FS weekly highlights—15 August 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
Competition in financial services
Enforcement and redress
Markets and trading
Regulation of capital markets and Capital Markets Union
Regulation of derivatives
Investment funds and asset management
Banks and mutuals
Consumer credit, mortgage and home finance
Regulation of insurance
Regulation of personal pension and stakeholder products
Payment services and systems
Sustainable finance
Islamic finance
Dates for your diary

 

Brexit news

 

HMT publishes guidance on banking, insurance and other financial services if there’s no Brexit deal

HM Treasury published three guidance notes containing information about financial services such as banking and insurance for UK residents, businesses based in the UK, EEA residents, and financial services institutions.

ECB publishes article on stepping up Brexit preparations

The European Central Bank (ECB) published a newsletter article entitled ‘Brexit: stepping up preparations’, which looks at banks’ preparations so far for the ‘very real possibility’ of a no-deal Brexit on 1 November 2019. Whilst the ECB says the risks posed by a no-deal Brexit to overall euro area financial stability would be manageable, it also emphasises the need for banks to continue preparing for all possible contingencies.

The UK’s anti-money laundering laws post-Brexit—will it make any difference?

John Binns, partner in the business crime and corporate regulatory department of BCL Solicitors LLP and member of the Corporate Crime Consulting Editorial Board, considers the potential impact of Brexit on the UK’s anti-money laundering laws.

Central Bank of Ireland publishes report backing London’s future as leading financial centre

The Central Bank of Ireland published a report which concluded that London is likely to remain a leading global financial centre, even in the most adverse Brexit scenarios.

Committee asks Prime Minister about recession preparations in letter

The Work and Pensions Committee wrote a letter to the Prime Minister ‘asking about the government’s preparations for a potential future recession or economic shock’. The letter includes six questions, which address numerous topics, including how much work was done by the government to understand how Universal Credit would work during a recession, and whether the government intends to increase Jobcentre Plus funding in case of an economic shock. 

 

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UK, EU and international regulators and bodies

 

FCA publishes minutes of its 27 June 2019 board meeting

The Financial Conduct Authority (FCA) published the minutes of its 27 June 2019 board meeting. Alongside an update on progress with designing and implementing a mini-bonds communication strategy, the board discussed a strategy to engage large tech companies (such as Google and Facebook) to the risk of adverts on these sites relating to high risk investment products. The board also discussed issues including the Enterprise Act Annual Report 2019, Q4 performance reporting, access to travel insurance, the Complaints Commissioner’s annual report, third country branches and subsidiaries and publication of product intervention measures for retail contracts for differences (CFDs) and CFD-like options.

ECB publishes indicative calendars for the Eurosystem’s 2020 regular tender operations and reserve maintenance periods

The ECB published the indicative calendars for the Eurosystem’s regular tender operations and reserve maintenance periods in 2020. The indicative calendar for the Eurosystem’s regular tender operations includes only main refinancing operations and three-month longer-term refinancing operations. It does not include any supplementary or ad hoc operations which may be carried out in 2020. The calendar can be downloaded from the ECB’s website.

Better Finance publishes annual report for 2018

Better Finance, the European federation of investors and financial services users, published its annual report for 2018. The report discusses various policy initiatives including studies on pension savings returns; robo-advice; fund research benchmark disclosure compliance; risk mitigation techniques in life cycle pensions; and capital markets union.

SRB and Commission sign MoU on resolution, regulatory and communication matters

The Single Resolution Board (SRB) and the European Commission signed a memorandum of understanding (MoU) setting out their working methods in line with the Single Resolution Mechanism (SRM) legal framework. This includes co-operation on resolution, regulatory and communication matters. The MoU codifies best practices and aims to ensure that effective working arrangements are in place between the Commission and the SRB.

IOSCO to hold third World Investor Week from 30 September to 6 October 2019

The International Organization of Securities Commissions (IOSCO) will hold its third annual World Investor Week from 30 September to 6 October 2019. The week-long, global campaign, which aims to promote investor education and investor protection, will highlight the various initiatives of securities regulators in these two areas. IOSCO members will launch publications or services, promote contests, and organise workshops, conferences and other events. 

 

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Authorisation, approval and supervision

 

Banking Standards Board publishes blog on identifying overseas roles requiring certification

The Banking Standards Board (BSB) published a blog post written by James Ewing, head of assurance and risk and planning, and Maximilian Weidlich, policy associate, at BSB on international challenges to certification and identifying overseas roles requiring certification. Where an individual is performing a role requiring certification which impacts the UK—whether on a UK firm, customer or client—the employing firm must assess their fitness and propriety and decide whether to issue a certificate on at least an annual basis (FCA Handbook, ‘Senior Management Arrangements, Systems and Controls’ 5.2, Prudential Regulation Authority (PRA) Rulebook). 

