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

Friday, 19 December 2014
MiFID 2 – ESMA technical advice and further consultation on technical standards; The Financial Services Act 2012 (Commencement No.6) Order 2014; CRR – RTS for the specification of margin periods of risk; CRR - EBA final draft technical standards on joint decisions for approval of internal models; EBA capital preservation recommendation repealed; BRRD - EBA consults on the functioning of resolution colleges; AIFMD – draft Delegated Regulation on the information to be provided by competent authorities to ESMA; CRR – FCA on disclosure of encumbered and unencumbered assets; CSD Regulation – ESMA consults on implementing measures for settlement regime; MMF Regulation – Council presidency compromise proposal; Regulation on interchange fees – political agreement reached; ESMA advice and opinion on investment-based crowdfunding; ESMA report on HFT activity in equity markets; The Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) (Amendment) Order 2014; HM Treasury publishes recommendations from review of enforcement decision-making; Debt management firm agrees to pay redress to customers for communication delays; UK anti-corruption plan; Now available through FSnet: article published in New York Law Journal “Separate Entity Rule and Extraterritorial Discovery”

Thursday, 18 December 2014
IAIS consults on risk-based global insurance capital standard; CRR – EBA consults on amending ITS on liquidity coverage ratio and leverage ratio reporting; CRD 4 – EBA guidelines on criteria to assess O-SIIs; MLD 4 – Council and European Parliament political agreement; EMIR - FCA supervisory approach to risk mitigation requirements; REMIT – European Commission adopts implementing acts; UK Regulators Network report on consumer engagement and switching; Transparency Directive and Prospectus Directive - The Payments to Governments and Miscellaneous Provisions Regulations 2014; FCA issues report on defined contribution workplace pensions; ABI updated statement of best practice for critical illness cover

Wednesday, 17 December 2014
European Commission adopts Work Programme for 2015; ECB Regulation concerning statistics on the money markets in OJ; CRR – Commission Implementing Decision on the equivalence of the supervisory and regulatory requirements of third countries exposures treatment in OJ; ESMA publishes responses to consultation on level 2 measures for EuSEF and EuVECA Regulations; ESMA investigation into CRAs surveillance of structured finance credit ratings; EIOPA report on financial stability in the reinsurance and occupational pension fund sectors; FPC publishes Financial Stability Report; RDR – FCA review; FCA review on adviser charging and services

Tuesday, 16 December 2014
Basic bank account agreement; Draft guidance on the Consumer Rights Bill; Solvency II – PRA to review standard formula appropriateness for firms in 2015; ECB Regulation on statistical reporting requirements for insurance corporations; Upper Tribunal finds non-executive director not fit and proper; Corrigenda to the PRIIPS KID Regulation in the OJ; FCA bans former managing director of asset manager

Monday, 15 December 2014
Mortgage Credit Directive - EBA draft guidelines on arrears and foreclosure; CRR – Commission adopts first equivalence decision regarding credit risk weighting; MiFIR – EBA final technical advice on criteria and factors for intervention on structured deposits; Mortgage Credit Directive – EBA consults on creditworthiness assessment; Mortgage Credit Directive - EBA consults on passport notifications for mortgage credit intermediaries; EBA updates risk dashboard for EU banking sector; CRD 4 – EBA single rulebook Q&As; HM Treasury summarises responses to consultation on bail-in powers implementation; CRR - PRA updates credit risk mitigation supervisory statement; CRD 4 – PRA update on intraday liquidity data; FCA consults on improving complaints handling; FCA handbook notice; Solvency II – PRA feedback on standardised risk information assessment for general insurance firms; FCA consults on changes to improve competition in GAP insurance market; CRR/EMIR - Implementing Regulation on the extension of the transitional periods for capital requirements for exposures to CCPs in OJ

