BANKING

EBA consultation responses: RTS on strong customer authentication and secure communication under PSD2

Responses to the consultation on draft RTS on strong customer authentication under PSD2 have been published on the EBA's webpage. This results from a consultation in August 2016 and includes responses from the European Payments Council, European Banking Federation and European Payment Institutions Federation, amongst others.

EBA, 27 October 2016

Speech on future approach of the PRA to prudential regulation from BoE Deputy Governor

The Bank of England has published a speech by the Deputy Governor of the BoE, Prudential Regulation and CEO of the PRA, Sam Woods, on the current position in prudential regulation and the PRA's future policy initiatives. The speech states that the UK is coming to the end of the "revolutionary period" requiring major reforms to prudential standards, but constant evolution will be necessary as firms and financial markets continue to evolve. Forthcoming initiatives for the BoE and PRA were identified as:

  • Final policy on bail-in to be published by BoE
  • Discussion paper on disclosure framework for banks' and insurer' regulatory data to be published by the PRA in summer 2017
  • Proposals relating to the Pillar 2 regime to reduce risk around its capital standards being overly prudent for smaller firms to be brought forward

Bank of England, 26 October 2016

INVESTMENTS AND FUNDS

FCA signs memorandum of understanding with US CFTC

The FCA has published a MoU entered into with the US Commodity Futures Trading Commission relating to OTC derivatives. The memorandum of understanding which came into effect on 6 October 2016 and relates to the FCA and CFTC cooperating and exchanging information in supervising dual regulated firms that trade in OTC derivatives or swaps.

FCA, 27 October 2016

Policy statement on MiFID II implementation from PRA

policy statement on the implementation of MiFID II and MiFIR has been published by the PRA. This follows a first consultation which took place in March 2016 and responses received have not necessitated significant change to the original proposals. The PRA has also published two non-final instruments:

PRA, 27 October 2016

ESMA publishes trade reporting instructions under MiFIR

A number of trade reporting instructions for entities reporting under MiFIR have been published by ESMA. The detailed reporting introductions and schemas come under Financial Instruments Reference Data System which covers MiFIR and MAR requirements on data collection and publication. The instructions comprise:

ESMA, 27 October 2016