Markets

European Commission Publishes Best-Practice Examples in Relation to Insurers’ COVID-19 Measures

FCA finalised guidance – Coronavirus and safeguarding customers’ funds: additional guidance for payment and e-money firms

Modification by consent: SUP 10A.5.6

ESMA updates its opinion on ancillary activity calculations

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