Friday, 12 December 2014
BCBS/IOSCO consult on criteria for identifying simple, transparent and comparable securitisations; BCBS revises securitisation framework; CRR - European Commission extends transitional period for capital requirements for exposures to CCPs; Delegated Regulation on the system of instalments on contributions to cover the SRB expenditure in OJ; Regulation on ECB powers to impose sanctions – political agreement; ESMA reviews supervisory practices on MiFID investor information; SMSG response on level 2 measures on implementation of EUSEF and EUVECA Regulations; Solvency II – European Parliament motion for resolution to object to Delegated Regulation; BoE announces measures to enhance MPC transparency and accountability; FCA findings on its work into annuities sales practices and retirement income market; Hong Kong SFC suspends former responsible officer for failures related to IPO shares subscription; CB:PSB updated framework for professional standards for bankers; Now available through FSnet: briefing on “US insider trading law enforcement reined in – US Court of Appeals overturns insider trading convictions”; Now available through Fsnet: briefing “Living wills regulatory reform in Asia Pacific”

Thursday, 11 December 2014
CRD 4 – EBA issues information given under ITS on supervisory disclosure; ECOFIN conclusions on finance for growth and the long-term financing of the EU economy; FCA issues Davis Review and FCA response; Now available through FSnet: article entitled “Know your limits”

Wednesday, 10 December 2014
BCBS consults on NSFR disclosure; SRM Regulation – Council reaches political agreement on SRF Implementing Regulation; PRIIPS KID Regulation in OJ; ESM direct bank recapitalisation instrument adopted; Regulation on benchmarks - Council presidency compromise proposal; CRD 4 – FCA notifications to ESRB; FOS news

Tuesday, 9 December 2014
PSD 2 – Council agrees general approach; ELTIFs Regulation – Final compromise text; FCA’s strategic approach to regulatory challenges; Treasury Committee letter to banks regarding understated levels of fraud; FCA consults on MIPRU simplification; Payment systems: the regulatory challenge – speech by Hannah Nixon (PSR); City Directors convicted and sentenced to 28 years in £23 million “green biofuel” trial

Monday, 8 December 2014
BCBS assessment of Basel III implementation in EU and US; FCA quarterly consultation; IMD 2 - House of Commons European Scrutiny Committee report; Lloyd’s market bulletin on core management information for products with a high product risk; High Court dismisses IFAs’ applications for judicial review of FOS decisions; Now available through FSnet "UK enforcement round up – recent developments and looking ahead" seminar materials

Friday, 5 December 2014
Commission opinion on draft new Regulation of the ECB on statistical reporting requirements by insurance companies; Solvency II - EIOPA issues common application package for internal models; BRRD – PRA update on implementation; CRD 4 - FCA new webpage on reporting - new validations and data quality; The role of competition in banking markets – speech by Alex Chisholm (CMA); LSB announces independent review of the Lending Code; APRA issues new risk management standard

Thursday, 4 December 2014
MLD 4 - Council presidency note to COREPER; Solvency II – EIOPA finalises first set of guidelines; Solvency II - EIOPA consults on second set of ITS, guidelines and technical advice on RTS; EIOPA consumer trends report; Autumn Statement 2014 – financial services; Government’s programme to address fraudulent insurance claims – speech by Chris Grayling (ABI); Court of Appeal considers registration of unenforceable debt with CRAs; Now available through FSnet: article on “Ending ‘Too Big to Fail’ – why Asia Pacific countries should embrace the Key Attributes”

Wednesday, 3 December 2014
Banking union – EFC report on equivalent treatment; PSD 2 – Council presidency compromise proposal; FCA speeches at enforcement conference; PRA “Dear CEO” letter to general insurance firms on reserving; Law Commission produces revised draft warranty clause for the Insurance Bill; Joint Board of Appeal of the ESAs dismisses appeal against ESMA decision

Tuesday, 2 December 2014
AIFMD - ESMA consults on asset segregation requirements; HKMA Chief Executive’s speech on the future of Hong Kong; FCA guidance consultation on MTFs; FCA rules on credit broking and fees; EIOPA reports on results of 2014 insurance stress test; Solvency II – Council of the EU does not object to European Commission’s Delegated Regulation; EIOPA issues principles for crisis prevention, management and resolution preparedness of NCAs

