Rely on the most comprehensive, up-to-date legal content designed and curated by lawyers for lawyers
Work faster and smarter to improve your drafting productivity without increasing risk
Accelerate the creation and use of high quality and trusted legal documents and forms
Streamline how you manage your legal business with proven tools and processes
Manage risk and compliance in your organisation to reduce your risk profile
Stay up to date and informed with insights from our trusted experts, news and information sources
Access the best content in the industry, effortlessly — confident that your news is trustworthy and up to date.
Find up-to-date guidance on points of law and then easily pull up sources to support your advice with Lexis PSL
Check out our straightforward definitions of common legal terms.
Our trusted tax intelligence solutions, highly-regarded exam training and education materials help guide and tutor Tax professionals
Access our unrivalled global news content, business information and analytics solutions
Insurance, risk and compliance intelligence using big data, proprietary linking and advanced analytics.
A leading provider of software platforms for professional services firms
In-depth analysis, commentary and practical information to help you protect your business
LexisNexis Blogs shed light on topics affecting the legal profession and the issues you're facing
Legal professionals trust us to help navigate change. Find out how we help ensure they exceed expectations
Lex Chat is a LexisNexis current affairs podcast sharing insights on topics for the legal profession
Discuss the latest legal developments, ask questions, and share best practice with other LexisPSL subscribers
Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 16 August 2018.
The All -Party Parliamentary Group (APPG) on Fair Business Banking published a letter from its co-chair, Kevin Hollinrake MP, to Andrew Bailey, Chief Executive of the Financial Conduct Authority (FCA). The letter sets out a range of general concerns about what the APPG describes as the inadequacy of the current regulatory framework for financial services, as well as specific concerns about the FCA's announcement that no further action will be taken on the investigation into Royal Bank of Scotland (RBS) and its Global Restructuring Group (GRG). It also calls for a public enquiry which would aim to produce a full set of industry standard for treatment of businesses in turnaround units in financial institutions.
The European Parliament's Committee on Economic and Monetary Affairs (ECON) published the minutes of its 18 and 19 June 2018 meeting. The meeting included discussion of the location of the seat of the European Banking Authority (EBA) as a result of Brexit. The minutes note that at the next trilogue, the co-legislators will address the remaining issue—the involvement of the European Parliament in the selection of the seat of European agencies.
The FCA published its response to a request under the Freedom of Information Act 2000 for gender splits for those performing regulatory functions under the Senior Managers Regime, the Senior Insurance Managers Regime and the Statements of Principle and Code of Conduct for Approved Persons. The information provided by the FCA shows the split at 31 December in the years 2016 and 2017 and is broken down into seven industry sectors.
The Chartered Banker Professional Standards Board (CB:PSB) published its advanced standard for professional bankers, together with guidance to support implementation of the advanced standard. The advanced standard sets out the CB:PSB's expectations for banking leaders' conduct and expertise and is aimed at senior and experienced practitioners.
The European Banking Authority (EBA) published 12 indicators and updated the underlying data from the 35 largest institutions in the EU, whose leverage ratio exposure measure exceeds €200bn. This end-2017 data contributes to the internationally agreed basis on which a smaller subset of banks will be identified as global systemically important institutions (G-SIIs), following final assessments by the Basel Committee on Banking Supervision (BCBS) and the Financial Stability Board (FSB). The EBA, acting as a central data hub in the disclosure process, will update this data on a yearly basis and will provide a user-friendly platform to aggregate it across the EU.
The EBA published a corrective update to the XBRL taxonomy that competent authorities shall use for the remittance of data under the implementing technical standards (ITS) for reference dates of 31 December 2018 onwards.
Commission Delegated Regulation (EU) 2018/1108 of 7 May 2018 was published in the Official Journal of the EU. It lays down regulatory technical standards (RTS) on the criteria for the appointment of central contact points for electronic money issuers and payment service providers and rules on their functions under the Fourth Money Laundering Directive (EU) 2015/849 (MLD4).
UK Finance published Funds Transfer Regulation—'How to' interpretative guidance, which has been put together by UK Finance and its members to give firms a better understanding of how they might interpret the requirements of the Second Wire Transfer Regulation (EU) 2015/847 and the joint guidelines issued by the European Supervisory Authorities (ESAs) in September 2017, as well as the kinds of policies and procedures they could have in place to help to meet those requirements.
The FCA published the findings of its review of how non-deposit taking mortgage lenders (NDTMLs) and mortgage third-party administrators (MTPAs) handle complaints. The FCA concludes that there is room for improvement in the areas of management information (MI) including root cause analysis (RCA), complaints handling policies and procedures, and recording complaints.
The US Justice Department announced a $4.9bn settlement with The Royal Bank of Scotland Group plc (RBS) resolving federal civil claims that RBS misled investors in the underwriting and issuing of residential mortgage-backed securities (RMBS) between 2005 and 2008. The penalty is the largest imposed by the Justice Department for financial crisis-era misconduct at a single entity under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, which authorises the US federal government to seek civil penalties against financial institutions that violate various predicate criminal offenses, including wire and mail fraud.