 

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Prudential requirements

 

BCBS publishes FAQs on the Basel III standardised approach for operational risk

To promote consistent global implementation of the standardised approach for operational risk capital as published by the Basel Committee on Banking Supervision (BCBS) in the final Basel III standards in December 2017, the BCBS agreed to periodically review FAQs and publish answers along with any technical elaboration of the standards text and interpretative guidance that may be necessary. The BCBS therefore published the first set of FAQs on the standard.

EBA updates data on global systemically important institutions

The European Banking Authority (EBA) published 12 indicators and updated underlying data obtained from the 36 largest institutions in the EU, whose leverage ratio exposure measure exceeds €200bn. This data contributes to the internationally agreed basis on which a smaller subset of banks will be identified as global systemically important institutions, following the final assessments from the BCBS and the Financial Stability Board.

AFME says risk sensitivity and no significant increase in bank capital are key to Basel III implementation

The Association for Financial Markets in Europe (AFME) published a position paper on the implementation of the Basel III reforms in Europe (CRR3). In the paper, AFME says it is crucial that CRR3 is carried out in a risk-sensitive way that results in a robust and effective banking sector, supports growth and the real economy, and does not result in a significant increase in capital requirements for banks. AFME also published individual pre-CRR3 position papers on:

EBA publishes opinion on the implementation of the Deposit Guarantee Schemes Directive

The EBA published the first of three opinions on the implementation of the recast Deposit Guarantee Schemes (DGS) Directive 2014/49/EU in the EU. The proposals aim to enhance depositor protection and financial stability and improve operational effectiveness. The opinion covers the eligibility of deposits, coverage level and cooperation between DGS. The remaining two opinions (on DGS pay-outs and on DGS funding and uses of DGS funds) are due to be published later in 2019. 

 

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Financial stability, recovery and resolution

 

Corrigendum to decision made under Article 6 of the credit institutions winding up Directive published in the Official Journal

Corrigendum to Publication in accordance withArticle6 of Directive 2001/24/EC of the European Parliament and of the Council on the reorganisation and winding-up of credit institutions published in the OJ.

ESRB recommendation on closing real estate data gaps published in the Official Journal

Recommendation ESRB/2019/3 of the European Systemic Risk Board (ESRB) amending Recommendation ESRB/2016/14 on closing real estate data gaps was published in the Official Journal of the EU (OJ). It sets out a new recommendation designed to promote a common minimum framework for developing, producing and disseminating certain harmonised indicators, used for monitoring residential and commercial real estate markets for financial stability purposes. It also amends certain definitions in ESRB/2016/14, to facilitate financial stability analyses and monitoring activities of national macroprudential authorities and to allow for full comparability across countries.

Iccrea Banca application to set aside SRB decision published in the Official Journal

Iccrea Banca application to set aside Single Resolution Board (SRB) decision was published in the OJ.

SRB and Commission sign MoU on resolution, regulatory and communication matters

The SRB and the European Commission signed a MoU setting out their working methods in line with the SRM legal framework. This includes co-operation on resolution, regulatory and communication matters. The MoU codifies best practices and aims to ensure that effective working arrangements are in place between the Commission and the SRB. 

 

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Financial crime

 

Dedicated Card and Payment Crime Unit broke up 13 criminal gangs in H1 2019

UK Finance announced that 13 organised crime groups were dismantled by the Dedicated Card and Payment Crime Unit (DCPCU) in the first half of 2019, double the number in H1 2018. The DCPCU is a specialist police unit funded by the banking and finance industry that targets criminal gangs responsible for fraud. It is made up of officers from the City of London Police and the Metropolitan Police Service and support staff from UK Finance. Since it was set up in 2002, the DCPCU prevented or disrupted over £600m of fraud, including £6.8m in H1 2019.

Simetra Global Assets Ltd and another company v Ikon Finance Ltd and others

Although a re-trial of a 13-day Commercial Court trial would place a heavy burden of costs and additional stress on the parties, the Court of Appeal, Civil Division, held that it was the correct approach to take. The judgment failed to properly analyse the witness and documentary evidence on a number of critical issue, failed to address issues that arose at trial and gave limited reasoning.

