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

Thursday, 17 April 2014
UCITS V – publication of text adopted by European Parliament; MiFID 2/MiFIR adopted by European Parliament; BCBS FAQs on Basel III liquidity coverage ratio; EBA updated work programme for 2014; CRD 4 – EBA new Q&A on the single rulebook; PRA supervisory statement in response to consultation on recognition of deferred tax assets on Solvency II balance sheet; Court rules on methods of service under ISDA 1992

Wednesday, 16 April 2014
SRM Regulation/BRRD/MiFID 2/MiFIR – European Parliament amended texts; Legislation adopted by European Parliament; BCBS final standard for measuring and controlling large exposures; Solvency II – PRA publishes information on data collection requests relating to life and general insurance firms; Now available through FSnet: Update: US and EU sanctions on Russia and Ukraine

Tuesday, 15 April 2014
MAD 2/MAR – Council adopts final legislation; ODRG report on cross-border implementation issues in relation to OTC derivatives; EMIR – ESAs consult on draft RTS on risk mitigation techniques for non-centrally cleared OTC derivatives; IMF review of strategy for anti-money laundering and combatting the financing of terrorism; Council approves Omnibus II Directive; Tribunal dismisses reference to reduce financial penalty

Monday, 14 April 2014
European Commission consults on definition of FX financial instruments; PRA procedure for increasing the permitted ratio of fixed to variable remuneration; FSB update on financial reforms; CRD 4 – EBA new Q&As on the single rulebook; CSD Regulation, Bank Account Directive, PRIIPs KID Regulation and UCITS V – European Parliament texts; EIOPAspeech on the road to a true single market in financial services; Upper Tribunal grants individual third party rights

Friday, 11 April 2014
BCBS capital standard for bank exposures to CCPs; BRRD, CSD Regulation and ELTIFs Regulation – European Parliament texts ; FCA research into the overdrafts market; FCA interim guidance on 2014 Budget pension reforms

Thursday, 10 April 2014
Shareholder Rights Directive - Commission proposal to amend the Directive and related matters; Hong Kong SFC welcomes Shanghai-Hong Kong Stock Connect pilot programme; UK Regulators’ Code for non-economic regulators; FCA announces initial findings of thematic review on insurance claims process; ABI and APFA guidance on FATCA tax residency information for insurers and financial advisers; FCA data shows fall in consumer complaints

Wednesday, 9 April 2014
FSB progress report on OTC derivatives reforms; ABI on investigation into the events of 27/28 March 2014

Tuesday, 8 April 2014
BCBS progress report on Basel regulatory framework implementation; FSB on assessing risk culture and on enhanced supervision; CRD 4 – EBA consults on guidelines on remuneration benchmarking and data collection for high earners; MAD 2 – revised texts; EPC criteria for participation in SEPA schemes; RDR – Outcome of FCA review into disclosure by financial advisers; FCA policy development update; Court of Appeal rules that profits from loans secured on illegitimate funds can be included in a civil recovery order

Monday, 7 April 2014
Legislation to be voted on by European Parliament in April 2014 plenary; Regulation on interchange fees, PSD 2 – European Parliament adopted texts; PRIPs KID Regulation – political agreement text; CRD 4 – EBA new Q&As on the single rulebook; Bank Account Directive - Council confirms agreement with European Parliament; The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) (Amendment) Regulations 2014; High Court considers whether investments are CIS

Friday, 4 April 2014
BCBS updated FAQs on Basel III monitoring; CRD 4 – RTS on application of capital calculation methods under the FCD in OJ; European Parliament votes on Regulation on interchange fees and PSD 2; EIOPA consults on operational functioning of colleges of supervisors; The Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014; The growth of the UK credit card market - speech by Martin Wheatley (FCA); Letter from FCA Chairman to Chancellor on the FCA's supervisory work on the fair treatment of long standing customers in life insurance; Solvency II - PRA event on technical issues for life insurers intending to use an internal model; High Court provides guidance on "loss of a chance" and remoteness; MoJ consults on giving the Claims Management Regulator the power to impose financial penalties

Thursday, 3 April 2014
HKMA guideline on the Treat Customers Fairly Charter; PRIPs KID Regulation – political agreement; ESAs report on risks and vulnerabilities in the EU financial system; PRA consults on regulated fees and levies for 2014/15; MoU between the PRA and the Pensions Regulator; Regulation on benchmarks - FMLC paper; ESMA note on accepted languages for passporting of prospectuses; Disclosure of Confidential Information Regulations; UK national risk assessment of money laundering and terrorist financing; Paym launch confirmed; MAS business plan 2014/15

Wednesday, 2 April 2014
FCA regulation of consumer credit; New Competition and Markets Authority operational; FSB on vulnerabilities of global financial system and work plans for financial reform; EMIR – ESMA TR supervisory work plan 2014; Remit and recommendations for the FPC – FPC response to HM Treasury; ESRB risk dashboard; AIFMD – FCA update on applications during the transitional period; Leadership and conduct – speech by Martin Wheatley (FCA); EIOPA consults on first set of Solvency II implementing technical standards; REMIT - ACER consults on trade reporting

Tuesday, 1 April 2014
FCA business plan 2014/15 and risk outlook 2014; BCBS’ non-modelled approach for derivative counterparty credit risk exposures; BCBS guidance on external audits of banks; CRR - EBA final draft RTS on prudent valuation; ODRG report on cross-border implementation issues; Bank Account Directive – final compromise text; FCA consults on fees and levies for 2014/15; JMLSG consults on guidance on money service businesses

