Financial services: Regulation tomorrow

Tracks financial services regulatory developments and provides insight and commentary

Latest from Financial services: Regulation tomorrow - Page 2

FINRA (and selected SEC) regulatory matters at a glance: What compliance officers need to know

August 3, 2021

Access the July issue for an overview of FINRA and SEC regulatory developments of interest to broker-dealers. Glen Barrentine is Of Counsel in the Denver office of Norton Rose Fulbright. His practice focuses broadly on SEC regulated financial service clients, including broker-dealers, securities exchanges, municipal advisors and investment advisers. Glen frequency represents clients in connection with SEC and FINRA enforcement proceedings and other contentious regulatory inquiries, purchases and sales, and the preparation and negotiation of…

Financial services: Regulation tomorrow

Banking supervisory disclosures: rules and guidance, options and discretions, SREP, and aggregate statistical data

By Simon Lovegrove (UK)

August 2, 2021

On 30 July 2021, the PRA published information on rules and guidance, options and discretions, supervisory review and evaluation process (SREP), and aggregate statistical data as at 30 July 2021. The PRA has published this information on a voluntary basis to enable a comparison of the approaches adopted by Member State competent authorities. Prior to the UK’s withdrawal from the EU and as a member of the European Banking Authority the PRA was required, as…

Financial services: Regulation tomorrow

Regulation on cross-border payments published in OJ

By Albert Weatherill (UK) & Simon Lovegrove (UK)

August 2, 2021

On 30 July 2021, there was published in the Official Journal of the EU Regulation 2021/1230 on cross-border payments in the Union. The Regulation sets out rules on cross-border payments and on the transparency of currency conversion charges in the EU. It codifies and replaces Regulation 924/2009 on cross-border payments which has been substantially amended several times. Regulation 2021/1230 comes into force on 19 August 2021.…

Financial services: Regulation tomorrow

Proportionality in bank regulation and supervision – a joint global survey

By Simon Lovegrove (UK)

August 2, 2021

On 30 July 2021, the Basel Committee on Banking Supervision (Basel Committee) and the World Bank (WB) published a report on an earlier joint global survey that focussed on proportionality in bank regulation and supervision. The survey involved 90 authorities, with a broad distribution across geographical regions and income groups. The concept of proportionality is embedded in the work of the Basel Committee. Proportionality is also embedded in the Committee’s Core Principles for Effective Banking…

Financial services: Regulation tomorrow

A tale of two claims: Federal Court hands down two judgments on non-disclosure

By Diane Dalfonso, Ray Giblett (AU), Timothy Chan (AU) & Melanie Lo

August 1, 2021

In what has proven to be the best and worst of times for insurers, two recent Federal Court of Australia decisions shed further light on when an insurer may be able (or in the case of the second case, unable) to exercise its statutory rights in the event of non-disclosure. In All Class Insurance Brokers Pty Ltd (in liquidation) v Chubb Insurance Australia Limited (No 2) [2021] FCA 782, the Federal Court found an insured…

Financial services: Regulation tomorrow

Consultation Paper 21/25: Changes to the FCA’s decision-making procedure

By Simon Lovegrove (UK)

July 30, 2021

On 29 July 2021, the FCA published Consultation Paper 21/25: Changes to the FCA’s decision-making procedure (CP21/25). In CP21/25 the FCA is setting out proposals to move some decision making from its Regulatory Decisions Committee (RDC) to its Authorisations, Supervision and Enforcement Divisions. These decisions include: Imposing a requirement on a firm or varying its permissions by limiting or removing certain types of business. Making a final decision in relation to a firm’s application for…

Financial services: Regulation tomorrow

ESMA updates Q&A on Benchmarks Regulation

By Simon Lovegrove (UK)

July 30, 2021

On 29 July 2021, the European Securities and Markets Authority (ESMA) updated its Q&A on the Benchmarks Regulation. ESMA has updated 4.7 of the Q&A which deals with the following question – Can supervised entities in the Union use benchmarks provided by 3rd country public authorities after the end of the transitional period applicable to 3rd country benchmarks?…

Financial services: Regulation tomorrow

ACER – updated Q&As on REMIT 25th edition

By Victoria Pridmore

July 30, 2021

On 29 July 2021, the EU Agency for the Cooperation of Energy Regulators (ACER) published the 25th edition of its Questions and Answers on the Regulation on wholesale energy market integrity and transparency (REMIT). The 25th edition of the Q&As on REMIT provides the following new Q&As: 3.9 – Under which conditions Citizens Energy Communities (CECs) defined in Article 2(11) of Directive 2019/944 are considered as REMIT market participants? 3.48 – According to REMIT, shall…

Financial services: Regulation tomorrow

ARRC formally recommends Term SOFR

By Davide Barzilai (UK), Yu-En Ong, Colin Rice (SG), David Milligan (Hong Kong) & Sophy Teng (SG)

July 30, 2021

On 29 July 2021, the ARRC has formally recommended the CME Group’s forward-looking Secured Overnight Financing Rate (SOFR) term rates (Term SOFR). It follows the completion of interdealer trading conventions to SOFR earlier this week. This means that parties which have contracts which include the ARRC hardwired fallbacks will fallback to Term SOFR given that it is the first step of the hardwired waterfall. This formal recommendation also means that parties could use Term SOFR…

Financial services: Regulation tomorrow

SC-STS Publishes recommendations and updated timelines for transition to SORA

By Yu-En Ong, Colin Rice (SG), Janelene Chen & Sophy Teng (SG)

July 30, 2021

The SC-STS published its Recommendations for Transition of Legacy SOR Contracts on 29 July 2021, with updated timelines and key recommendations for the industry-wide transition from SOR to SORA. Market participants are urged to take active steps to substantially transition out of legacy SOR exposures by 31 December 2021, using the SOR-SORA basis swap market as a transparent and market-determined reference for the transition from SOR to SORA. Banks should actively transition their SOR corporate…

Financial services: Regulation tomorrow

Tracks financial services regulatory developments and provides insight and commentary

FINRA (and selected SEC) regulatory matters at a glance: What compliance officers need to know

Banking supervisory disclosures: rules and guidance, options and discretions, SREP, and aggregate statistical data

Regulation on cross-border payments published in OJ

Proportionality in bank regulation and supervision – a joint global survey

A tale of two claims: Federal Court hands down two judgments on non-disclosure

Consultation Paper 21/25: Changes to the FCA’s decision-making procedure

ESMA updates Q&A on Benchmarks Regulation

ACER – updated Q&As on REMIT 25th edition

ARRC formally recommends Term SOFR

SC-STS Publishes recommendations and updated timelines for transition to SORA

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