On 17 February 2020, the Single Resolution Board (SRB) issued a public consultation on proposed changes to its policy on the minimum requirement for own funds and eligible liabilities (MREL). The consultation consists of various questions relating to: MREL requirements for global systemically important institutions; changes to the calibration of MREL, including introducing MREL based on the leverage ratio; changes to the quality of MREL; dedicated rules for certain business models, such as cooperatives, and…

Our team in London have produced a series of videos exploring what is on the horizon for financial services firms in 2020. Watch now via the links below: Market infrastructure (Hannah Meakin) FinTech (Albert Weatherill) Risk and compliance (John Coley and Lisa Lee Lewis)…

Our extended 40 minute briefing on 1 April 2020 will be a practical workshop focussing on the accountability agenda and will involve members of our financial services consultancy and legal teams which cover both non-contentious and contentious scenarios from a regulatory and employment law perspective. Particular focus areas will be: SMCR post implementation agenda – what to think about this year; Whistleblowing – practical insights from response experience. We will cover areas such as the…

Our 40 minute briefing on 4 March 2020 will be a webinar and will focus on the current state of play in the retail sector. Further information on the webinar can be found here. Online attendance only – please do not come to our offices.…

On 14 February 2020, the European Commission adopted an Implementing Regulation that amends Implementing Regulation (EU) No 680/2014 laying down implementing technical standards (ITS)  with regard to supervisory reporting of institutions according to the Capital Requirements Regulation, together with related annexes. The Implementing Regulation makes certain changes to supervisory reporting requirements concerning: Common reporting (COREP) to reflect the new securitisation framework and changes relating to the reporting of the liquidity coverage requirement in response…

Germany has adopted a new regulatory regime for crypto assets in connection with the implementation of the Fifth Anti-Money Laundering Directive (AMLD5). On 29 November 2019, the second chamber of the German parliament (Bundesrat) approved the “Act on the Implementation of the Amendment Directive to the Fourth EU Money Laundering Directive” (Gesetz zur Umsetzung der Änderungs­richt­linie zur Vierten EU-Geldwäscherichtlinie) which will enter into force on 1 January 2020. The German AMLD5 implementation act (link to the…

Further to our previous post which introduces the concept of open banking and how Canada is approaching it, the Department of Finance, through its Advisory Committee on Open Banking (the Committee), has completed its initial review (the First Phase Review) which focused on: (i) the ways in which open banking would provide meaningful benefits and improve outcomes; (ii) how risks should be managed to ensure confidence in the system; and (iii) how the government should…