Corporate weekly highlights—15 June 2017

Welcome to the weekly highlights from the Lexis®PSL Corporate team for the week ending 15 June 2017, which provide news updates and a comprehensive list of dates for your diary. This week’s edition features: the news that the European Parliament will consider the proposed Fifth Money Laundering Directive in October; the FCA’s June 2017 policy development update; and the European Commission’s mid-term review of the CMU action plan. 

Headlines (News updates & analysis)

Company administration

European Parliament to consider MLD5 in October

The European Parliament has provisionally scheduled its plenary session commencing on 23 October 2017 for consideration of the proposed Fifth Money Laundering Directive (MLD5). MLD5 will amend the Fourth Money Laundering Directive 2015/849/EU (MLD4), which will be implemented across the European Economic Area (EEA) on 26 June 2017.

The proposed amendments to MLD4 include designation of virtual currency platforms and custodian wallet providers as obliged entities and setting lower maximum transaction limits for certain pre-paid instruments.

For details see news, LNB News 13/06/2017 83.

Equity capital markets

FCA June 2017 policy development update

The Financial Conduct Authority (FCA) has updated its policy development update webpage. The update includes recent FCA publications and a list of upcoming publications arranged under the blocks of the FCA Handbook where the policy is likely to be given effect.

For details see news, LNB News 13/06/2017 126.

Commission sets out its mid-term review of the CMU action plan

The European Commission has published a number of documents which set out details of the further steps it is taking to drive forward the Capital Markets Union (CMU), a pivotal project of the Juncker Commission to boost jobs and growth in Europe.

The mid-term review reports on the progress made so far in implementing the 2015 action plan. It states that, since September 2015, the Commission has delivered 20 out of 33 measures announced in the CMU Action Plan.

The CMU mid-term review also sets the timeline for the new actions that will be unveiled in the coming months and outlines nine new priority actions.

Alongside the CMU mid-term review, the Commission is also unveiling measures to encourage long-term investment through a review of prudential calibration for investments in infrastructure corporates.

For details see news, LNB News 08/06/2017 94.

Dates for your diary

Date Subjects covered
23 June 2017 Deadline for comments on the Financial Reporting Council's (FRC) discussion paper on the role of auditors and preliminary announcements. The FRC has issued a discussion paper which considers the role of auditors and preliminary announcements of annual results, with a particular focus on the LSE main market. For further information, see LNB News 27/04/2017 96.
23 June 2017 Deadline for responses on the first proposal in the FCA's fifth Markets in Financial Instruments Directive II (MiFID II) consultation paper (CP17/8) concerning the extension of MiFID II standards to OPS firms. It proposes changes to the FCA Handbook in the following areas: application of MiFID II standards relating to inducements, best execution and taping to OPS firms, which are exempt from MiFID II; changes to DEPP and EG to reflect various aspects of MiFID II, including the extension of the FCA's enforcement powers to cover persons subject to UK implementing legislation; and consequential amendments to the Handbook based on proposals in CP16/29, and guidance on the use of third parties where firms are required to submit financial instrument reference data or commodity derivative position reports. For further information, see LNB News 31/03/2017 156.
26 June 2017 The final text of Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings (recast) (the Recast Regulation) comes into force.
The Recast Regulation entered into force from 26 June 2015 but only applies to relevant insolvency proceedings from 26 June 2017. For further information, see News Analysis: Recast Regulation on insolvency in force from 26 June 2015.
26 June 2017 The Fourth EU Money Laundering Directive (EU) 2015/849 will be implemented.
The directive introduces new measures to combat money laundering, tax evasion and terrorist financing. For further information, see News Analysis: New landscape of anti-money laundering and related reforms.
Further dates To look further ahead, see: Corporate horizon scanning—2017 and beyond.

Relevant Articles
Area of Interest