COVID-19: FCA and PRA update information on key workers and working from home -
On 24 September 2020, the UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) published updated information about...more
9/29/2020
/ ECON ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
FinCEN ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Remote Working ,
SFDR ,
UK ,
UK Brexit
Proprietary trading review: PRA report -
The UK Prudential Regulation Authority (PRA) has published a report on the outcome of its proprietary trading review. The review was required under section 9 of the Financial...more
9/29/2020
/ Capital Requirements Regulation (CRR) ,
Coronavirus/COVID-19 ,
CRD IV Directive ,
EU ,
European Banking Authority (EBA) ,
European Central Bank ,
Financial Regulatory Reform ,
Financial Services Industry ,
Infectious Diseases ,
Proprietary Trading ,
Prudential Regulation Authority (PRA) ,
UK
We have published the September 2020 edition of our Global Payments Newsletter. Key developments of interest over the last month include:
United Kingdom: the Payment Systems Regulator (PSR) has published its interim report...more
Brexit: FCA opens registration applications for UK securitisation repositories -
The UK Financial Conduct Authority (FCA) has published a new webpage for securitisation repositories under the Securitisation Regulation that...more
9/29/2020
/ EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
FSB ,
Inter-Bank Offered Rates (IBORs) ,
IOSCO ,
ISDA ,
Securitization ,
Trade Repositories ,
UK ,
UK Brexit
COVID-19: FCA Dear CEO letter and consequentials hearing for BII test case -
On 18 September 2020, the UK Financial Conduct Authority (FCA) published a Dear CEO letter setting out its expectations of insurers (including...more
Culture, purpose and governance in asset management sector: FCA speech -
The FCA has published a speech by Marc Teasdale, Director of Wholesale Supervision, on the drivers of culture and the role of purpose and governance...more
ELTIF Regulation review: European Commission consults on inception impact assessment -
The European Commission has published for consultation an inception impact assessment relating to its review of the Regulation on...more
COVID-19: Judgment in FCA's business interruption insurance test case -
The High Court has handed down judgment in FCA v Arch Insurance (UK) Ltd and others [2020] EWHC 2448 (Comm) (15 September 2020), the test case...more
FMI supervision: BoE policy statement on fees regime for 2020/21 -
The Bank of England (BoE) has published a policy statement on the fees regime for the supervision of financial market infrastructure (FMI) that will apply...more
9/21/2020
/ Bank of England ,
CCPs ,
EFTA ,
EMIR ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Markets ,
Infrastructure ,
ISDA ,
MiFIR ,
Short Selling ,
UK ,
UK Brexit
Card-acquiring services: PSR interim report -
The Payment Systems Regulator (PSR) has published its interim report on the supply of card-acquiring services. The PSR's market review follows concerns that the supply of...more
COVID-19: FCA finalised guidance for mortgage firms -
On 14 September 2020, the UK Financial Conduct Authority (FCA) published finalised guidance containing additional guidance for mortgage firms in light of COVID-19....more
9/21/2020
/ Consumer Financial Products ,
Coronavirus/COVID-19 ,
Credit ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
Infectious Diseases ,
Mortgages ,
Overdraft Fees ,
Regulatory Oversight ,
UK ,
Unsecured Debt
Branch and ATM closures or conversions: FCA FG20/3 -
Following consultation, the UK Financial Conduct (FCA) has published finalised guidance, FG20/3, on branch and ATM closures or conversions. The guidance applies to...more
The Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 -
The Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 (SI 2020/991) have been published, together with an...more
9/21/2020
/ Anti-Money Laundering ,
Digital Assets ,
EU ,
FATF ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
FinTech ,
HMRC ,
Libor ,
MLD4 ,
Money Laundering ,
Terrorist Financing Regulations ,
UK
Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020: revised draft -
A revised draft version of the Debt Respite Scheme (Breathing Space Moratorium and...more
PSR annual report and accounts 2019 to 2020 -
