FS weekly highlights—14 November 2019

FS weekly highlights—14 November 2019

In this issue

 

 

Brexit news
UK, EU and international regulators and bodies
Authorisation, approval and supervision
Prudential requirements
Financial stability, recovery and resolution
Financial crime
Consumer protection and claims management regulation
Enforcement and redress
Markets and trading
MiFID II
Regulation of capital markets and Capital Markets Union
Regulation of derivatives
Investment funds and asset management
Banks and mutuals
Regulation of insurance
Regulation of personal pension and stakeholder products
Fintech and cryptoassets
Sustainable finance
Dates for your diary

 

Brexit news

 

Brexit Bulletin—key Bills fall away on dissolution of Parliament

The 2019–2020 Parliament come to a close ahead of the general election on 12 December 2019. Parliament dissolved at 00.01am on 6 November 2019, just three weeks and two days after the Queen’s Speech 2019. The early general election is aimed at breaking the Brexit deadlock in Parliament, but in the meantime, the dissolution of Parliament brings all parliamentary business to an end and all legislation in progress falls away. Richard Flenley, senior associate at Charles Russell Speechlys, and Iain Halliday, associate at McGill & Co Solicitors, examine the state of play.

FCA updates statement on derivatives reporting obligations in a no-deal Brexit scenario

The Financial Conduct Authority (FCA) updated its statement explaining what trade repositories (TRs), and UK counterparties that use them, should do to make sure they are compliant with the European Market Infrastructure Regulation (EU) 648/2012 (EMIR) reporting obligations if the UK leaves the EU without an agreed deal. ‘UK counterparties’ includes UK firms and UK central counterparties (CCPs) who will be subject to the UK EMIR reporting regime. 

ECB’s Supervision Newsletter warns banks not to delay implementation of Brexit plans

The European Central Bank (ECB) published its November 2019 Supervision Newsletter. Among other items, the Newsletter includes an interview with the chair of the ECB’s Supervisory Board, Andrea Enria, who discusses the ECB’s supervisory expectations and Brexit. It also includes an article warning banks that any delay in their implementation of Brexit plans increases operational risk. 

PRA issues statement on French regulator’s response to EIOPA Brexit recommendations for insurance sector

The Prudential Regulation Authority (PRA) issued a statement on the response by the French regulator, Autorité de contrôle prudential et de resolution (ACPR), to the European Insurance and Occupational Pensions Authority (EIOPA)’s recommendations for the insurance sector in light of the UK’s withdrawal from the EU. In its response, the ACPR indicated that it does not intend to comply with recommendation 6, regarding insurance policies originally sold in the UK by UK insurers to policyholders now resident or established in France. 

Trade organisations call for temporary equivalence and recognition of UK CCPs to be extended

The International Swaps and Derivatives Association (ISDA), along with 13 other trade associations, wrote to the European Commission to ask for an urgent extension of the temporary equivalence and recognition determination for UK CCPs, which is currently due to expire on 30 March 2020. The associations argue that, without such an extension, EU clearing members would not be able to continue as direct members of UK CCPs in the event of a no-deal Brexit, and EU counterparties would not be able to clear derivatives subject to the clearing obligation on those CCPs.

 

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UK, EU and international regulators and bodies

 

FCA publishes FOI responses

The FCA published responses to Freedom of Information Act 2000 (FOI) requests on a range of subjects including defined benefit pensions, FCA investigations and complaints received by the FCA.

Eurogroup and ECOFIN meetings 7 and 8 November 2019

Eurogroup and the Economic and Financial Affairs Council (ECOFIN) are meeting 7–8 November 2019 to discuss (amongst other things): the candidacy of Isabel Schnabel for the ECB’s executive board; updates to the EU’s list of non-co-operative tax jurisdictions; the financing aspect of climate change, ahead of the United Nations climate change conference (COP25); and the reform of the European Stability Mechanism treaty. 

