FS weekly highlights—5 September 2019

FS weekly highlights—5 September 2019

In this issue

 

Brexit news
UK, EU and international regulators and bodies
Authorisation, approval and supervision
Risk management and controls
Financial stability, recovery and resolution
Financial crime
Crowdfunding
Consumer protection and claims management regulation
Competition in financial services
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
Payment services and systems
Fintech and cryptoassets
Sustainable finance
Dates for your diary

 

Brexit news

 

EPC on the operational implications of a no-deal Brexit on SCT and SDD transactions

The European Payments Council (EPC) issued a press release about the operational implications of a no-deal Brexit on Single Euro Payments Area (SEPA) credit transfer (SCT) and SEPA direct debit (SDD) transactions. The EPC reminds firms that from the payments perspective, in case of a no-deal Brexit, as of 1 November 2019 the UK will have to be considered as a non-European Economic Area (EEA) country like Andorra, Guernsey, the Isle of Man, Jersey, Monaco, San Marino, Switzerland and the Vatican City State.

BoE updated economic analysis indicates no deal, no transition Brexit scenario has become less severe

The House of Commons Select Committee published a letter from the Bank of England (BoE) governor, Mark Carney, to the chair of the Treasury Committee, John Mann MP, setting out the BoE’s updated analysis of its ‘worst case’ no deal, no transition scenario. Mr Carney considers that advancements in preparations for such a scenario mean that the BoE’s assessment of it have become less severe.

BoE staff paper estimates economic impact of Brexit vote to date

The Bank of England (BoE) published a staff working paper examining the impact of the Brexit referendum on UK firms. The paper argues that the UK’s decision to leave the EU generated a ‘large, broad and long-lasting’ increase in uncertainty, gradually reduced investment by about 11% over the three years following the June 2016 vote, and reduced UK productivity by between 2% and 5% over the same period.

BoE director on UK financial stability and the need for agility in UK regulation

The BoE published a wide-ranging speech by its executive director for financial stability strategy and risk, Alex Brazier, on reforms to the financial system since 2008, the BoE’s Brexit preparations, climate change stress tests, and the review underway into aligning redemption terms for open-ended funds.

European Parliament issues briefing ahead of public hearing with chair of the ECB supervisory board

The European Parliament published a briefing note which was prepared in view of a regular public hearing with the chair of the supervisory board of the European Central Bank (ECB), Andrea Enria, which will take place on 4 September 2019. The briefing note focuses on, among other things, the single supervisory mechanism (SSM), the banking union and Brexit.

Chancellor of the exchequer and governor of the BoE discuss FPC July 2019 Financial Stability Report

Minutes of a meeting dated 26 July 2019 between the chancellor of the exchequer, Sajid Javid, and the governor of the BoE, Mark Carney, on the BoE Financial Policy Committee (FPC)’s July 2019 Financial Stability Report were published. Discussion included the resilience of the UK financial system to Brexit, global risks, the transition away from Libor, tackling vulnerabilities in open-ended funds, developments in payments and climate change. 

 

Back to top of page

 

UK, EU and international regulators and bodies

 

ESMA publishes newsletter for September 2019

The European Securities and Markets Authority (ESMA) published the seventh issue of its newsletter, drawing attention to two MiFID II consultations closing on 6 September 2019, and highlighting the approaching application deadline for data experts to join ESMA’s industry advisory group. The issue contains a full list of publications from July and August 2019 and details of upcoming ESMA staff speaking events.

Nominations announced for Treasury Committee chair

The Treasury Committee announced that nominations for its chair are now open, following the appointment of former chair Nicky Morgan MP as secretary of state for Digital, Culture, Media and Sport. Nominations must be submitted by 12 noon on 10 September 2019. The ballot will be held on 11 September from 10 am to 1.30 pm.

Treasury Committee appoints John Mann MP as interim chair

The Treasury Committee appointed John Mann MP as its interim chair, following the appointment of former chair Nicky Morgan MP as Secretary of State for Digital, Culture, Media and Sport. Mr Mann will serve as interim chair of the Treasury Committee until a new chair is elected.

