FCA Policy Statement on Making Asset Transfers Simpler

The Financial Conduct Authority has published Policy Statement (PS) 19/29 on Making Transfers Simpler – Feedback to Consultation Paper (CP) 19/12 and Final Rules. The Rules seek to make it easier for Consumers to transfer their Assets from one Platform Provider to another. The ‘FCA’ is introducing a package of Rules for Platform Providers to […]

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Financial Conduct Authority Calls for Input on New Model for ‘Open Finance’

On 17 December 2019, the Financial Conduct Authority published a call for input in a bid to explore the opportunities and risks presented by ‘Open Finance’. The Regulator explained that ‘Open Finance’ builds on the principles of ‘Open Banking’ – Sharing data which provides new ways for Customers and Businesses to make the most of their […]

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FCA Handbook Notice No. 72

On 13 December 2019, the FCA published Handbook Notice No 72, which takes into account the Handbook changes of 21 November and 12 December 2019. On 21 November, the FCA Board made relevant changes to the Handbook listed under Conduct of Business (‘Speculative Illiquid Securities’) Instrument (FCA 2019/99) Glossary  COBS 4.7, 9.3, 9A.2 and 4.14 […]

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ESMA publishes report on responses to its Consultation on European Long-Term Investment Funds Regulation

On 10 December 2019, the European Securities and Markets Authority published a Final Report on the draft Regulatory Technical Standards under Article 25 of the Regulation on European Long-Term Investment Funds to determine the cost disclosure requirements applicable to ‘ELTIF’ Managers. Considering that the draft ‘RTS’ largely depend on the cost section of the Packaged […]

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ESMA Second Annual Report on European Market Infrastructure Regulation Penalties and Supervisory Measures

On 9 December 2019, the European Securities and Markets Authority published its second Annual Report on the Supervisory Measures and Penalties that National Competent Authorities have imposed under the European Market Infrastructure Regulation. The Report covers the period from January to December 2018, focusing on ‘NCAs” Supervisory Measures and Enforcement Actions, their Powers, and the […]

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FCA Quarterly Consultation No. 26

The FCA has published its latest quarterly Consultation Paper Proposing: Clarification of the Rules relating to Financial Services Compensation Scheme claims against Appointed Representatives (‘ARs’) and principals; Changes to LR 13, which cross-refer to the Prospectus Regulation, for information to be put on display; Amendments to the Listing Rules, including a requirement mandating the disclosure […]

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EBA Issues Second Part of Advice on Implementation of Basel III in the European Union

The European Banking Authority has published the second part of its advice on the implementation of Basel III in the European Union, which complements the Report published on 5 August 2019. Whilst the first part focused on the Quantitative Analysis of the Impact and Policy Recommendations on Credit Risk, Operational Risk, Output Floor and Securities […]

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European Central Bank Working Group publishes report on €STR ‘Fallback Arrangements’

The Private Sector Working Group on Euro Risk-Free Rates set up by the European Central Bank has published a Report on the Euro Short-Term Rate (€STR) ‘Fallback Arrangements’. The Report guides Supervised Entities on potential options for complying with Article 28.2 of the EU Benchmarks Regulation when using €STR, as the Euro Risk-Free Rate, in […]

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European Central Bank publishes high-level recommendations for ‘Fallback Provisions’ in Euro Interbank Offered Rate (‘EURIBOR’) Contracts

The European Central Bank Working Group has published recommendations for ‘Fallback Provisions’ in Contracts for Cash Products and Derivative Transactions referencing the Euro Interbank Offered Rate. The recommendations define new and improved ‘Fallback Provisions’, seeking to reduce uncertainty in the event of disruption to the ‘EURIBOR’ Benchmark; robust ‘Fallback Provisions’ are also a requirement of […]

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ESMA publishes annual report on penalties and measures issued under Market Abuse Regulation

On 12 December 2019, ESMA published its second Annual Report on Penalties and Measures issued under ‘MAR’. The Report aggregates information on all administrative Sanctions/Measures issued by National Competent Authorities and Criminal Sanctions imposed under ‘MAR’ from 1 January 2018 to 31 December 2018. Given ‘MAR’s’ relatively short period of enforcement (two and half years […]

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ESMA publishes Annual Report on Sanctions (penalties and measures) imposed under UCITS Directive

On 12 December 2019, the European Securities and Markets Authority released its second Annual Report on penalties and measures imposed by National Competent Authorities in accordance with the Undertakings for Collective Investments in Transferable Securities Directive. The Report is aimed at fostering supervisory convergence in the application of the ‘UCITS’ Directive and providing an indication […]

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ESMA amends Capital Requirements Regulation Standard on Main Indices and Recognised Exchanges

The European Securities and Markets Authority has published the Final Report on draft amendments to Implementing Regulation (EU 2016/1646). Specifying the Main Indices and Recognised Exchanges under the Capital Requirements Regulation relevant to Credit Institutions and Investment Firms subject to Prudential Requirements and Trading Venues. The amended ‘ITS’ provides for a new methodology to ensure […]

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