 

 

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Authorisation, approval and supervision

 

FCA publishes CP19/30 setting out fees and levies proposals for 2020/21

The FCA published consultation paper CP19/30, Regulatory fees and levies: policy proposals for 2020/21. The document applies to all FCA fee-payers and to crypto asset businesses and proxy agents, which will be coming under FCA supervision over the coming year. Feedback is sought by 13 January 2020. 

European Commission publishes the results of fitness check of supervisory reporting

The European Commission published the results of its so-called fitness check of supervisory reporting requirements in EU financial services legislation. The aim of the fitness check is to make EU supervisory reporting fit for the future.

Joint Law Society and CLLS Q&A on the PSC register

A joint working party of the Law Society and City of London Law Society (CLLS) Company Law Committees (the committees) drafted a Q&A document which highlights practitioner experience on certain areas of complexity not specifically covered by the people with significant control (PSC) register primary and secondary legislation or the related Department for Business, Energy and Industrial Strategy (BEIS) guidance.

 

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Prudential requirements

 

Council of the EU adopts key CMU measures

The Council of the EU adopted a set of legislative reforms which are part of progress towards the Capital Markets Union (CMU): the Regulation on sustainability-related disclosures in the financial services sector; the Regulation on low-carbon benchmarks; the Regulation and Directive on the prudential supervision of investment firms; the Regulation and Directive on covered bonds; and the Regulation on the promotion of the use of SME growth markets.

BCBS consults on revised guidance for co-operation between prudential and AML/CFT supervision

The Basel Committee on Banking Supervision (BCBS) is consulting on proposed amendments to its guidance on the sound management of anti-money laundering and combatting the financing of terrorism (AML/CFT) risks, published in June 2017. BCBS aims to provide ‘detailed and practical’ guidelines on the interaction and co-operation between prudential and AML/CFT supervision. Feedback is sought by 6 February 2020.

ECB and EBA chairs urge legislators to implement Basel III faithfully

The chair of the ECB, Andrea Enria, and the chair of the EBA, Jose Manuel Campa, gave speeches at a European Commission conference on implementing Basel III:

The chairs discussed various aspects of the background to Basel III and the progress made so far in implementing those reforms, and both concluded that the regulatory framework must be completed according to the Basel III plans in order to restore confidence in EU banks. 

 

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Financial stability, recovery and resolution 

 

SRB launches resolution reporting Q&A process

The Single Resolution Board (SRB) launched a Resolution Reporting Q&A process which aims to provide support to national resolution authorities and institutions that are subject to the resolution reporting requirements.

EBA publishes final methodology and draft templates for 2020 stress tests

The European Banking Authority (EBA) published the final methodology and draft templates for its 2020 EU-wide stress test. All relevant risk areas are covered in the methodology and templates, and industry feedback has been incorporated.

EBA publishes speech on 2020 stress test and announces release date for its transparency and risk assessment report

The EBA announced that its 2019 risk assessment report and transparency exercise (with bank data covering around 130 EU banks) will be published on 29 November at 17:00 GMT (18:00 CET). The data will cover capital positions, financial assets, risk exposure amounts, sovereign exposures and asset quality, and will be based on supervisory reporting data. The EBA also published a speech by its chair, Jose Manuel Campa, on its EU-wide stress test, including how the methodology for the 2020 stress test differs from the 2018 methodology.

European Parliament publishes briefing paper on country-specific recommendations in banking

The European Parliament published an updated briefing paper on country-specific recommendations (CSRs) in banking. The paper takes stock of banking-relevant CSRs issued by the Council of the EU to Member States since 2011, looks closely at the most recent recommendation iteration and the main topics addressed, and gives an overview of Member States’ implementation of the CSRs as assessed by the European Commission.

FSB RCG for Europe discusses supervision of stablecoins and financial benchmark reform

The Financial Stability Board (FSB) Regional Consultative Group (RCG) for Europe met in Basel on 12 November 2019, where it discussed, among other things, the wide range of regulatory and supervisory issues raised by stablecoins of potentially global reach, the continued pressures on the profitability of European banks and the reform of interest rate benchmarks.

