BANKING

PRA statement on consumer credit

The PRA has published a statement on consumer credit following its review of consumer credit lending, which examined PRA-regulated firms' asset quality and underwriting practices for credit cards, unsecured personal loans and motor finance. Prudential Regulation Authority, 4 July 2017

 

FPC responds to Chancellor's letter on remit and recommendations for 2017/18

The Bank of England has published a letter from Mark Carney, BoE Governor and Chairman of the Financial Policy Committee, responding to a letter from Philip Hammond, Chancellor of the Exchequer, on the remit and recommendations for the FPC for 2017/18 that was published in March 2017. Bank of England, 4 July 2017

 

BCBS reports to G20 on implementation of Basel III

The Basel Committee on Banking Supervision has published a report for G20 leaders on the implementation of the Basel III regulatory reforms. Basel Committee on Banking Supervision. 4 July 2017

 

FCA consults on staff incentives and performance management in consumer credit firms

The FCA has published a consultation paper setting out its proposals for how consumer credit firms should manage risks related to how they pay and manage the performance of their staff.

The consultation affects firms that are engaged in credit-related regulated activity and are not subject to any of the existing remuneration codes in the Senior Management Arrangements, Systems and Controls sourcebook. The consultation ends: 4 October 2017. Financial Conduct Authority, 4 July 2017

Wolfsberg Group updated guidance on anti-bribery and corruption compliance programmes for financial institutions

The Wolfsberg Group has published updated guidance on how financial institutions should construct an effective anti-bribery and corruption compliance programme. Wolfsberg Group, 4 July 2017

 

FSB progress report on correspondent banking

The Financial Stability Board has published a progress report on its action plan to assess and address the decline in correspondent banking.

The FSB has also published a correspondent banking data report that analyses the results of an FSB survey of over 300 banks in nearly 50 jurisdictions. The FSB found that the decline in the number of correspondent banking relationships is continuing across all regions but to a varying degree. The decline is more pronounced for US dollar and euro transactions. Financial Stability Board, 4 July 2017

 

Implementing Regulation on ITS regarding procedures and forms for competent authorities exchanging information with ESMA under MAR published in OJ

The Commission Implementing Regulation (EU) 2017/1158 laying down implementing technical standards (ITS) regarding the procedures and forms for competent authorities exchanging information with ESMA as referred to in Article 33 of the Market Abuse Regulation (MAR) has been published in the Official Journal of the EU (OJ). OJEU, 30 June 2017

 

FSB progress report on reducing misconduct risks in financial sector

The Financial Stability Board has published a progress report for G20 leaders on initiatives intended to reduce misconduct risk in the finance industry.

The report summarises initiatives undertaken by the FSB and other international standard-setters to address misconduct in the financial sector and the timeline for actions. Financial Stability Board, 4 July 2017

INSURANCE

Joint Committee of ESAs Q&As on PRIIPs KID

The Joint Committee of the European Supervisory Authorities has published Q&As relating to the key information document (KID) requirements for packaged retail and insurance-based investment products (PRIIPs), as laid down in Commission Delegated Regulation (EU) 2017/653.

Joint Committee of the European Supervisory Authorities, 4 July 2017

 

EIOPA consults on first set of technical advice on Solvency II Delegated Regulation

The EIOPA has published a consultation paper on the first set of advice to the European Commission on specific items in the Solvency II Delegated Regulation. The consultation ends: 31 August 2017.

EIOPA, 4 July 2017

INVESTMENTS AND FUNDS

ESMA opinion on MiFID II transitional transparency calculations

The ESMA has published an opinion providing interim transparency calculations for non-equity instruments in relation to the implementation of MiFID II and the Markets in Financial Instruments Regulation.

ESMA, 3 July 2017

 

MMF Regulation published in OJ

The text of the Regulation on money market funds has been published in the OJ. OJEU, 30 June 2017

 

FCA issues PS and consultation on MiFID II implementation

The Financial Conduct Authority has released a policy statement on the implementation of the Markets in Financial Instruments Directive (MiFID II), setting out its final rules on conduct issues, including research, inducements, client categorisation, best execution, the appropriateness test, taping, client assets and perimeter guidance. Financial Conduct Authority, 4 July 2017