Financial services: Regulation tomorrow

Tracks financial services regulatory developments and provides insight and commentary

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Member States discuss proposed European legislation on digital operational resilience

October 23, 2020

On 22 October 2020, the German Presidency of the Council held a meeting of a working party on financial services, agenda of which included discussion on the recently published European Commission proposal for a Regulation on digital operational resilience in financial services (DORA). We provided an overview of the proposed legislation in our earlier blog post on DORA. During the meeting this week Member States were supposed to discuss certain general provisions and elements of…

Financial services: Regulation tomorrow

Bribery and money laundering considerations for joint ventures

By Andrew Reeves (UK), Ruth Cowley (UK), Jeffrey Cottle, Alexander Cappel & Christina Hund (DE)

October 23, 2020

Introduction Whatever the legal form of a joint venture, the collaboration and joint participation in the JV’s business objectives can present an enhanced corruption risk. This is because in some circumstances, a company entering into a JV could be criminally liable for the corrupt actions of its JV partner, the JV itself, or third parties engaged by the JV (whether or not the company was aware of or involved in the bribery). There may also…

Financial services: Regulation tomorrow

Financial Services Bill published

By Simon Lovegrove (UK)

October 23, 2020

Introduction On 21 October 2020, the UK Government published the Financial Services Bill (the Bill). The Bill was introduced to the House of Commons and given its First Reading that day. First Reading stage is a formal stage where no debate takes place. MPs will next consider the Bill at Second Reading. The date for Second Reading has not yet been announced. Background The Bill was first announced by the UK Government during the 2019-21…

Financial services: Regulation tomorrow

Doing business in the EU after the transition period

By Simon Lovegrove (UK)

October 22, 2020

We have further updated our popular client briefing note ‘Doing business in the EU’ covering the temporary transitional relief measures EU27 Member States are implementing, if any, for the period after the transition period should the UK/EU not enter into a free trade agreement. For a copy of the updated briefing note please contact Simon Lovegrove.…

Financial services: Regulation tomorrow

Regulation and Directive on European crowdfunding service providers published in OJ

By Matthew Gregory (UK)

October 22, 2020

On 6 October 2020, we reported that the European Parliament issued a press release stating that it had adopted at second reading a Regulation on European crowdfunding service providers for business and a Directive making amendments to MiFID II. These two pieces of EU legislation were subsequently published in the Official Journal of the EU (OJ) on 20 October 2020: Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020 …

Financial services: Regulation tomorrow

FCA updates statement on firms’ complaint handling

By John Coley (UK)

October 22, 2020

On 20 October 2020, the FCA updated its webpage concerning firm handling of complaints during the COVID-19 pandemic. The FCA has provided updated information on payment protection insurance (PPI) complaints and reinforces its messaging about the importance of continuing to comply with complaint handling requirements. In particular, claims management companies are reminded of the FCA’s October 2019 Dear CEO letter on PPI complaints.…

Financial services: Regulation tomorrow

FCA occasional paper on understanding consumer financial wellbeing through banking data

By Matthew Gregory (UK)

October 22, 2020

On 20 October 2020, the FCA published Occasional Paper No. 58: Understanding consumer financial wellbeing through banking data. In this Occasional Paper, the authors integrate two approaches by investigating the relationship between subjective financial wellbeing, measured by self-reported responses of survey respondents, and objective financial wellbeing, measured by the same respondents’ bank account data. This approach is an example of a ‘matched dataset’, giving regulators and policy bodies a much richer perspective on consumer…

Financial services: Regulation tomorrow

HMT Policy Paper – Amendments to the Benchmarks Regulation to support LIBOR transition

By Hannah Meakin (UK) & Hannah McAslan (UK)

October 22, 2020

On 21 October 2020, HM Treasury published a Policy Paper ‘Amendments to the Benchmarks Regulation to support LIBOR transition’. The Policy Paper refers to the Financial Services Bill (Bill) that the UK Government has brought forward which, among other things, amends the Benchmarks Regulation, providing an overarching legal framework which gives the FCA new and enhanced powers to manage the wind-down of a critical benchmark. The legislation does not pre-determine or fix outcomes…

Financial services: Regulation tomorrow

BoE MoU with CFTC for supervision of cross-border clearing organisations

By Hannah McAslan (UK)

October 22, 2020

On 20 October 2020, there was published a memorandum of understanding (MoU) between the Bank of England (BoE) and the United States Commodity Futures Trading Commission (CFTC) regarding cooperation and the exchange of information in the supervision and oversight of clearing organisations that operate on a cross-border basis in both the United States and the United Kingdom. Through the MoU, the CFTC and the BoE express their willingness to cooperate in the interest of fulfilling…

Financial services: Regulation tomorrow

EBA issues opinion to address possible infection risk stemming from legacy instruments

By Albert Weatherill (UK)

October 22, 2020

On 21 October 2020, the European Banking Authority (EBA) issued an opinion to clarify the prudential treatment of the so-called ‘legacy instruments” in view of the end of the grandfathering period on 31 December 2021. In its opinion, the EBA proposes policy options to address the infection risk when created by such instruments. The EBA’s recommendations aim at ensuring a high quality of capital for EU institutions and a consistent application of rules and practices…

Financial services: Regulation tomorrow

Tracks financial services regulatory developments and provides insight and commentary

Member States discuss proposed European legislation on digital operational resilience

Bribery and money laundering considerations for joint ventures

Financial Services Bill published

Doing business in the EU after the transition period

Regulation and Directive on European crowdfunding service providers published in OJ

FCA updates statement on firms’ complaint handling

FCA occasional paper on understanding consumer financial wellbeing through banking data

HMT Policy Paper – Amendments to the Benchmarks Regulation to support LIBOR transition

BoE MoU with CFTC for supervision of cross-border clearing organisations

EBA issues opinion to address possible infection risk stemming from legacy instruments

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