OFSI extends its international financial sanctions engagement programme

The Office of Financial Sanctions Implementation (OFSI) announced that it ‘substantially increased the scope and ambition’ of its international engagement. Reflecting on its 3 years in operation, OFSI says it ‘built up a wealth of experience’ with partners and ally corporations across the globe to promote robust financial sanctions implementation. The OFSI also confirmed that it will be extending its initiative to include not just bilateral and multilateral meetings, but to provide technical assistance to other governments. 

 

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Consumer protection and claims management regulation

 

FINRA seeks views on protecting senior investors from financial exploitation

The US Financial Industry Regulatory Authority (FINRA) is conducting a retrospective review to assess the effectiveness and efficiency of its rules and administrative processes aimed at protecting senior investors from financial exploitation. As part of the review, FINRA is seeking views on financial vulnerability for senior investors, with feedback sought by 8 October 2019. 

 

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Competition in financial services

 

Nationwide refunds £6m to customers following CMA actions on unarranged overdrafts and account switching

Nationwide breached Part 6 of the Competition and Markets Authority (CMA)’s ‘Retail Banking Market Investigation Order 2017’, which ensures customers with personal current accounts receive a text alert before banks charge them for unarranged overdrafts. Nationwide was also in breach of the ‘Northern Ireland Personal Current Account Banking Market Investigation Order 2008’ for failing to provide leaflets on switching personal current accounts to customers. The related documents published were:

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Enforcement and redress

 

Nationwide refunds £6m to customers following CMA actions on unarranged overdrafts and account switching

Nationwide breached Part 6 of the CMA’s ‘Retail Banking Market Investigation Order 2017’, which ensures customers with personal current accounts receive a text alert before banks charge them for unarranged overdrafts. Nationwide was also in breach of the ‘Northern Ireland Personal Current Account Banking Market Investigation Order 2008’ for failing to provide leaflets on switching personal current accounts to customers. The related documents published were:

FCA publishes protocols for independent reviews of regulatory action concerning IRHPs redress scheme and Connaught Income Fund Series 1

The FCA published the protocols for the conduct of the ‘lessons learned’ reviews, commissioned by the non-executive directors of the FCA, of (1) the handling of the Connaught Income Fund Series 1, and (2) the redress scheme for interest rate hedging products (IRHPs). 

BSA says new funding structure for Financial Services Ombudsman penalises firms with fewer complaints

The Building Societies Association (BSA) issued a press release urging the Financial Ombudsman Service (FOS) to reconsider its funding proposals contained in its ‘Our future funding consultation’ which, the BSA argues, will see costs for firms with fewer complaints soar, while firms with substantial volumes will see what they pay because of complaints made against them drop by c£70m a year.

PIMFA objects to FOS’s funding model proposals

The Personal Investment Management & Financial Advice Association (PIMFA) responded to the Financial Ombudsman Service’s consultation on its future funding model. PIMFA ‘strongly’ disagrees that FOS’s levy and case fee income should be rebalanced to a 50:50 split.

FSCS declares six firms in default in July 2019

The Financial Services Compensation Scheme (FSCS) declared six firms in default in July 2019, meaning the FSCS is satisfied the firms are unable to pay claims for compensation made against them. This paves the way for customers of those firm to make a claim for compensation with the FSCS.

North London Van Centre Ltd v Financial Conduct Authority

The decision by the FCA to cancel the limited permission to carry on consumer credit activities including credit broking given to North London Van Centre Ltd (NLVC) under Pt 4A of the Financial Services and Markets Act 2000 was not outside the bounds of reasonable decisions open to it. Consequently, the Upper Tribunal (Tax and Chancery Chamber) dismissed the reference made to it by NLVC concerning the FCA's Decision Notice.

SEC brings asset freeze and charges over alleged digital securities scheme

The Securities and Exchange Commission (SEC) announced fraud charges against a Brooklyn individual, and two entities under his control, for allegedly engaging in a fraudulent scheme to sell digital securities to investors and to manipulate the market for those securities. The court entered an emergency freeze to preserve at least $8m of the $14.8m the defendants raised in 2017 and 2018 in an offering of digital securities.

FCA bans former adviser over film investment tax scam

Britain's market watchdog banned a former adviser who conspired to cheat the UK’s tax authority out of millions from working in financial services.

FCA probes Burford stock crash after Muddy Waters report

Britain’s FCA said it is making wide-ranging inquiries into claims by litigation funder Burford Capital that its stock was illegally manipulated by aggressive short sellers, causing its share price to plunge. 

