Canadian officers and directors should take note of shifting criminal enforcement priorities in the US. In recent addresses to the ABA’s 37th National Institute on White Collar Crime, US AG Merrick Garland and Assistant AG Kenneth Polite Jr. confirmed that
Financial services: Regulation tomorrow
Tracks financial services regulatory developments and provides insight and commentary
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PRA Consultation Paper 6/22 ‘Model risk management principles for banks’
On 21 June 2022, the Prudential Regulation Authority (PRA) published Consultation Paper 6/22 ‘Model risk management principles for banks’ (CP6/22). In CP6/22 the PRA sets out its proposed expectations regarding bank’s management of model risk. The PRA has developed a…
EBA draft principles assessing the representativeness of COVID-19-impacted data for banks using IRB models
On 21 June 2022, the European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19–impacted data for banks, using internal ratings based (IRB) models. These principles will be part of a supervisory…
Commission Delegated Regulation supplementing the CRD IV with regard to RTS specifying the information to be provided in the application for the authorisation as a credit institution
On 17 June 2022, the European Commission published a Delegated Regulation supplementing the Capital Requirements Directive IV (CRD IV) with regard to regulatory technical standards (RTS) specifying the information to be provided in the application for authorisation as a credit…
MEPs want to revive European long-term investment funds
On 20 June 2022, the European Parliament issued an announcement stating that its Economic and Monetary Committee had adopted new rules for long-term investment funds.
Lead MEP, Michiel Hoogeveen has said on the matter, ‘While the legislative framework for European…
Published in OJ: Commission Delegated Regulation (EU) 2022/954 of 12 May 2022 amending the RTS laid down in Delegated Regulation (EU) No 183/2014
On 21 June 2022, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2022/954 of 12 May 2022 amending the regulatory technical standards laid down in Delegated Regulation (EU) No 183/2014 as regards the…
European Commission considers Euro-clearing overhaul
On 16 June 2022 the European Commission hosted a meeting of the Derivatives and Market Infrastructures Member States Working Group, which is an expert group composed of Member States’ representatives. The agenda for the meeting included consideration of possible legislative…
Council agrees its position on updated rules for hedge funds, private debt funds, and other alternative investment funds
On 25 November 2021, the European Commission proposed a number of legislative amendments to the Alternative Investment Funds Manager Directive (AIFMD), the UCITS Directive and the Regulation on European long term investment funds, namely the “AIFMD 2 Proposal”.
The AIFMD…
FPC confirms withdrawal of mortgage market affordability test
On 20 June 2022, the Bank of England confirmed that it will be withdrawing its mortgage affordability test recommendation. The withdrawal will come into effect from 1 August 2022.
The mortgage affordability test was introduced in 2014 to guard against…
Outcomes FATF Plenary, 14-17 June 2022
On 17 June 2022, the Financial Action Task Force (FATF) published the outcomes of its plenary on 14 to 17 June 2022.
Delegates from over 200 jurisdictions participated in the plenary and the FATF expressed its deepest sympathies for the…