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Financial Services Daily News: this month's daily news (last 30 days)

Thursday, 24 July 2014
ESMA consults on counterparty risk calculation methods for UCITS OTC derivatives subject to central clearing; FCA imposes recruitment ban on a group for failing to control appointed representatives; FPC consults on design of leverage ratio framework – extension of response period; CSD Regulation – Commission request for ESMA technical advice on delegated acts; BRRD – HM Treasury consults on transposition; Banking Act 2009 – explanatory memoranda to SIs; CRR – FCA on NED limitations; New chief ombudsman appointed; Transparency Directive – FCA consults on removing requirement to publish interim management statements

Wednesday, 23 July 2014
FSB reform of major interest rate benchmarks; REMIT – ACER consults on TRUM and RRM requirements for transactions reporting; AIFMD – AIMA’s comments on implementation; AIFMD – FCA update on applications; Government review of the balance of competences between the UK and the EU; FOS news; FCA fines Ian Hannam £450,000 for market abuse; Now available through FSnet: client briefing on “EU regulatory standards being exported to Asia - MiFID 2 and MAR”; Lloyd's agreement with US revenue authority on reporting of tax information under FATCA

Tuesday, 22 July 2014
ESMA updated Q&As on the application of the AIFMD; FCA consults on retirement reforms and the guidance guarantee; FCA results of thematic reviews into enhanced transfer values and SIPP operators; FOS methodology and assumptions for redress for pension mis-selling cases that fall outside the Pensions Review; ECHR rules market abuse offences cannot be both punished by a regulator and prosecuted in criminal courts in Italy; JMLSG receives HMT approval for guidance regarding money services businesses; SFO begins Forex investigation; Now available through FSnet: briefing “Extension of the interim agreement and negotiations with Iran”

Monday, 21 July 2014
ESAs Joint Board of Appeal dismisses appeal against an EBA decision; Deposit Guarantee Schemes Directive – Corrigendum in OJ; ESMA technical advice on creditworthiness assessment for sovereign debt; CRR – EBA single rulebook Q&A; BRRD – EBA final draft RTS and guidelines on recovery plans; CRD 4 – EBA consults on guidelines on criteria to assess other systemically important institutions; Consultation on Hong Kong OTC derivative transactions: mandatory reporting and record keeping rules; EBA revised list of ITS validation rules; Finance Act 2014; Insurance Bill introduced in the House of Lords for first reading; Treasury revises policy on transactions subject to financial sanctions; CMA consults on whether to conduct market investigation regarding PCAs and SME banking

Friday, 18 July 2014
EMIR – Commission response to ESMA letter on frontloading requirement; ECB statement on disclosure process for its comprehensive assessment of banks; CRD 4 – EBA revised guidelines on high earners data collection and remuneration benchmarking; CSD Regulation, UCITS V, Bank Account Directive – final texts; The Financial Services and Markets Act 2000 (Regulated Activities) (Green Deal) (Amendment) Order 2014; Law Commission and Scottish Law Commission joint review of insurance contract law; Supreme Court rules that a bribe given to an agent belongs to the principal

Thursday, 17 July 2014
ESMA consults on credit rating agencies periodic information; House of Lords announces inquiry into the EU financial regulatory framework; FCA practitioner panel survey of regulated firms 2014; FCA announces online system to replace ONA

Wednesday, 16 July 2014
FSB consults on FX benchmarks; IOSCO issues responses to consultation on code of conduct fundamentals for CRAs; MAR – ESMA consults on draft technical standards and advice; FCA proposes price cap for payday lenders; The Financial Services Act 2012 (Commencement No. 5) Order 2014; The Communications Act 2003 (Disclosure of Information) Order 2014; Conflicts of interest in sales of insurance-based investment products – speech by Gabriel Bernardino (EIOPA); Bank fined US$7 billion by US regulators

Tuesday, 15 July 2014
SRM Regulation – Council adopts rules; EU-US – Financial markets regulatory dialogue; Bank Account Directive – Commission statements; AIFMD – FCA forms;Solvency II – insurance stress test Q&As; Court considers whether “first shot” in settlement discussions falls under without prejudice privilege; Court of Appeal rules causal connection required in dishonest assistance case

Monday, 14 July 2014
EMIR – ESMA consults on clearing obligations regarding interest rate and credit default swaps; Council of EU terms of reference on addressing capital shortfalls and burden sharing in the context of asset quality reviews and stress tests; BRRD – EBA consults on draft RTS on independent valuers; CRD 4 – Commission consults on the potential economic consequences of country-by-country reporting; CRD 4 – EBA single rulebook Q&As; EBA Q&As and additional template for CVA data collection exercise; FPC consults on design of leverage ratio framework; Senior managers and certification regime: The Financial Services (Banking Reform) Act 2013 (Commencement No. 5) Order 2014; Banking Act 2009 – statutory instruments; FCA guidance consultation to clarify the boundary between different investment advice models; FCA and PRA issue terms of reference for the HBOS review; High risk country list – new FCA webpage

