This week has seen the Bank of England publish a speech on the progress of the bank's FinTech Accelerator which sees the BoE working with FinTech firms to develop new approaches in priority areas. In other news, HMRC has published draft consolidated guidance on the Code of Practice on taxation for banks.

REGULATORY

HMRC publishes draft consolidated guidance on the Code of Practice on TAXATION FOR BANKS

HMRC has published draft consolidated guidance on the Code of Practice on Taxation for Banks (the Code) which replaces all existing guidance previously published on the Code. It contains new material on the relevance to the Code of Parliament's intentions, the Annual Report, identifying the Code population, the application of the Code to overseas entities, how HMRC will monitor Code compliance and how HMRC's Large Business Compliance Strategy applies to Banks which have adopted the Code.

HMRC has also published an updated governance protocol on compliance with the Code, which substantively replicates the last version of the Protocol published on 5 December 2013.
HMRC, 8 November 2016

MREL: statement of policy from BoE and supervisory statement from PRA

The Bank of England has published the final version of its policy statement relating to its approach to establishing a minimum requirement for own funds and eligible liabilities (MREL). Alongside this, the PRA has published PS30/16, the final version of a supervisory statement on the interaction between MREL and buffers and threshold conditions. Firms are now required to meet interim MREL requirements by 1 January 2020 and the full requirements by 1 January 2022.

Bank of England and PRA, 08 November 2016      

UK

FLA publishes September data

The Finance & Leasing Association has published Q3 consumer new car finance, consumer finance, and asset finance market data.
FLA, 11 November 2016

BBA access to banking protocol – One Year on Review

The British Bankers' Association (BBA) has published a review of its access to banking protocol.
BBA, 10 November 2016

Payment services stakeholder liaison group minutes published

The FCA has published minutes of the meeting of the Payment Services Stakeholder Liaison Group which took place on 14 October 2016. The next meeting is due to take place in December and the key topic is likely to be the definition of online payment account access.
FCA, 09 November 2016

FinTech Accelerator speech from Bank of England COO

The Bank of England has published a speech given by the Chief Operating Officer on the progress of the bank's FinTech Accelerator which sees the BoE working with FinTech firms to develop new approaches in priority areas. Key elements of the proof of concept (PoC) projects undertaken were summarised in the speech, highlighting work relating to data analytics, visualisation and cybersecurity. The BoE website also states that the next call for applications will close on 9 December 2016.  

Bank of England, 09 November 2016

PRA publishes 2016 annual assessment of category 5 credit unions

The PRA has published the findings from its 2016 assessment of category 5 credit unions. 
Bank of England PRA, 7 November 2016

EU

EBA letter to FISMA on RTS on conditions for capital requirements for mortgage exposures under the Capital Requirements Regulation

The EBA has published a letter from Andrea Enria, EBA Chairman, to Olivier Guersent, Director-General, DG FISMA, on the status of regulatory technical standards on conditions for capital requirements for mortgage exposures under the Capital Requirements Regulation (Regulation 575/2013).
EBA, 11 November 2016

FCA and PBOC enter into co-operation agreement to promote innovation

The FCA has published the co-operation agreement that it has entered into with the People's Bank of China (PBOC).  In the agreement, the FCA and the PBOC undertake to share information about innovations in financial services in their respective markets, where appropriate.
FCA, 11 November 2016

Consultation on RTS and ITS on authorisation of credit institutions under CRD IV published by EBA

The EBA has published a consultation paper on RTS and ITS relating to the information to be provided to competent authorities for the authorisation of credit institutions under the CRD IV Directive. The deadline for responses is 8 February 2017.

EBA, 08 November 2016