The applicant had failed to take reasonable steps to ensure that the business for which he was responsible as a director had complied with the relevant requirements and standards of the regulatory system, in breach of Statement of Principle 7 of the Statements of Principle and Code of Practice of Approved Persons. Accordingly, the Upper Tribunal (Tax and Chancery Chamber), directed that the respondent Financial Conduct Authority impose on the applicant a financial penalty of £60,000. It further held that it was open to the FCA to make a prohibition order against him. The judgment is available at:  UKUT 246 (TCC).
Commission Implementing Regulation (EU) 2018/1105 of 8 August 2018 was published in the Official Journal of the EU. It lays down implementing technical standards (ITS) with regard to procedures and forms for the provision of information by competent authorities to ESMA under Regulation (EU) 2016/1011 (the Benchmarks Regulation).
Commission Implementing (EU) 2018/1106 of 8 August 2018 has been published in the Official Journal of the EU. It lays down ITS with regard to templates for the compliance statement to be published and maintained by administrators of significant and non-significant benchmarks under the Benchmarks Regulation.
The Financial Stability Board (FSB), the Committee on Payments and Market Infrastructures (CPMI), the International Organization of Securities Commissions (ISOCO) and the Basel Committee on Banking Supervision (BCBS) published the second report that maps interdependencies between central counterparties (CCPs) (together 'the committees') and their clearing members and other financial service providers. The committees published the first report on central clearing interdependencies in July 2017.
The European Securities and Markets Authority (ESMA) made available new data for bonds subject to the pre- and post-trade requirements of the Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR) through its data register.
ESMA corrected its Suspensions File in relation to its Double Volume Cap (DVC) data, originally published on 7 August 2018, as required under MiFIR.
ESMA updated its validation rules regarding the European Markets Infrastructure Regulation (EU) 648/2012 (EMIR) with regards to the revised technical standards on reporting under Article 9 of EMIR. The amendments will be applicable from 5 November 2018.
ESMA published a list of central counterparties authorised to offer services and activities in the EU in accordance with EMIR.
ESMA, the EU's direct supervisor of credit rating agencies (CRAs), registered Moody's Investors Service (Nordics) AB (Moody's) as a CRA under the Credit Rating Agencies Regulation (Regulation (EC) No 1060/2009) (the CRA Regulation). The registration took effect from 13 August 2018. Moody's is based in Sweden and intends to issue sovereign and public finance ratings, structured finance ratings and corporate ratings.
ECON issued its draft report on the European Commission's (Commission's) proposal for a regulation on European crowdfunding service providers for business.
The Competition and Markets Authority (CMA) said that, starting 15 August 2018, banks must publish information on how likely people would be to recommend their bank, as well as its online and mobile banking, branch and overdraft services, to friends, relatives or other businesses. The new measure is one of a number required by the CMA following its in-depth investigation of the sector.
The FCA and The Pensions Regulator (TPR) joined forces to urge the public to be on their guard when receiving unexpected offers about their pension and to check who they are dealing with. The two regulators have launched a new ScamSmart advertising campaign targeting pension holders aged 45-65, the group most at risk of pension scams.
Eighty per cent of Lloyd's managing agents who responded to a survey by the Lloyd's Market Association (LMA) have said they would 'like to see Insurance Linked Securities (ILS) products become a permanent fixture in the re/insurance market'.
The Bank of England (BoE) issued a public working draft (PWD) of the standalone National Specific Templates and standard formula reporting for firms with an approved internal model (SF.01) taxonomy, alongside related technical artefacts, that will make up part of the BoE's insurance XBRL taxonomy. The PWD follows the Prudential Regulation Authority's (PRA's) Policy Statement PS21/18: Solvency II: Changes to reporting format. Firms and software vendors should provide feedback on the modelling, annotated templates, validations and XBRL taxonomy by Friday 24 August 2018.
The European Insurance and Occupational Pensions Authority (EIOPA) published updated technical documentation for the calculation of the volatility adjustment to risk-free interest rates (RFR) for the Danish krone and Denmark. The risk-free rate methodology includes updated representative portfolios for the Danish krone and for the country portfolio of Denmark as well as the inclusion of option-adjustments.
EIOPA published new Q&As on the Solvency II Directive.
The BoE made a call for interest to gauge the demand for introducing synchronised settlement to the renewed Real-Time Gross Settlement (RTGS) service. The BoE is looking to work on this with a range of organisations, including fintech firms. The BoE has issued a questionnaire which firms can use to register their interest. Questionnaires must be completed online by 28 September 2018.
The Banking Stakeholder Group (BSG) responded to the EBA consultation on draft guidelines on the conditions to be met to benefit from an exemption from contingency measures under Article 33(6) of Regulation (EU) 2018/389, which supplements the revised Payment Services Directive (Directive (EU) 2015/2366) (PSD2) with regard to RTS for strong customer authentication and common and secure open standards of communication.
Free trials are only available to individuals based in the UK
* denotes a required field
0330 161 1234