General election delays publication of BoE’s Financial Stability Report and stress test results

The Bank of England (BoE) announced that the Financial Stability Report (FSR), full results of the BoE’s annual stress test of major UK banks, and the record of the Financial Policy Committee’s latest meeting, all due to be published on 10 December 2019, will now be published at 17:00 (GMT) on Monday 16 December. The change in timing follows the announcement that the General Election will take place on 12 December 2019. 

FSB plenary discusses current financial vulnerabilities and agrees work programme for 2020

The FSB plenary met in Paris on 7 November 2019 to review vulnerabilities in the global financial system, fintech developments and ongoing work. The FSB’s work programme for 2020 was agreed. Priorities include addressing new and emerging vulnerabilities in the financial system, including through further work on how to harness the benefits of financial innovation while containing risks; finalising and operationalising post-crisis reforms; and monitoring the implementation and evaluating the effects of the reforms. 

 

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Financial crime

 

BCBS consults on revised guidance for co-operation between prudential and AML/CFT supervision

The BCBS is consulting on proposed amendments to its guidance on the sound management of AML/CFT risks, published in June 2017. BCBS aims to provide ‘detailed and practical’ guidelines on the interaction and co-operation between prudential and AML/CFT supervision. Feedback is sought by 6 February 2020.

National Crime Agency releases Suspicious Activity Report guidance

The National Crime Agency (NCA) released a booklet ‘Suspicious Activity Report (SAR) Glossary Codes and Reporting Routes—November 2019’. The booklet is designed to provide guidance on the use of SAR glossary codes and reporting routes. SAR codes prove ‘crucial for enabling the UK Financial Intelligence Unit…and wider law enforcement to conduct analysis to identify money laundering trends risk cases for development and take immediate action where necessary’. 

FATF supervisors’ forum identifies room for AML/CFT improvements

The Financial Action Task Force (FATF) held its first Supervisors’ Forum on improving the effectiveness of supervision on 11–12 November 2019, in Sanya, China. Approximately 100 senior financial and professional supervisors, from over 40 countries, took part in the event, chaired by FATF president Xiangmin Liu. The meeting identified a number of areas that require further actions, which will be taken forward at the FATF plenary and at further meetings of the Supervisors’ Forum, to be held in May 2020. 

 

 

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Consumer protection and claims management regulation

 

EU Directive to enhance and modernise consumer protection

The Council of the EU adopted a Directive modernising EU law on unfair commercial practices, consumer rights, unfair contract terms and price indication. The Directive will enhance harmonisation and transparency, create new obligations on online marketplaces and protect consumers when using ‘free’ digital services. Member States will have 24 months to adopt the measures necessary for implementation which will then apply 6 months later.

 

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Enforcement and redress

 

Business federations raise concerns with Council of EU over changes to proposed Collective Redress Directive

A group of 21 business federations—including Insurance Europe—wrote to the Council of the EU calling for at least an impact assessment to be carried out on its proposed changes to the European Commission’s proposal for a directive on representative actions (the Collective Redress Directive). The co-signatories express concern over proposed changes introduced by the Council under the Romanian and Finnish presidencies. The co-signatories conclude that the changes amount to a ‘radically altered approach’ which will result in significant forum shopping to jurisdictions with the lowest standards, jeopardising the best interests of consumers and defendant traders. 

 

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Markets and trading

 

Council of the EU adopts key CMU measures

The Council of the EU adopted a set of legislative reforms which are part of progress towards the CMU: the Regulation on sustainability-related disclosures in the financial services sector; the Regulation on low-carbon benchmarks; the Regulation and Directive on the prudential supervision of investment firms; the Regulation and Directive on covered bonds; and the Regulation on the promotion of the use of SME growth markets. 

Working group on euro RFRs publishes report on €STR fallback arrangements

The private sector working group on euro risk-free rates (RFRs) published a report on €STR fallback arrangements. The purpose of the report is to provide supervised entities with guidance on potential ways to comply with Article 28.2 of the EU Benchmarks Regulation (BMR) when using the euro short-term rate (€STR) as the euro risk-free rate in contracts.