EIB publishes annual report on its 2018 operations within the EU

The European Investment Bank (EIB) published its 2018 annual report on EIB operations inside the EU, which provides a comprehensive overview of the EIB’s efforts in 2018 to support its four main policy goals: innovation and skills, financing for small business and mid-caps, infrastructure and the environment.

PRA publishes Regulatory Digest for August 2019

The Prudential Regulation Authority (PRA) published its Regulatory Digest for August 2019.

Chancellor of the exchequer and governor of the BoE discuss FPC July 2019 Financial Stability Report

Minutes of a meeting dated 26 July 2019 between the chancellor of the exchequer, Sajid Javid, and the governor of the BoE, Mark Carney, on the BoE FPC’s July 2019 Financial Stability Report were published. Discussion included the resilience of the UK financial system to Brexit, global risks, the transition away from Libor, tackling vulnerabilities in open-ended funds, developments in payments and climate change.

ECB policy panel of the annual congress of the European Economic Association

The ECB published a speech by Luis de Guindos, vice-president of the ECB, at the ECB policy panel of the annual congress of the European Economic Association, in Manchester.

Upcoming ECON meetings and hearings on ECB appointments and the state of anti-money laundering implementation

The European Parliament’s Economic and Monetary Affairs Committee (ECON) announced meetings and public hearings in Brussels on 4 and 5 September 2019 on the appointment of the president of the ECB, a public hearing with the chair of the supervisory board of the ECB and a public hearing on the appointment of the vice-chair of the supervisory board of the ECB. A meeting was also announced to discuss the state of the implementation of anti-money laundering (AML) legislation, with representatives from the European Banking Authority (EBA) and the European Commission.

ECB supervisory vice chair candidate outlines supervisory approach

The ECB published the presentation by Yves Mersch at his appointment hearing for the position of vice-chair of the ECB’s supervisory board at the Committee on Economic and Monetary Affairs of the European Parliament on 4 September 2019. He said his approach to supervision would be based on three pillars: the transition to a more forward-looking supervision; further increasing its transparency; and ensuring the legality of supervisory action.

Christine Lagarde speech before MEPs, ahead of vote on ECB presidency

The candidate for ECB president, Christine Lagarde, made an opening statement before Members of ECON, ahead of a plenary vote on her candidacy. Lagarde considers the principles which would guide her approach to the role. Members of ECON will assess her candidacy and make a recommendation as to whether she should receive Parliament’s approval.

European Parliament issues briefing ahead of public hearing with chair of the ECB supervisory board

The European Parliament published a briefing note which was prepared in view of a regular public hearing with the chair of the supervisory board of the ECB, Andrea Enria, which took place on 4 September 2019. The briefing note focuses on, among other things, the SSM, the banking union and Brexit.

Law Commission confirms e-signatures are valid under current law

The Law Commission confirmed electronic signatures (e-signatures) are valid and can be used to execute documents. This also applies when there is a statutory requirement for a signature. The Commission’s view is based upon both legislation and court decisions relating to non-electronic and e-signatures. Alongside recommendations relating to the practicalities of e-signatures, the Commission also set out an option for reform, in which the law of e-signatures would be codified, as this would increase the accessibility of the law. 

 

Back to top of page

 

Authorisation, approval and supervision

 

FCA letter to remuneration committee chairs on findings from the 2018/19 remuneration round and plans for 2019/20

The executive director of supervision (retail and authorisations division and investment, wholesale and specialist division) at the FCA, Megan Butler, wrote a letter to chairs of remuneration committees of level 1 dual-regulated firms setting out findings and observations from the 2018/19 remuneration round and how the FCA plans to assess these firms in 2019/20.

BSB publishes good practice guidance on regulatory references

Following consultation earlier in 2019, the Banking Standards Board (BSB) published good practice guidance on regulatory references, intended to help firms implement the regulatory requirements effectively and to a high standard. The guidance is based on three high-level principles: proportionality, fairness and consistency. 

