Monthly Highlights- Expectations for Financial Services August 2014

Monthly Highlights- Expectations for Financial Services August 2014

The significant regulatory developments and events to look out for in August include:

  • Published in June 2014, the Prudential Regulation Authority's (PRA) annual report stated that it would publish
    a number of consultation papers between June 2014 and August 2014. Those consultation papers which have not yet been published and which should be published in August include:aug
  1. transposition of the Solvency II Directive (Directive (2009/138/EC))
  2. liquidity coverage requirement (LCR), presumably following on from the European Commission's delegated Regulation on the LCR, and
  3. new senior managers regime, which derives from relevant recommendations of the Parliamentary Commission on Banking Standards (PCBS). Presumably the regime will be extended to insurers because the PRA's annual report for 2014 makes references to the 'Senior Manager Regime for banks, building societies and insurers'.
  • 1 August 2014 marks the expiry of transitional provisions under the Single Euro Payments Area (SEPA) Migration Regulation (260/2012) (SEPA Migration Regulation).
  • The FCA is expected to publish a policy statement to CP12/33—A new capital regime for Self-Invested Personal Pension (SIPP) operators.
  • Those wishing to respond to the Financial Stability Board's consultative document on draft recommendations for reform in the foreign exchange (forex) market must do so by 12 August 2014.
  • Those wishing to respond to a number of consultations published by the European Insurance and Occupational Pensions Authority (EIOPA) and explained in a relating to the Set 1 Guidelines required under the Solvency II Directive (Directive (2009/138/EC)) must do so by 29 August.

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