AFME and IA call for 90-minute cut to EU and LSE equity trading hours

The Association for Financial Markets in Europe (AFME) and the Investment Association (IA) wrote to the London Stock Exchange (LSE) and other European trading venues asking them to review trading hours across Europe in a bid to improve culture, diversity and wellbeing on trading floors, and create more efficient markets. The industry bodies say shortening the hours by 90 minutes would concentrate liquidity, leading to more consistent trading costs, and provide greater time for traders and the market to digest corporate announcements.

FSB RCG for Europe discusses supervision of stablecoins and financial benchmark reform

The FSB RCG for Europe met in Basel on 12 November 2019, where it discussed, among other things, the wide range of regulatory and supervisory issues raised by stablecoins of potentially global reach, the continued pressures on the profitability of European banks and the reform of interest rate benchmarks. 

 

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MiFID II

 

Commission Delegated Regulation aligning the auctioning of greenhouse gas emission allowances with the EU ETS rules and the classification of allowances as financial instruments under MiFID II published in OJ

Commission Delegated Regulation (EU) 2019/1868 of 28 August 2019 amending Regulation (EU) 1031/2010 to align the auctioning of allowances with the EU ETS rules for the period 2021 to 2030 and with the classification of allowances as financial instruments pursuant to Directive 2014/65/EU (MiFID II) has been published in the Official Journal of the EU.

ESMA starts to publish quarterly liquidity data for bonds

ESMA started to publish new quarterly liquidity data for bonds that are subject to pre- and post-trade transparency requirements under MiFID II/MIFIR. Further updates may be published within each quarter. This information will be available in ESMA’s financial instruments transparency system (FITRS). The list of assessed bonds will be available through FITRS in XML files with publication dates from 8 November 2019 and through ESMA’s register web interface.

FCA welcomes SEC extension of relief on MiFID II inducements and research provisions

The FCA welcomed the US Securities and Exchange Commission (SEC)’s extension of no-action relief relating to the MiFID II inducements and research provisions. The SEC announced an extension of the SEC staff ‘no action letter’, which addresses the potential conflict between US regulation and MiFID II, until 3 July 2023. The existing relief was due to expire on 3 July 2020. 

Council of the EU adopts key CMU measures

The Council of the EU adopted a set of legislative reforms which are part of progress towards the CMU: the Regulation on sustainability-related disclosures in the financial services sector; the Regulation on low-carbon benchmarks; the Regulation and Directive on the prudential supervision of investment firms; the Regulation and Directive on covered bonds; and the Regulation on the promotion of the use of SME growth markets.

 

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Regulation of capital markets and Capital Markets Union

 

RTS on homogeneity criteria under Securitisation Regulation published in the OJ

Commission Delegated Regulation (EU) 2019/1851 supplementing Regulation (EU) 2017/2402 (the Securitisation Regulation) with regard to regulatory technical standards (RTS) on the homogeneity of the underlying exposures in securitisation was published in the Official Journal of the EU. The delegated regulation lays down uniform criteria to determine which underlying exposures in securitisation are deemed homogenous, in order to allow robust due diligence by investors and to facilitate their assessment of underlying risks in accordance with the aims of the Securitisation Regulation.

Council of the EU adopts key CMU measures

The Council of the EU adopted a set of legislative reforms which are part of progress towards the CMU: the Regulation on sustainability-related disclosures in the financial services sector; the Regulation on low-carbon benchmarks; the Regulation and Directive on the prudential supervision of investment firms; the Regulation and Directive on covered bonds; and the Regulation on the promotion of the use of SME growth markets. 

Commission publishes final RTS on information to be provided for STS notifications under Securitisation Regulation

The European Commission published a delegated regulation supplementing the Securitisation Regulation and laying down regulatory technical standards (RTS) specifying the information to be provided in accordance with the simple, transparent and standardised criteria (STS) notification requirements. 