 

Back to top of page

 

Risk management and controls

 

FCA letter to remuneration committee chairs on findings from the 2018/19 remuneration round and plans for 2019/20

The executive director of supervision (retail and authorisations division and investment, wholesale and specialist division) at the FCA, Megan Butler, wrote a letter to chairs of remuneration committees of level 1 dual-regulated firms setting out findings and observations from the 2018/19 remuneration round and how the FCA plans to assess these firms in 2019/20. 

Back to top of page

 

Financial stability, recovery and resolution

 

Chancellor of the exchequer and governor of the BoE discuss FPC July 2019 Financial Stability Report

Minutes of a meeting dated 26 July 2019 between the chancellor of the exchequer, Sajid Javid, and the governor of the BoE, Mark Carney, on the BoE FPC’s July 2019 Financial Stability Report were published. Discussion included the resilience of the UK financial system to Brexit, global risks, the transition away from Libor, tackling vulnerabilities in open-ended funds, developments in payments and climate change.

ECB working paper: Regulating the doom loop between banking and sovereign risk

The ECB published a working paper (no 2313) which considers the ‘doom loop’ whereby bank risk and sovereign risk interact in a crisis to create additional risk. The paper considers the treatment by banking regulation of sovereign debt as risk-free and the envisaged regulatory reforms aimed at portfolio reallocation. The paper considers that such reforms risk strengthening the ‘doom loop’ through cross-border contagion. The paper concludes with a discussion of the policy implications of these findings.

BoE director on UK financial stability and the need for agility in UK regulation

The BoE published a wide-ranging speech by its executive director for financial stability strategy and risk, Alex Brazier, on reforms to the financial system since 2008, the BoE’s Brexit preparations, climate change stress tests, and the review underway into aligning redemption terms for open-ended funds. 

 

Back to top of page

 

Financial crime

 

European Parliament briefing discusses the structure and future of AML supervision

The European Parliament published an analysis paper on AML—reinforcing the supervisory and regulatory framework. It presents current initiatives and actions aimed at reinforcing the AML supervisory and regulatory framework in the EU, and outlines the EU supervisory architecture. The paper also discusses proposals to further improve the AML supervisory and regulatory frameworks.

BIS report looks at suptech tools for AML/CFT

The Bank for International Settlements (BIS) published a paper by Rodrigo Coelho and Jermy Prenio, members of the Financial Stability Institute of BIS, and Marco De Simoni of the Bank of Italy on how supervisory technology applications and tools (suptech) can be used by financial authorities in the field of AML and combating the financing of terrorism (CFT).

Government publishes guidance on UK sanctions and applying for a licence

The Foreign & Commonwealth Office, Home Office, Export Control Joint Unit, and Office of Financial Sanctions Implementation​ published information on UK sanctions currently in place and how to apply for a licence. The guidance provides an overview of UK sanctions, types of sanctions and licences and useful contact information​. The types of sanctions cover trade sanctions, financial sanctions and immigration sanctions.

European Parliament issues briefing ahead of public hearing with chair of the ECB supervisory board

The European Parliament published a briefing note which was prepared in view of a regular public hearing with the chair of the supervisory board of the ECB, Andrea Enria, which took place on 4 September 2019. The briefing note focuses on, among other things, the SSM, the banking union and Brexit.

HMRC updates list of firms in breach of AML obligations

HMRC updated its list of UK firms not complying with their AML obligations. As a supervisor of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, which came into effect on 26 June 2017, It is the duty of the HMRC to publish details of businesses that are penalised for non-compliance.

HMRC prosecutions round-up—4 September 2019

A round up of the latest HMRC prosecutions, including a money services business who was fined a record £7.8m for failing to comply with anti-money laundering recommendations.

