FCA publish Handbook Notice No. 71

On 22 November 2019, the Financial Conduct Authority published Handbook Notice No. 71. Which describes the changes to the Handbook and other materials made by the FCA Board under its legislative and other statutory powers on 24 October 2019 and 21 November 2019. Firms should note that there is no particular sectorial theme to this Handbook […]

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EU Commission Delegated Regulation amending the EU ETS Auctioning Regulation

On 8 November, the EU Commission published their Delegated Regulation (EU) 2019/1868 of 28 August 2019 amending Regulation (EU) No 1031/2010. To align the Auctioning of Allowances with the European Union Emissions Trading System (‘ETS’) Rules for the period 2021 to 2030 and with the classification of allowances as Financial Instruments pursuant to the Markets […]

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ESMA consultation on MiFID II position limits

The European Securities and Markets Authority has launched a Consultation on Position Limits and Position Management Controls in Commodity Derivatives. The Consultation Paper is divided into two parts, covering: (1) MiFID II Review Report on the application of Position Limits and Position Management Controls and (2) Technical advice on Position Reporting Thresholds. ‘Consequently, ESMA’ seeks […]

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FCA asks Authorised Fund Managers to review their liquidity management arrangements

The Financial Conduct Authority has published a letter sent by the Head of its Asset Management Department to the Chairs of Authorised Fund Managers in relation to good practices for effective liquidity management. The letter stresses that ‘AFMs’ are responsible for ensuring effective fund liquidity, even where Investment Management has been delegated to another person. […]

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FCA revised directions extending notification window to enter ‘Temporary Permissions’ Regime

The Financial Conduct Authority has published the following revised directions for: European Economic Area (‘EEA’) Firms with ‘Passports’ and Treaty Firms ;EEA’ Collective Investment Schemes (‘CIS’) ‘EEA’ Alternative Investment Funds (‘AIFs’) Authorised Payment Institutions (‘APIs’)and ‘EEA’ Registered Account Information Service Providers (‘AISPs’) E-Money Institutions   The directions amend the previous versions in the ‘FCA’ Handbook, […]

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Prudential Regulation Authority publishes ‘Dear CEO’ Letter

The Prudential Regulation Authority have published a ‘Dear CEO’ Letter on the reliability of Regulatory Returns. The ‘PRA’ expects Firms to submit complete, timely and accurate Regulatory Returns and highlights that the integrity of Regulatory Reporting is the foundation of effective supervision. Firms are expected to be able to respond promptly to a request if […]

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EBA consults on draft Implementing Technical Standards on supervisory reporting under CRR

The European Banking Authority has launched a public consultation on new Implementing Technical Standards on supervisory reporting under the Capital Requirements Regulation. Under Article 430 of ‘CRR’, the ‘EBA’ is mandated to develop uniform reporting requirements for firms governed by the ‘CRR’ and are proposing the introduction of revised ‘ITS’, in order to maintain reporting […]

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New FCA webpage – Cryptoassets, Anti-Money Laundering & Counter Terrorist Financing Regime

The Financial Conduct Authority has published a web-page concerning its future, role as the Anti-Money Laundering and Counter Terrorist Financing Supervisor of UK Cryptoasset Businesses under the ‘Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017;. The ‘FCA’ describes the scope of Cryptoasset Activities which fall under the ‘MLR’ alongside […]

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EBA Consultation on Comprehensive Pillar 3 Disclosures

The European Banking Authority has mandated a uniform disclosure Implementing Technical Standards formats which are required under Titles II and III of Part Eight of (EU) Regulation No 575/2013 (‘CRR’). This uniform format will allow for a robust and comprehensive way to assess the risk profiles of Institutions and the degree to which they are […]

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Bank of England and FCA publish results of a joint survey on the use of machine learning in UK financial services

On 16 October 2019, the Bank of England published the results of a joint survey, conducted with the Financial Conduct Authority, researching the use of machine learning (ML) in UK financial services. Following technological advances, including software and hardware developments, and increased availability of alternative datasets, ML methods have become a popular tool to improve […]

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EBA Consultation on Guidelines on the Application of the Structural FX Provision

The European Banking Authority has launched a consultation on guidelines on the proper application of structural foreign-exchange provisions under Article 352(2) of the Capital Requirements Regulation. In particular, the ‘EBA’ sets out criteria to assist Competent Authorities in their assessment of the structural nature of a foreign-exchange positions and whether such a position has been […]

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PRA publishes consultation paper on regulatory capital instruments – update to PIN requirements

The Prudential Regulation Authority have published a Consultation Paper 20/19 in respect of regulatory capital instruments: update to Pre-Issuance Notification requirements. The ‘CP’ sets out the proposals for amendments to the PIN regime applicable to PRA-authorised Capital Requirements Regulation (‘CRR;) firms. The proposals aim to make the PIN regime for CRR firms more risk sensitive […]

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