Better Finance calls for more to be done to attract households into Capital Markets

Better Finance—The European Federation of Investors and Financial Services Users—published its CMU Assessment Report 2015–2019 which aims to provide an assessment of the progress achieved by the European Union in establishing a CMU four years after implementation. Despite findings that show limited progress so far, the CMU are positive that there is still room for improvement. However, unless more is done to attract EU households into Capital Markets, the CMU project is likely to fail. 

 

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Regulation of derivatives

 

ESMA publishes EMIR 2.2 technical advice on third-country CCPs

The European Securities and Markets Authority (ESMA) published three sets of technical advice to the European Commission regarding third-country (TC) CCPs under the revised European Market Infrastructure Regulation (EMIR 2.2). ESMA sent its advice to the Commission for the development of the corresponding Delegated Acts under EMIR 2.2, on which the Commission will consult publicly before it finalises them.

FCA updates statement on derivatives reporting obligations in a no-deal Brexit scenario

The FCA updated its statement explaining what trade repositories (TRs), and UK counterparties that use them, should do to make sure they are compliant with their EMIR reporting obligations if the UK leaves the EU without an agreed deal. ‘UK counterparties’ includes UK firms and UK central counterparties who will be subject to the UK EMIR reporting regime. The updated statement includes a link to the UK EMIR validation rules.

Trade organisations call for temporary equivalence and recognition of UK CCPs to be extended

ISDA, along with 13 other trade associations, wrote to the European Commission to ask for an urgent extension of the temporary equivalence and recognition determination for UK CCPs, which is currently due to expire on 30 March 2020. The associations argue that, without such an extension, EU clearing members would not be able to continue as direct members of UK CCPs in the event of a no-deal Brexit, and EU counterparties would not be able to clear derivatives subject to the clearing obligation on those CCPs.

 

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Investment funds and asset management

 

PRIIPs Regulation RTS amendment published in OJ

Commission Delegated Regulation (EU) 2019/1866 of 3 July 2019 amending Commission Delegated Regulation (EU) 2017/653 to align the transitional arrangement for PRIIP manufacturers offering units of funds referred to in Article 32 of Regulation (EU) 1286/2014 (the PRIIPs Regulation) as underlying investment options with the prolonged exemption period under that Article, has been published in the Official Journal of the EU.

IA publishes guide on operational and enterprise risk principles

IA published a members’ good practice guide on operational and enterprise risk principles for asset managers. The guide covers topics including the role of enterprise risk managers, model terms of reference for business or enterprise risk management committees, reporting lines and exit planning.

AIMA paper looks to boost diversity and inclusion in the hedge fund industry

The Alternative Investment Management Association (AIMA) published a diversity and inclusion (D&I) paper containing 45 different actions hedge fund firms of all sizes can take to improve their D&I practices. AIMA says the paper was ‘informed by conversations with firms around the world’, and based on in-depth interviews with over a dozen figures in the industry who have pioneered new approaches to D&I. 

 

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Banks and mutuals

 

EBA publishes final methodology and draft templates for 2020 stress tests

The EBA published the final methodology and draft templates for its 2020 EU-wide stress test. All relevant risk areas are covered in the methodology and templates, and industry feedback has been incorporated.

EBA publishes speech on 2020 stress test and announces release date for its transparency and risk assessment report

The EBA announced that its 2019 risk assessment report and transparency exercise (with bank data covering around 130 EU banks) will be published on 29 November at 17:00 GMT (18:00 CET). The data will cover capital positions, financial assets, risk exposure amounts, sovereign exposures and asset quality, and will be based on supervisory reporting data. The EBA also published a speech by its chair, Jose Manuel Campa, on its EU-wide stress test, including how the methodology for the 2020 stress test differs from the 2018 methodology.

ECB and EBA chairs urge legislators to implement Basel III faithfully

The chair of the ECB, Andrea Enria, and the chair of the EBA, Jose Manuel Campa, gave speeches at a European Commission conference on implementing Basel III:

The chairs discussed various aspects of the background to Basel III and the progress made so far in implementing those reforms, and both concluded that the regulatory framework must be completed according to the Basel III plans in order to restore confidence in EU banks. 

