Selected regulatory updates of interest to the funds and asset management sector. This edition reports on UCITS liquidity risk management and the EU MMF Regulation. ...more
3/30/2021
/ Asset Management ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Markets ,
Investment Funds ,
Liquidity Risk Management Rule ,
Money Market Funds ,
National Competent Authorities (NCA) ,
Regulatory Agenda ,
UCITS ,
UK
UK MiFIR: FCA update on use of TTP to modify DTO -
The Financial Conduct Authority (FCA) has published an update on the use of its temporary transitional power (TTP) to modify the UK's derivatives trading obligation (DTO). ...more
3/29/2021
/ CCPs ,
Commodities ,
Derivatives ,
EMIR ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
MiFIR ,
Regulation Technical Standards (RTS) ,
Regulatory Agenda ,
Securities Regulation ,
SFTR ,
UK
Settling RTA whiplash-related injuries without a medical report -
The Civil Liability (Specification of Authorised Persons) Regulations 2021 (SI 2021/326) have been published, together with an explanatory memorandum. The...more
3/29/2021
/ Auto Insurance ,
Bodily Injury ,
Business Interruption ,
Car Accident ,
Coronavirus/COVID-19 ,
Financial Conduct Authority (FCA) ,
IAIS ,
Infectious Diseases ,
Insurance Claims ,
Insurance Regulations ,
Medical Reports ,
Regulatory Agenda ,
UK
PSR annual plan and budget for 2021/22 -
The Payment Systems Regulator (PSR) has published its annual plan and budget for 2020/21, together with an accompanying factsheet. The plan sets out a summary of the PSR's key aims...more
Depositor protection identity verification: PRA PS4/21 -
Following its consultation in CP3/21, the UK Prudential Regulation Authority (PRA) has published a policy statement, PS4/21, on depositor protection identity...more
3/29/2021
/ Bank Recovery and Resolution Directive (BRRD) ,
EU ,
European Banking Authority (EBA) ,
European Central Bank ,
Financial Instruments ,
Financial Services Industry ,
Inter-Bank Offered Rates (IBORs) ,
Libor ,
MREL ,
Payment Services Directive ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Stress Tests ,
UK ,
UK Brexit
Regulation of UK wholesale financial markets: FCA speech -
The Financial Conduct Authority (FCA) has published a speech by Edwin Schooling Latter, Director of Markets and Wholesale Policy, on a forward look at regulation of...more
Holding company regulatory transaction fees: PRA PS3/21 -
The UK Prudential Regulation Authority (PRA) has published a policy statement, PS3/21, on holding company regulatory transaction fees. ...more
CRR: Commission Implementing Regulation containing ITS on reporting requirements for market risk Commission Implementing Regulation (EU) 2021/453 containing implementing technical standards (ITS) on specific reporting...more
3/23/2021
/ Banks ,
Basel III ,
Capital Requirements Regulation (CRR) ,
EU ,
European Central Bank ,
Implementing Technical Standards (ITS) ,
Liquidity Coverage Ratio ,
Regulatory Agenda ,
RTS ,
Small and Medium-Sized Enterprises (SMEs) ,
Stress Tests ,
UK
UK Solvency II: PRA PS2/21 on expectations for work of external auditors on matching adjustment -
The UK Prudential Regulation Authority (PRA) has published a policy statement, PS2/21, setting out its expectations for the...more
Open banking: CMA consultation on future governance -
The Competition and Markets Authority (CMA) is consulting on the future governance of open banking. In order to implement open banking, the CMA required the nine largest...more
Value measures reporting: Lloyd’s Market Association guidance -
The Lloyd's Market Association has published guidance on value measures reporting and product governance requirements published in the UK Financial Conduct...more
UK Emissions Trading Scheme: Revised draft Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 -
A revised draft version of the Recognised Auction Platforms (Amendment and Miscellaneous...more
3/15/2021
/ CSDR ,
EMIR ,
Emissions Trading System ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
MiFIR ,
Regulatory Agenda ,
Securities Regulation ,
SFTR ,
UK
COVID-19: FCA consults on revisions to mortgages tailored support guidance -
On 5 March 2021, the UK Financial Conduct Authority (FCA) published a short consultation (which ended on 10 March 2021) on a revised version of its...more