Friday, 11 July 2014
BRRD - EBA consults on the types of tests, reviews or exercises that may lead to support measures; EMIR – Commission FAQs; EMIR – ESMA Q&As; Commission requests UK to implement Omnibus I Directive fully; EPC guidance on reason codes for SEPA direct debit refunds; The capital adequacy of banks: today’s issues and what we have learned from the past – speech by Andrew Bailey (BoE/PRA); SEC final rule on application of Title VII of Dodd-Frank to cross-border swaps activities; FCA discussion paper on the use of dealing commission; ABI proposal to further improve clarity for purchasing and renewing insurance; FCA annual report 2013/14

Thursday, 10 July 2014
IOSCO work and key priorities; IAIS consults on the basic capital requirements for G-SIIs; CRD 4 – EBA opinion on the macroprudential rules; BRRD – EBA consults on draft RTS on the content of resolution plans and the assessment of resolvability and draft guidelines on measures to reduce or remove impediments to resolvability; FCA wholesale sector competition review; HM Treasury advisory notice on AML/CTF controls in overseas jurisdictions; CII guidance on whistleblowing

Wednesday, 9 July 2014
European Commission table on state of play of level 2 measures; FCA interim report into the effectiveness of competition in the cash savings market; FCA Market Watch newsletter; FSCS annual report and accounts 2013/14; Hong Kong SFC reprimands and fines Ping An of China Securities (Hong Kong) Company Limited HK$6 million for internal control failures; Solvency II – EIOPA updated Q&As on submission of information to NCAs

Tuesday, 8 July 2014
CRR - EBA final draft RTS on conditions for assessing materiality of extensions and changes to internal approaches for market risk; CRR - EBA final guidelines on significant credit risk transfer for securitisation transactions; CRD 4 - EBA consultation on framework for common supervisory procedures and methodologies; Hong Kong SFC suspends Wu Li Jun for six months; Hong Kong SFC revokes licence of Yip Wan Fung and bans her for life; PRA and FCA review of barriers to entry for new banks; FCA discussion paper on fairness of changes to mortgage contracts; FCA considerations for firms considering using third-party technology banking solutions; Treasury Committee’s transcript of oral evidence on manipulation of benchmarks; FCA policy development update; Court approves settlement agreement in MF Global administration; Now available through FSnet: briefing “Madoff Court holds that US Bankruptcy Code cannot be used to clawback transfers made outside of the US”

Monday, 7 July 2014
FSB peer review on supervisory frameworks and approaches to SIFIs; SRM Regulation – final text; CRR – EBA final draft RTS on the margin periods of risk used for the treatment of clearing members’ exposure to clients; CRD 4 – EBA single rulebook Q&As; EBA opinion on virtual currencies; Solvency II – insurance stress test Q&As

Friday, 4 July 2014
BCBS/IOSCO Task Force survey on securitisation markets; CRR – EBA advises on the prudential filter for gains and losses from own credit risk related to derivatives; CRD 4 – EBA consults on colleges of supervisors and joint decisions on approval of internal models; Council of the EU – Italian Presidency programme; FCA policy statement on regulated fees and levies; Independent review of MAS – call for evidence; Solvency II – insurance stress test Q&As

Thursday, 3 July 2014
CRR – EBA lists for the calculation of capital requirements for credit risk; ECA report on European banking supervision; PRA policy statement on regulated fees and levies for 2014/15; Recent developments in prudential supervision of insurers – speech by Andrew Bulley (BoE/PRA)

Wednesday, 2 July 2014
CRR – EBA supports capital treatment of covered bonds, but calls for additional eligibility criteria; FCA policy statement on client money held in ISAs; Stricter rules for payday lenders take effect; Law Commission final report on fiduciary duties of investment intermediaries; EBA guidelines on harmonised definitions and templates for funding plans of credit institutions; FPC recommendations on mortgage lending; FCA handbook notice; MoU between the CMA and the FCA; Objectives for the Australian presidency of the FATF; Court rules on when a period of non-compliance begins under the CCA 1974

Tuesday, 1 July 2014
FSB 2014 workshop on compensation practices – summary report; ESRB Recommendation on guidance for setting countercyclical buffer rates; CRR – ITS regarding supervisory reporting of institutions in OJ; CRR – EBA guidelines on disclosure of encumbered and unencumbered assets; ESMA updated Q&As on application of the AIFMD; CRD 4 – PRA consults on rules for credit risk mitigation, credit risk, governance and market; FCA on EMIR reporting advice for clearing member firms; PSD 2 – Council presidency compromise proposal; ESRB decision amending Recommendation on the macro-prudential mandate of national authorities; FSB establishment of the global LEI foundation; Outcomes from the FATF plenary meeting; Banking union – Single Resolution Mechanism and Resolution Funds: FIG client seminar