Upcoming ECON meetings and hearings on ECB appointments and the state of anti-money laundering implementation

ECON announced meetings and public hearings in Brussels on 4 and 5 September 2019 on the appointment of the president of the ECB, a public hearing with the chair of the supervisory board of the ECB and a public hearing on the appointment of the vice-chair of the supervisory board of the ECB. A meeting was also announced to discuss the state of the implementation of AML legislation, with representatives from the EBA and the European Commission. 

 

Back to top of page

 

Crowdfunding

 

John Glen updates Lords and MPs on progress of EU crowdfunding regulation proposal

The Economic Secretary to the Treasury, John Glen MP, wrote to the chair of the House of Lords European Union Committee, Lord Boswell of Aynho to update him on the EU’s proposed Regulation on European crowdfunding service providers. Mr Glen set out areas of difference between the European Commission and European Parliament, and the terms upon which the UK would implement the legislation. 

 

Back to top of page

 

Consumer protection and claims management regulation

 

FCA delays response to GC19/3 on fair treatment of vulnerable customers

The FCA updated its webpage on guidance consultation 19/3 (GC19/3), which seeks views on proposed guidance for firms on the fair treatment of vulnerable customers. The consultation closes on 4 October 2019 and the FCA was due to issue a response in autumn 2019, but its update to the GC19/3 webpage confirms that this response will now be postponed until 2020.

FCA paper explores how consumers learn about financial products

The Financial Conduct Authority (FCA) published an Insights paper on the problems consumers face trying to learn by experience when some of the most important financial products are bought just once or twice in a lifetime. The FCA says new research suggests consumers rarely learn how to effectively use financial products, and when they do, it is not the descriptive method of learning that really works, but practical experience.

Better Finance publishes position paper on proposed Collective Redress Directive

Better Finance, the European federation of investors and financial services users, published a position paper—dated July 2019—relating to the European Commission’s proposal for a Directive on collective redress actions for consumers (the Collective Redress Directive). Better Finance welcomes the Commission’s proposal but warns on several amendments that it says will diminish the scope and effectiveness of those provisions. The position paper sets out and justifies its main objections to the proposed version of the directive. 

 

Back to top of page

 

Competition in financial services

 

EU investigation: Case AT.39398—Visa MIF—Summary of decision accepting commitments published

On 4 September 2019, a number of documents relating to Case AT.39398—Visa MIF, including the summary of the European Commission’s decision of 29 April 2019 to adopt commitments offered by Mastercard and Visa to significantly reduce (on average by approximately 40%) their multilateral interchange fees for payments in the EEA with consumer cards issued elsewhere, were published in the Official Journal. The commitments are now legally binding under EU antitrust laws and are expected to lead to lower prices to the benefit of all European consumers. The documents published were:

  1. 2019/C 299/04 Opinion of the Advisory Committee on restrictive practices and dominant positions at its meeting on 9 April 2019 concerning a draft decision in Case AT.39398—Visa MIF
  2. 2019/C 299/05 Final Report of the Hearing Officer Case AT.39398—Visa MIF
  3. 2019/C 299/06 Summary of Commission Decision of 29 April 2019 relating to a proceeding under Article 101 of the Treaty on the Functioning of the European Union and Article 53 of the EEA Agreement (Case AT.39398—Visa MIF).
  4.  

Back to top of page

 

Enforcement and redress

 

Better Finance publishes position paper on proposed Collective Redress Directive

Better Finance, the European federation of investors and financial services users, published a position paper—dated July 2019—relating to the European Commission’s proposal for a Directive on collective redress actions for consumers (the Collective Redress Directive). Better Finance welcomes the Commission’s proposal but warns on several amendments that it says will diminish the scope and effectiveness of those provisions. The position paper sets out and justifies its main objections to the proposed version of the directive.

FSCS says processing claims against Beaufort Securities Ltd will take longer than thought

The Financial Services Compensation Scheme (FSCS) announced that claims against Beaufort Securities Ltd are now being assessed by its claims assessment teams. Previously the FSCS said that the majority of claims should be completed by the end of August 2019. However, due to the number of claims, and difficulties getting the information it needs to assess them, the FSCS says it will take longer than expected.