 

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Markets and trading

 

ECB updates its Register of Institutions and Affiliates Data to capture data on pension funds and reference data for the euro short term rate

Guideline (EU) 2019/1335 of the ECB (ECB Guideline) amending Guideline (EU) 2018/876 on the Register of Institutions and Affiliates Data (RIAD) (ECB/2019/17) was published in the OJ. The amendments set out in the ECB Guideline facilitate the inclusion in RIAD of reference data relating to the euro short term rate. The ECB Guideline also introduces a new list of pension funds.

Better Finance publishes annual report for 2018

Better Finance, the European federation of investors and financial services users, published its annual report for 2018. The report discusses various policy initiatives including studies on pension savings returns; robo-advice; fund research benchmark disclosure compliance; risk mitigation techniques in life cycle pensions; and capital markets union.

ISDA publishes preliminary results of consultation on LIBOR pre-cessation issues

The International Swaps and Derivatives Association (ISDA) published the preliminary results of its 16 May 2019 consultation on pre-cessation issues for LIBOR and certain other interbank offered rates (IBORs). ISDA sought comment from market participants on how derivatives contracts should address a regulatory announcement that LIBOR or other IBORs categorised as critical benchmarks under the Benchmarks Regulation (EU) 2016/1011 are no longer representative of an underlying market. 

 

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Regulation of capital markets and Capital Markets Union

 

GLEIF publishes Q2 2019 LEI report

The Global Legal Entity Identifier Foundation (GLEIF) published its latest quarterly report highlighting key developments on the adoption of the legal entity identifier (LEI) and covering annual growth and renewal expectations, the level of competition between LEI issuing organisations operating in the global LEI system, and LEI renewal rates and reference data corroboration. The report also includes statistics on direct and ultimate parent information provided by legal entities.

Better Finance publishes annual report for 2018

Better Finance, the European federation of investors and financial services users, published its annual report for 2018. The report discusses various policy initiatives including studies on pension savings returns; robo-advice; fund research benchmark disclosure compliance; risk mitigation techniques in life cycle pensions; and capital markets union. 

 

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Regulation of derivatives

 

ISDA publishes information on derivatives subject to IM and VM requirements

ISDA published compilation and comparison summary charts showing derivatives products which are subject to regulatory initial margin and variation margin requirements in jurisdictions which have final requirements in place for regulatory margin.

ISDA publishes preliminary results of consultation on LIBOR pre-cessation issues

ISDA published the preliminary results of its 16 May 2019 consultation on pre-cessation issues for LIBOR and certain other IBORs. ISDA sought comment from market participants on how derivatives contracts should address a regulatory announcement that LIBOR or other IBORs categorised as critical benchmarks under the Benchmarks Regulation are no longer representative of an underlying market.

ECB paper examines role of cross-currency swap markets in funding and investment decisions

The ECB published an occasional paper on the role of cross-currency swap markets in funding and investment decisions. The paper explores the role of the Eurosystem’s expanded asset purchase programme in guiding investment and funding decisions and its influence on the cross-currency basis.

Trade associations respond to CPMI—IOSCO discussion paper on CCP default management auctions

The Futures Industry Association (FIA) and ISDA published a joint response to the discussion paper on central counterparty (CCP) default management auctions issued by the Committee on Payments and Market Infrastructures (CPMI) and IOSCO in June 2019. The Global Association of Central Counterparties also published its response to the discussion paper.

EACH responds to CPMI-IOSCO discussion paper on CCP default management auctions

The European Association of CCP Clearing Houses (EACH) published its response to the discussion paper on CCP default management auctions issued by the CPMI and IOSCO in June 2019.

World Federation of Exchanges responds to CPMI-IOSCO’s discussion paper on CCP default management auctions

The World Federation of Exchanges (WFE) responded to the discussion paper on CCP default management auctions issued by the CPMI and IOSCO in June 2019. WFE says the discussion paper is ‘thorough and proportionate’ and ‘does a good job of promoting good practice on a consistent basis internationally, to the benefit of the financial system worldwide as well as in individual jurisdictions.’ 

 

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Investment funds and asset management

 

ECB paper examines role of cross-currency swap markets in funding and investment decisions

The ECB published an occasional paper on the role of cross-currency swap markets in funding and investment decisions. The paper explores the role of the Eurosystem’s expanded asset purchase programme in guiding investment and funding decisions and its influence on the cross-currency basis. 