Monday, 1 December 2014
BRRD - EBA consults on MREL; CRR - EBA opinion on the perimeter of credit institutions; PRA second consultation on proposed approach to regulating liquidity; MMF Regulation – Council presidency compromise proposal; CRD 4 - EBA single rulebook Q&As; Hong Kong consultation conclusions on reporting and record keeping rules for OTC derivatives; The Financial Services (Banking Reform) Act 2013 (Commencement No. 7) Order 2014; PRIIPs KID Regulation - EIOPA consults on product intervention powers; UCITS V – ESMA final report on technical advice on delegated acts; FCA Q&As for AIFMs on reporting transparency information

Friday, 28 November 2014
FCA consults on regulatory fees and levies for 2015/16; ELTIFs Regulation - political agreement reached; CMA strategic assessment and draft annual plan; PRA guidance on CRR permissions; UK enforcement round up – recent developments and looking ahead: FIG client seminar

Thursday, 27 November 2014
PRA consults on senior insurance managers regime; FCA consults on changes to the approved persons regime for Solvency II firms; UK enforcement round up – recent developments and looking ahead: FIG client seminar

Wednesday, 26 November 2014
Regulation on benchmarks - Council presidency compromise proposal; PRA publishes table of other Solvency II approvals; FCA announces terms of reference of credit card market study; IOSCO consultation report on cross-border regulation; ISDA principles for CCP recovery; CRD 4 committee waivers – FCA new webpage; EPC publishes updated versions of the SEPA credit transfer and direct debit rulebooks; UK enforcement round up – recent developments and looking ahead: FIG client seminar

Tuesday, 25 November 2014
EMIR – ESMA letter to European Commission on clearing obligation; FCA policy development update; SRF Contribution Regulation – European Commission final proposal; PSR – consultative report on review of innovation in payments; BoE announces terms of reference for RTGS review; PRA rulebook consultation; BRRD – statutory instruments; FCA thematic review findings on in-house investment products; Solvency II – PRA directors’ update letter

Monday, 24 November 2014
CRD 4 - bankers' bonuses update and opinion; Turning around the telescope – consumers at the centre of financial services policies – speech by Jonathan Hill (European Commission); JMLSG updated guidance on prevention of AML/CTF; The FCA’s new competition powers: what do they mean for the financial services industry? – speech by Deb Jones (FCA); CRD 4 EBA single rulebook Q&A; IADI revises core principles for effective deposit insurance systems; Solvency II: PRA consults on further implementation measures; Solvency II: Council of the EU note on Delegated Regulation

Friday, 21 November 2014
First financial penalty imposed by PRA: PRA and FCA fine banks for IT failures; Regulation on reporting and transparency of SFTs – Council agrees general approach; Regulatory measures to prevent another crisis – speech by Steven Maijoor (ESMA); EBA issues responses to consultation on security of electronic retail payments; Why we need a leverage ratio, and how bank boards might take charge – speech by Martin Taylor (FPC); FSMA (Market Abuse) Regulations 2014; Japanese FSA signs memorandum of cooperation with South Korean FSS and FSC; BIS’ response to consultation on implementing the ADR Directive; City of London Police Commissioner warns financial centres about cyber-security attacks

Thursday, 20 November 2014
CRD 4 - Bankers' bonus cap: ECJ’s Advocate General considers that the bonus cap is valid; EIOPA’s strategic priorities – speech by Gabriel Bernardino (EIOPA); Mortgage Credit Directive - House of Lords European Union Committee letter; Court considers restitution to investors in ponzi scheme

Wednesday, 19 November 2014
G20 high-level principles on beneficial ownership transparency; Start of the Single Supervisory Mechanism: from the comprehensive assessment to day-to-day supervision - speech by Sabine Lautenschläger (ECB); MMF Regulation – European Parliament amended text; Mario Draghi’s statement before ECON; Redress for pension mis-selling cases that fall outside the Pensions Review – updated assumptions; ECJ considers scope of the professional secrecy obligations under MiFID; Global regulatory and enforcement trends in market abuse and insider trading: FIG client seminar

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