RBS sets aside extra £900M to cover PPI complaints surge

Royal Bank of Scotland (RBS) said that it could be forced to set aside an additional £900m ($1bn) to compensate customers for improperly sold payment protection insurance (PPI) after it received a rise in complaints in the period leading up to the August 2019 deadline. 

 

Back to top of page

 

Markets and trading

 

ISDA Quarterly reviews progress made on benchmark reform

The International Swaps and Derivatives Association (ISDA) published the latest issue of its ISDA Quarterly, containing articles on cross-border co-ordination, initial margin, and credit valuation adjustment (CVA) capital requirements. The issue also contains pieces on the progress made on benchmark reform, and the focus now on building liquidity and trading activity in the new risk-free rates. 

 

Back to top of page

 

MiFID II

 

ESMA publishes newsletter for September 2019

The ESMA published the seventh issue of its newsletter, drawing attention to two MiFID II consultations closing on 6 September 2019, and highlighting the approaching application deadline for data experts to join ESMA’s industry advisory group. The issue contains a full list of publications from July and August 2019 and details of upcoming ESMA staff speaking events. 

 

Back to top of page

 

Regulation of capital markets and Capital Markets Union

 

EBA adds Securitisation Regulation to Interactive Single Rulebook and Q&A tools

The EBA published an updated version of its online Interactive Single Rulebook and Q&A tool, which now include Regulation (EU) 2017/2402 (the Securitisation Regulation). All the EBA’s final technical standards and guidelines associated with the Securitisation Regulation can now be viewed on an article-by-article basis in the Single Rulebook, and questions can be submitted on the application of the Regulation and the EBA’s work related to it using the Q&A tool. 

 

Back to top of page

 

Regulation of derivatives

 

ISDA updates OTC derivatives compliance calendar

The International Swaps and Derivatives Association (ISDA) updated its over-the-counter (OTC) derivatives compliance calendar, which sets out deadlines and regulatory dates for the sector until September 2023.

ISDA Quarterly reviews progress made on benchmark reform

The International Swaps and Derivatives Association (ISDA) published the latest issue of its ISDA Quarterly, containing articles on cross-border co-ordination, initial margin, and credit valuation adjustment (CVA) capital requirements. The issue also contains pieces on the progress made on benchmark reform, and the focus now on building liquidity and trading activity in the new risk-free rates. 

 

Back to top of page

 

Investment funds and asset management

 

FCA notifies AIFMs of change to submission of notifications and material change under NPPR

The FCA updated its webpage on the national private placement regime (NPPR) to announce that from 9 September 2019, the FCA will introduce changes to the submission of notifications by alternative investment fund managers (AIFMs) marketing alternative investment funds (AIFs) under regulations 58, 59 and regulation 57 of the Alternative Investment Fund Managers Regulations 2013 (as amended)—the UK’s implementation of Directive 2011/61/EU (the AIFMD).

ESMA publishes final guidance regarding liquidity stress tests of investment funds

ESMA published its final guidance regarding liquidity stress tests of investment funds—applicable to both AIFs and UCITS. The guidelines will become applicable on 30 September 2020. 

 

Back to top of page

 

Banks and mutuals

 

BSB publishes good practice guidance on regulatory references

Following consultation earlier in 2019, the Banking Standards Board (BSB) published good practice guidance on regulatory references, intended to help firms implement the regulatory requirements effectively and to a high standard. The guidance is based on three high-level principles: proportionality, fairness and consistency.

ECB working paper: Regulating the doom loop between banking and sovereign risk

The ECB published a working paper (no 2313) which considers the ‘doom loop’ whereby bank risk and sovereign risk interact in a crisis to create additional risk. The paper considers the treatment by banking regulation of sovereign debt as risk-free and the envisaged regulatory reforms aimed at portfolio reallocation. The paper considers that such reforms risk strengthening the ‘doom loop’ through cross-border contagion. The paper concludes with a discussion of the policy implications of these findings.