Monday, 30 June 2014
IOSCO report on risk identification and assessment methodologies; CRD 4 – ITS regarding conditions of application of the joint decision process for institution-specific prudential requirements in OJ; CRR – EBA consults on RTS on the use of different approaches to credit risk; CRD 4 – EBA single rulebook Q&As; CRR – EBA consults on RTS on countercyclical buffer disclosure; Global derivatives regulation – statement by Commissioner Barnier; ELTIFs Regulation – note on general approach; EU mapping – systematic overview on economic and financial legislation; Banking union – ECB’s draft list of significant banks; Transparency International guidance on countering small bribes; Lloyd's bulletin on ECA process for 2015 underwriting year of account; EIOPA consults on draft guidelines on use of the LEI; Banking union – Single Resolution Mechanism and Resolution Funds: FIG client seminar

Friday, 27 June 2014
CRD 4 – RTS on identifying staff whose activities have a material impact on an institution’s risk – FAQs; AIFMD – FCA latest news; BCBS revised principles for supervisory colleges; EBA reports on risks and vulnerabilities of the EU banking sector; FPC recommendation and PRA consultation on implementation of loan-to-income ratio limit for mortgage lending; PRA supervisory statement on capital and leverage ratios for major UK banks and building societies; MAS consults on framework for SIBs in Singapore; Solvency II – insurance stress test Q&As; EIOPA report on feedback from competent authorities on PPI opinion; High Court considers conclusive evidence clause in determining whether a deed was an indemnity; Banking union – Single Resolution Mechanism and Resolution Funds: FIG client seminar

Thursday, 26 June 2014
CRR – EBA analyses impact of pension accounting and regulatory capital changes on own funds; CRD 4 – EBA single rulebook Q&A; Mortgage Credit Directive – EBA final draft RTS on the minimum monetary amount of professional indemnity insurance; ELTIF Regulation – Council position agreed; ESRB risk dashboard; ESRB’s recommendation on the macro-prudential mandate of national authorities – follow-up report; HM Treasury response to consultation on speeding up cheque payments; AIFM Regulations 2013 – FCA direction to recognised overseas funds; Payday lender Wonga to pay redress for unfair debt collection practices; FCA charges equities trader with insider dealing; IAIS consults on draft application paper on supervisory colleges; CRD 4 – ITS regarding the format, structure, contents list and annual publication date of the information to be disclosed by competent authorities in OJ; Now available through FSnet "Banking union – the Single Supervisory Mechanism" seminar materials; Banking union – Single Resolution Mechanism and Resolution Funds: FIG client seminar

Wednesday, 25 June 2014
AIFMD – RTS determining types of alternative investment fund managers in OJ; BCBS consults on review of the Pillar 3 disclosure requirements; CRR - EBA revised list of ITS validation rules; CRA 3 – ESMA draft RTS on transparency requirements; ECON legislative files – state of play; Competition in banking for consumers – speech by Andrea Leadsom MP; FOS news; Banking union – Single Resolution Mechanism and Resolution Funds: FIG client seminar

Tuesday, 24 June 2014
ELTIFs Regulation – Council general approach; IMD 2 – Council presidency compromise proposal; EMIR – ESMA updated Q&As; Ernst & Young files notice of appeal over Court order to produce documents held by Chinese affiliate; Hong Kong SFC commences proceedings against Greencool’s former CEO and seeks to freeze HK$1.59 billion in assets to compensate investors; PRA provides update for insurance directors on Solvency II work; PRA sends letter to Solvency II firms on matching adjustment eligibility criteria; PRA invites Solvency II firms to participate in trial submission to apply to use matching adjustment; FCA discussion paper on recovering the costs of administering the regulatory gateway through application fees; Banking union – Single Resolution Mechanism and Resolution Funds: FIG client seminar

Monday, 23 June 2014
Commission consults on the contributions of banks to resolution financing arrangements; AIFMD – supervisory authorities complying with guidelines regarding consultation, co-operation and exchange of information; MLD 4 - Member States statements; FCA guidance regarding annuity comparison websites; CRD 4 – EBA new Q&As on the single rulebook; HKMA issues recovery planning guidelines; Hong Kong SFC publishes circular on business continuity planning; FSB advisory notice concerning Venezuela; MoU between the PRA and the Dubai Financial Services Authority; Solvency II – insurance stress test Q&As; Now available through FSnet: briefing “Council (FSDC) publishes paper on Positioning Hong Kong as an International IPO Centre of Choice”

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