On 21 June 2022, the Council of the European Union published the Presidency’s final compromise text for the draft Directive amending the Alternative Investment Funds Managers Directive and the UCITS Directive as regards delegation arrangements, liquidity risk management, supervisory reporting,
Financial services: Regulation tomorrow
Tracks financial services regulatory developments and provides insight and commentary
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Commission adopts two equivalence decisions for Chinese and Israeli CCPs
On 22 June 2022, the European Commission adopted two equivalence decisions for central counterparties (CCPs) under the supervision of the People’s Bank of China and the Israel Securities Authority. Both equivalence decisions do not come into force until published in…
PSR sets out the details for its work on card fees
On 21 June 2022, the Payment Systems Regulator (PSR) set out terms of reference for its plans to carry out two market reviews focusing on card fees. The terms of reference provide that, the reviews will focus on MasterCard and…
Attention, âmes dirigeantes : l’imputabilité individuelle est la « priorité absolue » du Department of Justice des États-Unis dans le cadre des poursuites relatives aux crimes d’entreprise
Les dirigeants et administrateurs canadiens devraient bien prendre en note les changements de priorités en matière d’application des dispositions pénales aux États-Unis. Dans de récents discours lors de la tenue de la 37e édition du National Institute on White Collar Crime…
Directing minds beware: individual accountability is US DOJ’s “first priority” in prosecuting corporate crimes
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…
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…