PRA publishes Regulatory Digest for August 2019

The PRA published its Regulatory Digest for August 2019.

European Parliament issues briefing ahead of public hearing with chair of the ECB supervisory board

The European Parliament published a briefing note which was prepared in view of a regular public hearing with the chair of the supervisory board of the ECB, Andrea Enria, which will take place on 4 September 2019. The briefing note focuses on, among other things, the SSM, the banking union and Brexit. 

 

Back to top of page

 

Regulation of insurance

 

IAIS consults on draft issues paper on use of big data analytics in insurance

The International Association of Insurance Supervisors (IAIS) launched a consultation on its draft issues paper on the use of big data analytics (DBA) in insurance. The paper focuses on the use of algorithms and advanced analytics capabilities by insurers to make decisions based on patterns, trends and linkages and the availability to insurers of new alternative data sources, collectively referred to as BDA. The consultation closes on 16 October 2019.

PRA issues consultation paper CP19/19 on authorisation and supervision of insurance SPVs

The PRA published a consultation paper (CP19/19) entitled ‘Insurance special purpose vehicles: Updates to authorisation and supervision’, in which it sets out proposed amendments to the Insurance Special Purpose Vehicles part of the PRA Rulebook. The proposals aim to provide further clarity and elaborate on certain additional aspects of the PRA’s approach and expectations regarding the authorisation and supervision of ISPVs. The consultation closes on 3 December 2019.

PRA publishes Regulatory Digest for August 2019

The PRA published its Regulatory Digest for August 2019. 

 

Back to top of page

 

Payment services and systems

 

EPC on the operational implications of a no-deal Brexit on SCT and SDD transactions

The EPC issued a press release about the operational implications of a no-deal Brexit on SEPA SCT and SDD transactions. The EPC reminds firms that from the payments perspective, in case of a no-deal Brexit, as of 1 November 2019 the UK will have to be considered as a non-European Economic Area (EEA) country like Andorra, Guernsey, the Isle of Man, Jersey, Monaco, San Marino, Switzerland and the Vatican City State.

FCA publishes new webpage on strong customer authentication

The FCA published a new webpage on strong customer authentication (SCA), which explains the FCA’s expectations regarding the new SCA rules set out in the Payment Services Regulations 2017 and related EU standards. The SCA rules are intended to enhance the security of payments and limit fraud during the customer authentication process. They will apply from 14 September 2019.

LINK announces funding for free access to cash for UK high streets and directly commissioned ATMs for communities with poor access to cash

LINK, the UK’s main cash machine network, announced that funding will be made available to protect free access to cash for every high street in the UK. LINK also announced that it will directly commission free-to-use cash machines in communities with poor access to cash.

PSR appoints Chris Hemsley as its managing director

The Payment Systems Regulator (PSR) board announced the appointment of Chris Hemsley as its managing director. Hemsley was acting as co-managing director since April 2019.

BoE and Pay.UK publish minutes of July 2019 SAP meeting

The BoE and Pay.UK published the minutes of the Standards Advisory Panel (SAP) held on 5 July 2019. The SAP, which is jointly run by the BoE and Pay.UK, advises on payment standards for the UK. At the meeting, the SAP discussed the key benefits of ISO 20022 implementation, the production of market guidance, a high-level communication plan, change management, metadata and purpose codes, and the future agenda. 

 

Back to top of page

 

Fintech and cryptoassets

 

ECB’s Yves Mersch on central banks’ response to Libra

Yves Mersch, a member of the executive board of the ECB, delivered a speech on money and private currencies (including cryptoassets), with particular reflections on Facebook’s proposed new cryptoasset, Libra. Mr Mersch discussed the ways in which Libra differs from other private currencies and from public money, the legal and regulatory challenges it pose, and how central banks should respond.

European Parliament publishes answer from the European Commission on Libra

The European Parliament published an answer from vice-president Valdis Dombrovskis on behalf of the European Commission to a question relating to Libra, Facebook's proposed new digital currency. 

