Financial Services weekly highlights—6 June 2019

Published on: 06 June 2019

Published by: LexisPSL

Financial Services weekly highlights—6 June 2019
In this issue:
Brexit news
FCA and Dutch AFM formally agree to share information and expertise in a deal or no deal scenario
Lords Select Committee to hear evidence on impact of Brexit on financial services exports
UK regulator updates
PRA publishes Regulatory Digest for May 2019
Chancellor announces Bank of England appointments
Baroness Zahida Manzoor to chair Financial Ombudsman Service
European regulator updates

More...

ESMA chair on international co-operation in financial regulation and supervision
ESMA issues request for investor protection experts
ECB publishes updated AnaCredit Reporting Manual
May 2019 issue of the European Commission’s Banking and Finance Newsletter
Regulated activities
HM Treasury consults on bringing funeral plans into FCA remit
Authorisation, approval and supervision
FCA webcast for solo regulated firms—preparing for the SM&CR
Prudential requirements
Implementation Regulation amending ITS on supervisory disclosure published in Official Journal
Financial stability
European Systemic Risk Board sets out principles on risk and regulatory complexity
FSB general secretary on financial resilience and global co-operation
Risk management and controls
Industry launch of ‘Operational resilience in financial services’ report welcomed by BoE
Financial crime
EBA's Danske probe prompts calls for new AML safeguards
Do fines really discourage banks from breaking the law?
Enforcement and redress
FCA reports on joint FCA and PRA fine of Raphaels Bank for outsourcing failings
FCA fines Cathay International, its CEO and finance director for breaches of the Listing Principles and DTRs
FCA press release notes banning of Terry Farr
Complaints Commissioner criticises FCA complaints handling in relation to fraud allegations
FSCS updates on London Capital & Finance investigation
Baroness Zahida Manzoor to chair Financial Ombudsman Service
Deferred prosecution agreements are not unfair
International and US enforcement and redress regulation
FINRA—SEC approves changes to non-party response times in arbitrations
FCA conduct requirements
FCA publishes PS19/14 setting out new rules for loan and investment based crowdfunding platforms
FCA to hold live events to discuss the RDR and the FAMR
Claims management regulation
FCA Dear CEO letter on its expectations of CMCs when carrying out financial promotions
Competition in financial services
Competition watchdog probes £1.3bn subprime lender merger
CMA investigates potential merger of OneSavings Bank PLC and Charter Court Financial Services Group PLC
Second application window for RBS Incentivised Switching Scheme opens
Markets and trading
IOSCO and FSB reports examine regulatory-driven market fragmentation
CPMI and IOSCO say US has implemented the PFMI for payment systems, central security depositories and securities settlement systems
IOSCO press release notes annual meeting takes forward the IOSCO 2019 Workplan
FSB guide on overnight risk-free rates
PRA and FCA: next steps on transition from LIBOR to RFRs
ECB calculates one-off spread between €STR and EONIA
EMMI adopts changes to the methodology for calculating EONIA
BoE RFR working group publishes May 2019 newsletter
Banks must take LIBOR's end seriously, Fed's vice chair says
MiFID II
ESMA sets out implementation expectations for MiFIR pre-trade transparency requirements in commodity derivatives
ESMA launches common supervisory action on MiFID II appropriateness rules
Translations for ESMA’s Guidelines on the application of C6 and C7 of Annex 1 of MiFID II published
ESMA updates MiFID II transparency Q&As
Regulation of capital markets
Corrigendum to Transparency Directive RTS published in OJ
FCA publishes PS19/12 and near-final Handbook rules to implement the Prospectus Regulation
Regulation of derivatives
CPMI and IOSCO publish paper on CCP default management auctions
Trade associations ask US regulators for clarification on IM documentation requirements
Bank of England working paper discusses the costs of clearing fragmentation
Investment funds and asset management
Council of the EU publishes ‘I/A’ item notes with regard to cross-border distribution of collective investment undertakings
ESMA updates AIFMD and UCITS Q&As
FCA publishes final rules implementing the revised Shareholder Rights Directive
FCA update on suspension in dealing in units of open-ended fund LF Woodford
Pensions industry group complains to FCA over fund failings
Banks and mutuals
FSB publishes discussion paper on ex-ante disclosure of resolution planning and resolvability and on solvent wind-down of derivatives and trading portfolios
Presidency of Council of EU publishes progress report on banking union
Commission agrees extended timetable for EBA advice on benchmarking of national loan enforcement frameworks
Second application window for RBS Incentivised Switching Scheme opens
UKAR publishes 2019 annual report & accounts
Cypriot bank wins £5.5m as judge calls out dishonesty
Consumer credit, mortgage and home finance
Advocate General Kokott opines on the relationship between different pre-contractual obligations on the creditor under the Consumer Credit Directive
FOS outlines approach to mortgage prisoner complaints
Insurance and pensions
EIOPA consults on draft opinion on sustainability within Solvency II
The Council of the EU has published ‘I/A’ item notes inviting the Council to adopt the draft pan-European Personal Pension Product Regulation
Money and Pensions Service appoints principal to drive pensions dashboards
Pensions industry group complains to FCA over fund failings
Payment services and systems
PSR publishes specific direction to Visa Europe and responses to consultation on the direction
PSR publishes open letter to Pay.UK Limited
Handbook Notice No. 66: FCA adopts changes to SUP 16
BoE’s Victoria Cleland speaks on diversity in payments
Fintech and virtual currencies
FSB reports on work to address cryptoasset risks
ECB and BoJ publish results of phase 3 of their joint research project into distributed ledger technologies
FCA’s director of innovation on how the regulator is embracing change
BoE executive director on the challenges raised by AI for boards and governance
Fintech groups launch Regtech network in Asia
What firms need to know before starting fintech practices
Sustainable finance
Task Force on Climate-related Financial Disclosures publishes 2019 status report
IOSCO: emerging market regulators issue recommendations related to sustainable finance
EIOPA consults on draft opinion on sustainability within Solvency II
Treasury Committee launches inquiry into decarbonisation of the UK economy
Islamic finance
The IFSB publishes Working Paper on risk-sharing in Islamic banking
IFSB publishes analysis of inter-sectoral linkages within the Islamic financial services industry
The IFSB announces global summit to discuss Islamic finance for sustainable development in the era of technological innovations
Additional news—daily and weekly news alerts
New and updated content
Dates for your diary

Article summary

Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 6 June 2019. 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 decision to leave the EU (2) updates from UK Regulators (3) updates from EU and International Regulators (4) updates from industry bodies and market participants (5) new and updated content and (6) dates for your diary from Financial Services. Sign in or take a trial to read the full analysis.