General election delays publication of BoE’s Financial Stability Report and stress test results

The BoE announced that the Financial Stability Report (FSR), full results of the BoE’s annual stress test of major UK banks, and the record of the Financial Policy Committee’s latest meeting, all due to be published on 10 December 2019, will now be published at 17:00 (GMT) on Monday 16 December. The change in timing follows the announcement that the General Election will take place on 12 December 2019.

European Parliament publishes briefing paper on country-specific recommendations in banking

The European Parliament published an updated briefing paper on country-specific recommendations (CSRs) in banking. The paper takes stock of banking-relevant CSRs issued by the Council of the EU to Member States since 2011, looks closely at the most recent recommendation iteration and the main topics addressed, and gives an overview of Member States’ implementation of the CSRs as assessed by the European Commission.

UKAR completes sale of NRAM mortgages and loans to Citi

On 2 April 2019, UK Asset Resolution (UKAR) announced the sale of NRAM Ltd residential owner-occupied mortgages and unsecured loans to Citi. UKAR now announces that the final stage of this transaction is now complete and legal title to the loans included in the sale have been transferred. Approximately 55,000 NRAM mortgages and loans were included in the transfer. 

EBA reports NPL improvements, but calls for close monitoring as economic conditions weaken

The EBA published a report on trends in asset quality of the EU banking sector, which show it has significantly improved over the last four years. Total non-performing loans (NPLs) decreased from over EUR 1.15tn in June 2015 (6% as a percentage of total loans) to EUR 636bn as of June 2019. The EBA says three factors determined the overall reduction in NPLs: supervisory attention and political determination to address the issue effectively, and banks’ efforts to enhance their NPL management capabilities. 

 

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Regulation of insurance

 

PRIIPs Regulation RTS amendment published in OJ

Commission Delegated Regulation (EU) 2019/1866 of 3 July 2019 amending Commission Delegated Regulation (EU) 2017/653 to align the transitional arrangement for PRIIP manufacturers offering units of funds referred to in Article 32 of the PRIIPs Regulation as underlying investment options with the prolonged exemption period under that Article, has been published in the Official Journal of the EU. 

PRA issues statement on French regulator’s response to EIOPA Brexit recommendations for insurance sector

The PRA issued a statement on the response by the French regulator, ACPR, to EIOPA’s recommendations for the insurance sector in light of the UK’s withdrawal from the EU. In its response, the ACPR indicated that it does not intend to comply with recommendation 6, regarding insurance policies originally sold in the UK by UK insurers to policyholders now resident or established in France. 

 

 

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Regulation of personal pension and stakeholder products

 

FCA and TPR issue warning over pension scams in light of new research

The FCA and The Pensions Regulator (TPR) are warning savers to get to know the warning signs of a scam and always check who they are dealing with before making a decision on their pensions. The warning comes as new research highlights common mistakes made by savers and the risk of over-confidence: while nearly two-thirds of those surveyed said they felt confident making decisions about their pension, the same proportion would trust someone offering pensions advice out of the blue—one of the main warning signs of a scam.

 

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Fintech and cryptoassets

 

European Council and Commission call for action on stablecoin risks

The Council of the European Union published a draft joint statement by the Council and the Commission on stablecoins, which will be submitted to the Permanent Representatives Committee with a view to the approval by ECOFIN at its 5 December 2019 meeting. The paper notes potential benefits of stablecoins, including cheap and fast payments, especially cross-border payments, but also sets out the risks in terms of consumer protection, privacy, taxation, cyber security and operational resilience, money laundering, terrorism financing, market integrity, governance and legal certainty.

AFME publishes recommendations for delivering supervisory convergence in European regulation of crypto-assets

AFME published a position paper setting out five recommendations to deliver supervisory convergence on the regulation of crypto-assets in Europe. The paper’s recommendations are intended to encourage collaboration between regulators in Europe, and work towards a common approach to the regulation and development of crypto-assets in financial services.