Strategic trends -
Pay.UK report and Knowledge Hub Pay.UK has announced the publication of a report exploring the key trends that are shaping the future of retail payments. ...more
AI Public-Private Forum: BoE publishes minutes of second meeting The Bank of England (BoE) has published minutes from the second meeting of the Artificial Intelligence Public-Private Forum (AIPPF), which was held on 26...more
3/15/2021
/ AML/CFT ,
BSA/AML ,
Cyber Threats ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Libor ,
Office of Financial Sanctions Implementation (OFSI) ,
Regulatory Agenda ,
UK
Collective investment schemes: IOSCO workstreams on liquidity risk management The International Organization of Securities Commissions (IOSCO) has launched a thematic review on the implementation in member regulatory...more
Breathing Space Regulations: FCA PS21/2 -
Following its consultation in CP20/21, the UK Financial Conduct Authority (FCA) has published a policy statement, PS21/2, on changes to its Handbook in li ...more
COVID-19: FCA final guidance on proving presence of COVID-19 in BI insurance claims -
Following consultation, the UK Financial Conduct Authority (FCA) has published final guidance on proving the presence of coronavirus...more
3/9/2021
/ Business Interruption ,
Coronavirus/COVID-19 ,
EIOPA ,
European Economic Area (EEA) ,
Infectious Diseases ,
Insurance Claims ,
Insurance Regulations ,
Policy Terms ,
Regulatory Agenda ,
Regulatory Reform ,
Solvency II ,
UK
Future of UK financial services: Treasury Committee inquiry written evidence -
The House of Commons Treasury Committee has published written evidence to the committee's inquiry into the future of financial services in the...more
3/9/2021
/ European Securities and Markets Authority (ESMA) ,
FATF ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
MiFID II ,
MLD4 ,
Money Laundering ,
Regulatory Agenda ,
Terrorist Financing Regulations ,
UK
Contactless payments: FCA PS21/2 on amendments to single and cumulative transaction thresholds -
Following its consultation in CP21/3, the UK Financial Conduct Authority (FCA) has published a policy statement ...more
LIBOR transition: Working Group's best practice guide for GBP loans and Q&A -
The Working Group Sterling Risk-Free Reference Rates published a best practice guide for GBP loans. Alongside the guide, the Working Group also...more
3/9/2021
/ Basel III ,
Capital Requirements Regulation (CRR) ,
Environmental Social & Governance (ESG) ,
European Central Bank ,
European Commission ,
Financial Regulatory Reform ,
Implementing Technical Standards (ITS) ,
Libor ,
Popular ,
Regulatory Agenda ,
RTS ,
UK
Brexit and Debt Capital Markets transactions: some practical perspectives -Following the end of the Brexit transition period, debt capital markets participants may now need to consider both EU rules and the parallel UK rules...more
3/8/2021
/ Capital Markets ,
Crowdfunding ,
Debt Market ,
European Securities and Markets Authority (ESMA) ,
IOSCO ,
MiFID ,
MiFIR ,
Regulatory Agenda ,
Securities Regulation ,
Securitization ,
UK ,
UK Brexit
UK FinTech: Kalifa Review final report -
HM Treasury has published the final report on the review of the UK FinTech sector by Ron Kalifa OBE (the Kalifa Review). The Kalifa Review formally launched in July 2020 with...more
3/1/2021
/ Bank of England ,
Data Collection ,
Equality and Human Rights Commission (EHRC) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
FinTech ,
General Data Protection Regulation (GDPR) ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
SFDR ,
UK ,
UK Brexit ,
Vulnerable Victims
Resolvability Assessment Framework: BoE Dear CEO letter The Bank of England (BoE) has published a letter sent by Dave Ramsden, BoE Deputy Governor for Markets and Banking, to the CEOs of the eight UK banks in the scope of the...more
3/1/2021
/ Bank of England ,
Capital Requirements Regulation (CRR) ,
CDD ,
Crowdfunding ,
Dear CEO Letter ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Services Industry ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
RTS ,
UK ,
UK Brexit
SEPA direct debit schemes: EPC guidelines for appearance of mandates -
The European Payments Council (EPC) has published revised guidelines on the appearance of mandates for the Single Euro Payments Area (SEPA) Direct Debit...more