 

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Banks and mutuals

 

HMT publishes guidance on banking, insurance and other financial services if there’s no Brexit deal

HM Treasury published three guidance notes containing information about financial services such as banking and insurance for UK residents, businesses based in the UK, EEA residents, and financial services institutions.

Nationwide refunds £6m to customers following CMA actions on unarranged overdrafts and account switching

Nationwide breached Part 6 of the CMA’s ‘Retail Banking Market Investigation Order 2017’, which ensures customers with personal current accounts receive a text alert before banks charge them for unarranged overdrafts. Nationwide was also in breach of the ‘Northern Ireland Personal Current Account Banking Market Investigation Order 2008’ for failing to provide leaflets on switching personal current accounts to customers. The related documents published were:

ECB publishes data on time commitment of non-executive directors in the SSM

The ECB published a report on the declared time commitment of non-executive directors in the SSM. The ECB conducted the benchmarking exercise to increase its knowledge of non-executive directors’ time allocation and to inform upcoming assessments performed both by supervisors and banks.

EBA publishes opinion on the implementation of the Deposit Guarantee Schemes Directive

The EBA published the first of three opinions on the implementation of the recast Deposit Guarantee Schemes (DGS) Directive 2014/49/EU in the EU. The proposals aim to enhance depositor protection and financial stability and improve operational effectiveness. The opinion covers the eligibility of deposits, coverage level and cooperation between DGS. The remaining two opinions (on DGS pay-outs and on DGS funding and uses of DGS funds) are due to be published later in 2019. 

 

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Consumer credit, mortgage and home finance

 

ECB opinion examines draft law on restrictions on transfers of mortgage claims

The ECB published an opinion of 9 August 2019 on restrictions on transfers of mortgage claims (CON/2019/29), following a request from the Polish Sejm (Parliament) for an opinion on a draft law amending Poland’s ‘law on banking’. 

 

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Regulation of insurance

 

HMT publishes guidance on banking, insurance and other financial services if there’s no Brexit deal

HM Treasury published three guidance notes containing information about financial services such as banking and insurance for UK residents, businesses based in the UK, EEA residents, and financial services institutions.

IAIS newsletter for summer 2019 discusses strategic plan

The International Association of Insurance Supervisors (IAIS) published its newsletter for summer 2019, which contains news updates and committee reports, as well as details of stakeholder engagements, meetings, training, and events. 

 

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Regulation of personal pension and stakeholder products

 

FCA publishes second impact assessment of pension transfer advice rules

The FCA published its second impact assessment relating to updated rules on advising on pension transfers, which were implemented following the publication of its consultation paper 17/16 ‘Advising on pension transfers’ (CP17/16) and policy statement 18/6 ‘Advising on pension transfers—feedback on CP17/16 and final rules and guidance’ (PS18/6).

Better Finance publishes annual report for 2018

Better Finance, the European federation of investors and financial services users, published its annual report for 2018. The report discusses various policy initiatives including studies on pension savings returns; robo-advice; fund research benchmark disclosure compliance; risk mitigation techniques in life cycle pensions; and capital markets union. 

 

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Payment services and systems

 

Pay.UK announces ‘Confirmation of Payee’ phase 2 vendor seminar

Pay.UK announced on its website that it is considering further applications for ‘Confirmation of Payee’ (CoP) (Phase 2), including in connection with bulk payments, payment service providers using head office collections accounts and other corporate applications. Pay.UK is holding a seminar on 2 September 2019 to engage with vendors interested in the CoP proposition.

FCA agrees to extra time for industry to implement strong customer authentication under PSD2

The FCA agreed a plan that gives the payments and e-commerce industry extra time to implement strong customer authentication (SCA) under the revised Payment Services Directive (EU) 2015/2366(PSD2). The plan reflects the recent opinion of the EBA which set out that more time was needed to implement SCA given the complexity of the requirements, a lack of preparedness and the potential for a significant impact on consumers.

EBA publishes clarifications to fifth set of issues raised by working group on APIs under PSD2

The EBA published clarifications to a fifth set of issues raised by participants of its working group on application programming interfaces (APIs) under PSD2. These clarifications cover the machine readability of the central register of the EBA, the measurement of response times of the dedicated interface, the availability of and reliance on eIDAS certificates, and various issues relating to contingency measures.

UK Finance welcomes FCA strong customer authentication phased implementation plan

UK Finance issued a press release welcoming the FCA’s announcement of its plan for the phased implementation of strong customer authentication (SCA) requirements under PSD2, as it supports UK Finance’s proposals for a managed rollout. 