BIS launches third Innovation Hub to foster collaboration among central banks

The Monetary Authority of Singapore and the Bank for International Settlements (BIS) launched the BIS Innovation Hub Centre in Singapore, aiming to foster innovation and greater collaboration in the central banking community globally. BIS says it will enhance the understanding of financial technology and aid development of innovative solutions to benefit and enhance the financial system. 

FSB RCG for Europe discusses supervision of stablecoins and financial benchmark reform

The FSB RCG for Europe met in Basel on 12 November 2019, where it discussed, among other things, the wide range of regulatory and supervisory issues raised by stablecoins of potentially global reach, the continued pressures on the profitability of European banks and the reform of interest rate benchmarks. 

Innovate Finance opens Women in FinTech Powerlist 2019

Innovate Finance opened nominations for the Women in FinTech Powerlist 2019, which will highlight 150 women who have made a significant difference across seven categories. Innovate Finance’s panel of independent judges will select the ‘Standout 35’—those who are making ‘a real and lasting impact in fintech, over and above their day-to-day role’. Applications close on 31 December 2019.

 

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Sustainable finance

 

Council of the EU adopts key CMU measures

The Council of the EU adopted a set of legislative reforms which are part of progress towards the CMU: the Regulation on sustainability-related disclosures in the financial services sector; the Regulation on low-carbon benchmarks; the Regulation and Directive on the prudential supervision of investment firms; the Regulation and Directive on covered bonds; and the Regulation on the promotion of the use of SME growth markets.

The Islamic Development Bank finalises sustainable finance framework and signs MoU with EIB

The Islamic Development Bank (IsDB) announced that it will launch a green Sukuk bond in November 2019 as part of its new sustainable finance framework. The announcement was made at IsDB’s second European Sukuk Summit held in Luxembourg in partnership with the minister for finance of the Grand Duchy of Luxembourg, Pierre Gramegna. At the summit, IsDB and European Investment Bank (EIB) signed a memorandum of understanding to strengthen co-operation and committed USD1bn each in co-financing through to 2024. 

Eurogroup and ECOFIN meetings 7 and 8 November 2019

ECOFIN are meeting 7–8 November 2019 to discuss (amongst other things): the candidacy of Isabel Schnabel for the European Central Bank’s executive board; updates to the EU’s list of non-co-operative tax jurisdictions; the financing aspect of climate change, ahead of the United Nations climate change conference (COP25); and the reform of the European Stability Mechanism treaty.

 

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Dates for your diary

 

DateSubjectEvent

 

14 November 2019

 

Investment funds and asset management

 

Deadline for feedback to the FCA’s guidance consultation (GC19/4) on proposed Knowledge Base changes:

  • changes to technical note (TN) on master-feeder structures clarifying the Listing Rules Chapter 15 (LR15) risk diversification requirements (FCA/TN/409.1)
  • new TN on classifying changes to an investment management agreement under LR11 (related party transactions) (FCA/TN/411.1).

 

15 November 2019Enforcement and redress

Deadline for customers who took out a loan with Mr Dharam Prakash Gopee to contact the FCA.

 

17 November 2019Payment services and systems

The European Payments Council (EPC)’s updated implementation guidelines, which set out the SEPA rules for implementing SEPA Direct Debit (SDD) Core Rulebook standards and SDD business-to-business Rulebook standards as well as SEPA Credit Transfer and SEPA Instant Credit Transfer rules, take effect on this date.

 

17 November 2019Authorisation, approval and supervision

Deadline for feedback to the PRA consultation paper CP27/19: Liquidity: The PRA’s approach to supervising liquidity and funding risks.

 

18 November 2019

Authorisation, approval and supervision

Prudential requirements

Banks and mutuals

Regulation of insurance

Deadline for feedback to chapter 4 of the PRA consultation paper CP25/19 proposing minor amendments to PRA Rulebook Parts.

 

 

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About the author:
Pietra has completed the Bar Professional Training Course at the University of Law and was called to the Bar in 2019. Prior to the BPTC, Pietra undertook a law degree at the University of Bristol.