Financial services: Regulation tomorrow

Tracks financial services regulatory developments and provides insight and commentary

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ECA special report – Resolution planning in the SRM

January 18, 2021

On 15 January 2021, the European Court of Auditors (ECA) published a special report on resolution planning in the Single Resolution Mechanism (SRM). In 2017, the ECA conducted its first audit report assessing whether the Single Resolution Board (SRB) was equipped to carry out the resolution of significant banks effectively. To inform policymakers and stakeholders of the current state of preparedness of the SRM, the ECA carried out a second audit to address the…

Financial services: Regulation tomorrow

FCA publishes Defined Benefit Advice Assessment

By Imogen Garner (UK)

January 18, 2021

On 15 January 2021, the FCA published a Defined Benefit Advice Assessment Tool (DBAAT). Supervising defined benefit (DB) transfers has been a key priority for the FCA since the pension reforms, commonly known as the ‘pension freedoms’, were introduced in 2015. The DBAAT is designed to help firms and pension transfer specialists understand the FCA’s file review methodology for DB transfer advice. Before using the DBAAT firms must sign the FCA’s DBAAT licence agreement. Firms can…

Financial services: Regulation tomorrow

Under new rules, resource extraction issuers must disclose payments to governments

By Kathleen Scott (US)

January 18, 2021

On December 16, 2020, the US Securities and Exchange Commission (SEC or Commission) announced that it had adopted final rules requiring resource extraction issuers to disclose payments to governments related to the commercial development of oil, natural gas or minerals (the Rules). The Rules implement Section 13(q) of the Securities Exchange Act of 1934, which Congress enacted in 2010 as part of the Dodd-Frank Act. The Rules are the Commission’s third attempt at implementing Section…

Financial services: Regulation tomorrow

JMLSG note – the implication of the end of the Brexit transition period on JMLSG guidance

By Simon Lovegrove (UK)

January 15, 2021

On 14 January 2021, the Joint Money Laundering Steering Group (JMLSG) issued a note concerning the impact of the end of the Brexit transition period on its guidance. The note explains that the JMLSG guidance is based on The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) (as amended) and that certain provisions in the MLRs were derived from EU law. The note states that there are still…

Financial services: Regulation tomorrow

FMLC letter on the Financial Services Bill

By Matthew Gregory (UK)

January 15, 2021

On 13 January 2021, the Financial Markets Law Committee (FMLC) published a letter it had sent to HM Treasury concerning the Financial Services Bill (Bill). In the letter the FMLC draws HM Treasury’s attention to the following areas of legal uncertainty within the Bill’s provisions: Clause 36 of the Bill is designed to fix a problem with the Financial Collateral Arrangements (No. 2) Regulations 2003 (the 2003 Regulations), which implement Directive 2002/47/EC on financial collateral…

Financial services: Regulation tomorrow

Non-performing loans: vote on EU rules for selling NPLs to third parties

By Jochen Vester (UK)

January 15, 2021

On 14 January 2021, the European Parliament announced that its Economic and Monetary Affairs Committee (ECON) had agreed on the text of the draft Directive on credit servicers, credit purchasers and the recovery of collateral. The ECON MEPs have also agreed to start negotiations with the Council and the European Commission on the draft text. The draft Directive is a key component in the Commission’s plan for developing a secondary market for distressed assets. Irene…

Financial services: Regulation tomorrow

FCA updates statement on MoUs with European authorities

By Simon Lovegrove (UK)

January 15, 2021

On 14 January 2021, the FCA updated its statement on memoranda of understanding (MoUs) with European authorities in the areas of securities, investment services and asset management, insurance and pensions, and banking by adding links to the following: MoU between the European Banking Authority, the Bank of England and the FCA. MoU between the European Insurance and Occupational Pensions Authority, the Bank of England and the FCA.…

Financial services: Regulation tomorrow

Part II: Navigating the US presidential transition – cross-border business and regulatory perspective

By Samuel Ramer (US) & Kevin Harnisch (US)

January 15, 2021

United States | January 26, 2021 | 10:00 am ET | 3:00 pm GMT In the second installment of our post-election webinar series, George E. Pataki, former Governor of New York, and Sam Ramer, former Senior Associate Counsel to President Trump, will consider the latest developments regarding the US presidential election. With one party now controlling both houses of Congress, we will provide insight on the likelihood and speed of new policies we can expect…

Financial services: Regulation tomorrow

Webinar: A practical guide to navigating the new UK post-Brexit regime

By Jonathan Herbst (UK)

January 15, 2021

Wednesday, 3 February 2021 | 08:45am – 09:30am GMT On 3 February we will be holding a webinar exploring the architecture of the UK regulatory regime following the end of the transition period, the regulatory rules that apply to firms, and where to find this material. In theory, it should be simple as the UK has imported most of the relevant EU regulations and directives into domestic law and the FCA and the PRA are…

Financial services: Regulation tomorrow

FCA proposes update to guidance on mortgages and consumer credit repossessions

By Simon Lovegrove (UK) & Matthew Gregory (UK)

January 14, 2021

On 12 January 2021, the FCA announced that it was conducting a short consultation regarding updating its guidance for firms on the treatment of mortgage and consumer credit customers facing repossession. The FCA’s current guidance on mortgage repossessions means firms should not enforce repossessions before 31 January 2021 except in exceptional circumstances, such as a customer requesting that proceedings continue. The FCA proposes extending this guidance so that firms should not enforce repossessions before 1…

Financial services: Regulation tomorrow

Tracks financial services regulatory developments and provides insight and commentary

ECA special report – Resolution planning in the SRM

FCA publishes Defined Benefit Advice Assessment

Under new rules, resource extraction issuers must disclose payments to governments

JMLSG note – the implication of the end of the Brexit transition period on JMLSG guidance

FMLC letter on the Financial Services Bill

Non-performing loans: vote on EU rules for selling NPLs to third parties

FCA updates statement on MoUs with European authorities

Part II: Navigating the US presidential transition – cross-border business and regulatory perspective

Webinar: A practical guide to navigating the new UK post-Brexit regime

FCA proposes update to guidance on mortgages and consumer credit repossessions

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