The Payment Systems Regulator (PSR) annual report and accounts 2019 to 2020 has been published...more
Credit unions: PRA 2020 annual assessment of category 5 credit unions -
The UK Prudential Regulation Authority (PRA) has updated its webpage on credit unions to publish letters sent to directors of category 5 credit...more
9/15/2020
/ Banks ,
Consumer Financial Products ,
Credit Unions ,
EU ,
Financial Services Industry ,
Leveraged Loans ,
Libor ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Supervisory Guidance ,
UK
Annual transparency calculations for non-equity instruments: ESMA grants option to postpone to 21 September 2020 -
The European Securities and Markets Authority (ESMA) has announced that trading venues and investment...more
COVID-19: business interruption insurance test case judgment due on 15 September 2020 -
On 9 September 2020, the UK Financial Conduct Authority (FCA) updated its webpage on the High Court business interruption insurance...more
9/15/2020
/ Business Interruption ,
Commercial Insurance Policies ,
Consumer Insurance Products ,
Coronavirus/COVID-19 ,
Critical Infrastructure Sectors ,
Financial Conduct Authority (FCA) ,
IAIS ,
Infectious Diseases ,
Insurance Regulations ,
Investment ,
UK
COVID-19: phased ending of FCA temporary relief extending deadlines for publishing fund reports and accounts -
On 9 September 2020, the UK Financial Conduct Authority (FCA) updated its COVID-19-related webpage on...more
9/15/2020
/ Coronavirus/COVID-19 ,
European Securities and Markets Authority (ESMA) ,
Filing Deadlines ,
Financial Conduct Authority (FCA) ,
Fund Managers ,
Infectious Diseases ,
Regulatory Requirements ,
Relief Measures ,
Reporting Requirements ,
UCITS ,
UK
PRA PS20/20: response to CP3/20 occasional paper -
Following its March 2020 occasional consultation paper (CP3/20), the UK Prudential Regulation Authority (PRA) has published a policy statement, PS20/20, setting out its...more
9/15/2020
/ AML/CFT ,
Coronavirus/COVID-19 ,
EU ,
European Banking Authority (EBA) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Markets ,
FinCEN ,
Infectious Diseases ,
Policy Statement ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Securities Financing Transactions (SFTs) ,
UK
Open-ended funds: FCA and BoE review survey on liquidity mismatch -
On 26 August 2020, the UK Financial Conduct Authority (FCA) updated its COVID-19 webpage to announce that it has launched a joint survey with the Bank of...more
9/8/2020
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Bank of England ,
Coronavirus/COVID-19 ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Infectious Diseases ,
Investment Funds ,
MMF ,
Open-Ended Fund Companies (OFCs) ,
UK
COVID-19: final transcripts of FCA business interruption insurance test case -
On 18 August 2020, the FCA updated its webpage on the High Court business interruption insurance test case to link to the final transcripts for...more
COVID-19: PRA statement on application of IFRS 9 and capital requirements as mortgage payment deferrals come to an end -
On 26 August 2020, the UK Prudential Regulation Authority (PRA) published a statement to clarify its...more
9/8/2020
/ Bank Recovery and Resolution Directive (BRRD) ,
Capital Requirements Regulation (CRR) ,
Coronavirus/COVID-19 ,
European Banking Authority (EBA) ,
Financial Regulatory Reform ,
IFRS ,
Infectious Diseases ,
Libor ,
Prudential Regulation Authority (PRA) ,
RTS ,
Sterling Overnight Index Average (SONIA) ,
UK
Accessing and using wholesale data: FCA extends call for input deadline
The UK Financial Conduct Authority (FCA) has extended the deadline for responses to its call for input on the use and value of data and advanced...more
9/8/2020
/ Analytics ,
CSDR ,
Data Collection ,
EMIR ,
European Benchmark Regulation (BMR) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
FSB ,
MiFIR ,
Securities Regulation ,
UK
SMCR extension: SI extending implementation date made -
The Bank of England and Financial Services Act 2016 (Commencement No. 6 and Transitional Provisions) (Amendment) Regulations 2020 (SI 2020/929) have been made....more
9/8/2020
/ AML/CFT ,
Artificial Intelligence ,
Bank of England ,
Digital Currency ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Initial Coin Offering (ICOs) ,
Innovation ,
Popular ,
Prudential Regulation Authority (PRA) ,
RegTech ,
RTS ,
Sandbox ,
SMCR ,
UK