 

Back to top of page

 

Sustainable finance

 

Chancellor of the exchequer and governor of the BoE discuss FPC July 2019 Financial Stability Report

Minutes of a meeting dated 26 July 2019 between the chancellor of the exchequer, Sajid Javid, and the governor of the BoE, Mark Carney, on the BoE FPC’s July 2019 Financial Stability Report were published. Discussion included the resilience of the UK financial system to Brexit, global risks, the transition away from Libor, tackling vulnerabilities in open-ended funds, developments in payments and climate change. 

 

Back to top of page

 

Dates for your diary

 

DateSubjectEvent

 

5 September 2019

 

Regulation of personal pension and stakeholder products

 

The FCA will hold an information session for former members of the British Steel Pension Scheme on 5 September 2019.

 

5 September 2019Regulation of derivatives

The deadline for responses to ISDA’s three targeted surveys to gather member feedback in the key areas of collateral management, legal documentation and post-trade services and processes is 5 September 2019.

 

5 September 2019Payment services and systems

The decision of the ECB on the procedure and conditions for exercise by a competent authority of certain powers in relation to oversight of systemically important payment systems will enter into force on 5 September 2019.

 

5 September 2019Banks and mutuals

The decision by the ECB on the procedure for recognising non-euro area Member States as reporting Member States under Regulation (EU) 2016/867on the collection of granular credit and credit risk data (the AnaCredit Regulation) will enter into force on 5 September 2019.

 

6 September 2019MiFID II

The deadline for responses to ESMA’s consultation on the development in prices for pre- and post-trade data and on the post-trade consolidated tape for equity instruments is 6 September 2019.

 

6 September 2019MiFID II

The deadline for responses to ESMA’s call for evidence on investor protection topics in the context of the reports to be submitted by the European Commission under Article 90 of MiFID II is 6 September 2019.

 

6 September 2019Prudential regulation

The deadline for responses to PRA CP15/19: Large exposures: Reciprocation of French measure is 6 September 2019.

 

6 September 2019Markets and Trading

The deadline for responses to the Fixed Income, Currencies and Commodities Markets Standards Board’s draft statement of good practice on conflicts of interest (which provides guidance for market participants on identifying, preventing, managing or mitigating conflicts of interest that arise in connection with their FICC markets business and more generally across their firm) is 6 September 2019.

 

9 September 2019SM&CR and individual accountability

Claims management companies will need to apply for individuals to be authorised to perform senior management functions as soon as the relevant forms become available which is expected to be 9 September 2019.

 

9 September 2019SM&CR and individual accountability

Form K (Conversion Notification – for Core and Enhanced firms only) and SM&CR Form A (for applying for a Senior Manager to be approved) available for solo-regulated firms from this date.

 

9 September 2019SM&CR and individual accountability

Final rules establishing the Directory of financial services workers within the scope of the SM&CR come into force.

 

9 September 2019Authorisation, approval and supervision

The FCA’s instrument on Reporting of Information About Directory Persons (Dual-Regulated Firms) Instrument 2019 (FCA 2019/11) enters into force on 9 September 2019.

 

10 September 2019Mortgages and home finance

The next edition of the FCA and PRA mortgage lending statistics will be published on 10 September 2019.

 

12 September 2019Consumer credit

As part of PS19/17: Buy Now Pay Later offers – feedback on CP18/43 and final rules the FCA confirmed that:
—full disclosure measures for Buy Now Pay Later (BNPL) offers will come into force on 12 September 2019
—CONC 3 of the FCA’s Consumer Credit sourcebook (Financial promotions and communications with customers) will be updated with effect from 12 September 2019 to reflect communications in relation to BNPL or similar offers, and
—CONC 4.2.15 (Pre-contract disclosure and adequate explanations) will also be updated with effect from 12 September 2019 to include BNPL agreements.

 

 

Back to top of page

Related Articles:
Latest Articles:
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.