Monday, 31 March 2014
CRR – EBA final draft RTS on own funds; CRR – EBA final draft RTS on additional collateral outflows; CRR - EBA final draft technical standards on liquidity requirements; CRD 4 – EBA new Q&As on the single rulebook; AIFMD – ESMA technical advice on information to be provided to ESMA by EU competent authorities; SRM – Council confirms deal with European Parliament; European Commission initiatives for 2014; European Commission update on EU response to financial crisis; FCA statement on fair treatment of long standing customers in life insurance; FCA and PRA policy statements in response to consultation on mutuality and with-profits funds; SFO charges three more individuals relating to LIBOR allegations; PRA policy statement on FSCS management expenses levy limit 2014/15; FCA handbook notice; Consumer credit – FCA on when to apply for variation of permission; FCA FAQs on new mortgage product sales data requirements

Friday, 28 March 2014
The Financial Services (Banking Reform) Act 2013 (Commencement No.4) Order 2014; ESMA guidelines on cooperation arrangements and information exchange; The Financial Services and Markets Act 2000 (Consumer Credit) (Transitional Provisions) (No. 2) Order 2014; CRD 4 - EBA guidelines on the applicable notional discount rate for variable remuneration; FPC statement from policy meeting and updated core indicators; FPC agrees terms of reference for review of leverage ratio; FCA issues two warning notices for individuals in relation to LIBOR allegations; Omnibus II Directive – recommended adoption by Council; Regulation on information accompanying transfers of funds – Council presidency compromise proposal; HM Treasury review of the Dormant Bank and Building Society Accounts Act 2008; ESMA opinion on good governance arrangements for structured retail products; HM Treasury consults on bank levy banding approach; Commission responds to consultation on crowdfunding in the EU and publishes roadmap on long-term financing needs of European economy; MAS consults on proposed revisions to risk-based capital framework for insurers and launches quantitative impact study

Thursday, 27 March 2014
BCBS reports on Basel III monitoring results; ESMA Q&As on EuSEF and EuVECA Regulations; FCA imposes fine for investment advice failings; Court of Appeal considers whether a refusal of consent was in breach of contract; Court of Appeal considers ICOB requirements for selling PPI; FCA publishes Occasional Paper No.3 on how selling insurance as an add-on affects consumer decisions; Court of Appeal considers breach of statutory duty relating to ICOB

Wednesday, 26 March 2014
Deposit Guarantee Schemes Directive – ECON recommends approval of Council position at first reading; ELTIFs Regulation - ECON report; Financial Ombudsman News; ESMA updated Q&As on application of AIFMD; FCA webpage on Ukraine and anti-money laundering obligations; CLLS response to PRA consultation on PRA Rulebook

Tuesday, 25 March 2014
EBA consults on a revised XBRL taxonomy for supervisory reporting; FCA hedge fund survey; ESMA final report and Q&As on revision of guidelines on ETFs and other UCITS issues; FCA publishes modification by consent of COBS and COLL

Monday, 24 March 2014
Commission response to ESMA on classification of financial instruments under MiFID; IAIS comments to responses to consultation on the basic capital requirements for G-SIIs; CRD 4 – EBA new Q&As on the single rulebook; ELTIFs Regulation - Council presidency compromise proposal; ESMA consults on RTS on major shareholders disclosures; Electronic Money Directive – Commission Q&As; The Financial Services (Banking Reform) Act 2013 – Commencement Orders; Now available through FSnet: client briefing “New US and EU sanctions on Russia”

Friday, 21 March 2014
SRM Regulation – political agreement reached; Regulation on credit transfers and direct debits in OJ; ESMA issues list of authorised CCPs and OTC derivatives; EMIR – ESMA updated Q&As; CSD Regulation – ESMA discussion paper; Bank Account Directive – political agreement reached; RDR – FCA review on delivering independent advice; JMLSG guidance for consumer credit providers; FCA bans and fines bond trader for manipulating UK gilt market; OFT action results in repayment of over £149 million; High Court considers distribution of surplus after unsubordinated debts in an insolvency

Thursday, 20 March 2014
UCITS V – Council confirms agreement with European Parliament; ESAs’ joint consultation on guidelines for complaints-handling for securities and banking sectors – responses; Remit and recommendations for the FPC; BoE’s strategic plan; FCA’s approach to supervision; Simple financial products – Government update; Responsibility for OFT current activities from 1 April 2014; Budget 2014 – bank levy; Now available through FSnet: client briefing “Russia/Crimea sanctions update”

Wednesday, 19 March 2014
BCBS agrees 0 per cent risk weights for claims on the ESM and EFSF; Basel III – assessment of Australia’s capital framework; Extended relief from outward-facing swaps condition; SSM – introductory statement by Danièle Nouy (ECB); SSM – ECB answers to ECON’s questions; ECB note on security of payment account access services; EMIR – CLLS memorandum on reporting of derivatives transactions and corporate transactions; Regulation on structural reform of EU banks and SFT Regulation – House of Commons European Scrutiny Committee report; BoE - three senior appointments; Now available through FSnet: client briefings on “MiFID 2”

Tuesday, 18 March 2014
BoE annual report on supervision of FMIs; BoE/FCA MoU for supervision of markets and market infrastructure; Solvency II - PRA consults on calculation of technical provisions and the use of internal models; Government announces agreement with banks to enable current account comparison; Now available through FSnet: client briefing “The PRA's approach to international branch supervision”

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