 

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Sustainable finance

 

Climate Financial Risk Forum discusses timeline for guidance and best practice publications

The Climate Financial Risk Forum, co-chaired by the PRA and the FCA, met for the second time in July 2019. The working group chairs presented the draft plans and progress to date, and discussed the form of their outputs and the timeline for publishing them, as well as how to get wider industry input into the process. 

 

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Islamic finance

 

First dissemination of country-level data on DFS of the Islamic banking systems

The Islamic Financial Services Board (IFSB) produced the first publication of country-level data on detailed financial statements (DFS) of the Islamic banking systems for Q3 of 2017 and four quarters of 2018. In its press release, the IFSB sets out the DFS data—including statements on income and expense, consolidated statement of financial position, and memorandum items—from seven of the 24 Prudential and Structural Islamic Financial Indicators (PSIFIs) member countries. The DFS data compiling countries include Afghanistan, Bangladesh, Malaysia, Pakistan, Palestine, Turkey, and the United Arab Emirates. The IFSB indicated that it expects more PSIFIs member countries to commence DFS data reporting in the future. 

 

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Dates for your diary

 

DateSubjectEvent

 

15 August 2019

 

Regulation of insurance

 

The deadline for feedback to the IAIS’s public consultation on IAIS supervisory material is 15 August 2019.

 

16 August 2019Regulation of insurance

The deadline for responses to EIOPA’s request for comment on the process for Reuters Instrument Codes of financial market data for the calculation of the technical information relating to the risk-free interest rates term structures is 16 August 2019.

 

16 August 2019MiFID II

For the period covered by the most recent ESMA quarterly liquidity assessments for bonds available for trading on EU trading venues, there are 594 bonds which are deemed liquid and are therefore subject to MiFID II transparency requirements from 16 August to 15 November 2019.

 

19 August 2019Regulation of derivatives

The Association of National Numbering Agencies’ Derivatives Service Bureau will publish its final consultation report on its second consultation on proposed amendments to functionality, data submission process, service levels, service availability & cybersecurity for its 2020 service provision on 19 August 2019.

 

19 August 2019Markets and trading

The following will enter into force on 19 August 2019:
Commission Implementing Decision (EU) 2019/1274on the equivalence of the legal and supervisory framework applicable to benchmarks in Australia, and
Commission Implementing Decision (EU) 2019/1275 on the equivalence of the legal and supervisory framework applicable to benchmarks in Singapore.

 

19 August 2019Regulation of capital markets

The following will enter into force on 19 August 2019:
Commission Implementing Decision (EU) 2019/1276 repealing Commission Implementing Decision 2012/627/EU on the recognition of the legal and supervisory framework of Australia as equivalent to the requirements of Regulation (EC) 1060/2009 on credit rating agencies (the CRA Regulation)
Commission Implementing Decision (EU) 2019/1277 repealing Implementing Decision 2012/630/EU on the recognition of the legal and supervisory framework of Canada as equivalent to the requirements of the CRA Regulation
Commission Implementing Decision (EU) 2019/1278 repealing Implementing Decision 2014/248/EU on the recognition of the legal and supervisory framework of Singapore as equivalent to the requirements of the CRA Regulation
Commission Implementing Decision (EU) 2019/1281 repealing Implementing Decision 2014/245/EU on the recognition of the legal and supervisory framework of Brazil as equivalent to the requirements of the CRA Regulation
Commission Implementing Decision (EU) 2019/1282 repealing Implementing Decision 2014/246/EU on the recognition of the legal and supervisory framework of Argentina as equivalent to the requirements of the CRA Regulation
Commission Implementing Decision (EU) 2019/1279 on the recognition of the legal and supervisory framework of the United States of America as equivalent to the requirements of the CRA Regulation
Commission Implementing Decision (EU) 2019/1280 on the recognition of the legal and supervisory framework of Mexico as equivalent to the requirements of the CRA Regulation
Commission Implementing Decision (EU) 2019/1283 on the recognition of the legal and supervisory framework of Japan as equivalent to the requirements of the CRA Regulation
Commission Implementing Decision (EU) 2019/1284 on the recognition of the legal and supervisory framework of Hong Kong as equivalent to the requirements of the CRA Regulation.

 

21 August 2019Insurance

The deadline for feedback to PRA CP11/19: Solvency II: Maintenance of the transitional measure on technical provisions is 21 August 2019.

 

21 August 2019Regulation of personal pension and stakeholder products

The FCA will hold an information session for former members of the British Steel Pension Scheme on 21 August 2019.

 

 

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