Financial Services weekly highlights—14 January 2021

Published on: 14 January 2021

Published by: LexisPSL

Financial Services weekly highlights—14 January 2021
In this issue:
Daily, weekly and intraday news alerts
Brexit
EIOPA confirms MoUs with PRA, FCA and the Pensions Regulator
ESMA publishes post-Brexit transition transparency calculations update
Retained EU law—a guide for the perplexed
Relevant relationship agreement law—a guide for the perplexed
How will Brexit hinder law enforcers? Let us count the ways
UK will not be a ruletaker to get EU equivalence, BoE says

More...

Coronavirus (COVID-19)
FCA publishes results of coronavirus (COVID-19) financial resilience surveys
FCA to conduct third coronavirus (COVID-19) Financial Resilience Survey
FCA updates coronavirus (COVID-19) information for firms
MiFID II
ESMA issues public statement on MiFID II and reverse solicitation
ESMA publishes SMSG advice on MiFID II/MiFIR market data obligations
ESMA publishes opinions on MiFID II/MIFIR commodity derivative position limits
Markets in Financial Instruments (Switzerland Equivalence) Regulations 2021
UK, EU and international regulators and bodies
Council of EU publishes update on progress of financial services legislative files
European Commission seeks candidates for the ESA’s Board of Appeal
UK government announces expansion of Dormant Asset Scheme
Bank for International Settlements (International Development Act 2002 and Immigration (Exemption from Control) Order 1972) (Amendment) Order 2021
Authorisation, approval and supervision
FCA updates information on Directory Persons data
Prudential requirements
SRB publishes MREL reporting checklist and sign-off form
Financial stability
SRB sets out 2021 priorities
Risk management and controls
EU insurers seek clarity on third-party outsourcing rules
Financial crime
Deutsche Bank to pay over $US 130m to settle fraud case
HMRC issues record money laundering fine of £23.8m
Coronavirus (COVID-19): FCA confirms expiry date for statement on expectations on financial crime systems and controls
Nothing in draft TCA stopping UK becoming ‘Singapore on Thames’ say Greens MEPs
OFSI updates counter-terrorism licensing policy
Law must change to go after companies allowing financial crime, MPs urge
Complaints, compensation and claims management
FSCS article discusses the use of AI to process claims
Dispute resolution for financial services lawyers
CJEU judgment in Banque Centrale Européenne v Espírito Santo Financial Group SA published
Top court MasterCard ruling lowers bar for UK class suits
Markets and trading
FCA Market Watch reminds firms of obligations on telephone conversations and app compliance
European Commission approves London Stock Exchange Group’s bid for Refinitiv
AFME publishes industry report on governance of market abuse surveillance controls
Regulation of benchmarks and IBOR reform
PRA consults on Solvency II deep, liquid and transparent assessments, and GBP transition to SONIA
BoE and FCA issue joint press release on completing sterling LIBOR transition by end-2021
IBA launches new ICE term SONIA reference rates as benchmark for use by licensees
EESC Opinion on ‘Proposal for a Regulation of the European Parliament and of the Council amending Regulation (EU) 2016/1011 as regards the exemption of certain third country foreign exchange benchmarks and the designation of replacement benchmarks for certain benchmarks in cessation’ published in Official Journal
BoE asks for clarification from Bloomberg on credit adjustment spreads
BoE publishes December 2020 minutes of the Working Group on Sterling Risk-Free Reference Rates
Regulation of capital markets
ICMA publishes first quarterly report for 2021
Scope Ratings GmbH’s appeal against ESMA dismissed
Short Selling (Notification Thresholds) Regulations 2021
Regulation of derivatives
CFTC and ESMA sign updated MoU on central counterparties under EMIR
John Glen clarifies the UK’s approach to EMIR 2.2 and EU recognition of UK CCPs
WFE paper examines procyclicality of CCP margin models
Banks and mutuals
PRA consults on its approach to supervision of international banks
BoE’s David Bailey discusses PRA approach to supervising international banks
ECB publishes final guide on its supervisory approach to consolidation in the banking sector
European Parliament publishes briefing on Commission’s review of bank crisis management framework
EBA publishes Risk Dashboard based on Q3 2020 data
Latest ECB statistics show increased capital ratios, while NPLs are down
Investment funds and asset management
ESMA publishes compliance table for guidelines on money market fund reporting
FCA updates webpage on amending a recognised fund
New steering group aims to promote stewardship and a focus on long-term investment
Securities financing transactions
ICMA report on European repo market at year-end 2020 highlights fears of conditions in 2021
Consumer credit, mortgage and home finance
Coronavirus (COVID-19)—FCA proposes new guidance on mortgages and consumer credit repossessions
Government launches consultation to extend debt solutions and help vulnerable
Regulation of insurance
PRA consults on Solvency II deep, liquid and transparent assessments, and GBP transition to SONIA
Supreme Court decision in business interruption insurance test case due 15 January 2021
Coronavirus (COVID-19)–FCA sets out expectations of insurers in relation to flood and storm claims
FCA publishes Q&A document on general insurance pricing proposals
Insurance Europe calls on EU to take time to develop PRIIPs KID solutions for insurance-based products
High Court grants permission to appeal asbestos insurance liability ruling
IUA urges clarity on employers’ liability cover
Payment services and systems
Corrigendum to ECB Regulation on payment statistics published in Official Journal
ECB says digital euro consultation received a record response
Open Banking blog celebrates third birthday of PSD2
Pay.UK webinar will look to the future of the payments market
Fintech and cryptoassets
HMT launches consultation and call for evidence on regulation of cryptoassets and stablecoins
FCA issues warning to consumers on the risks of investments advertising high returns based on cryptoassets
Sustainable finance
EU Taxonomy Regulation: ISDA publishes response to European Commission consultation on draft technical screening criteria
ISDA publishes ESG-related Derivatives Products and Transactions research notes
John Glen on decarbonisation and green finance
New and updated content
Updated Practice Notes
Updated Checklists
Dates for your diary

Article summary

Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 14 January 2021. This week’s edition of Financial Services highlights provides an aggregation of the news reported by the LexisPSL Financial Services team over the past week and includes (1) news items relating to the UK’s departure from the EU, (2) news items relating to coronavirus (COVID-19), (3) updates from UK regulators, (4) updates from EU and international regulators, (5) updates from industry bodies and market participants, (6) new and updated content and (7) dates for your diary from Financial Services. Sign in or take a trial to read the full analysis.