BANKING

Third meeting of the Mobile Proxy Forum: minutes published

Minutes have been published from the third meeting of the Steering Committee of the Mobile Proxy Forum which took place in June 2016. The focus for the future includes identification of a solution for interoperable P2P mobile payments in line with recommendations of the Euro Retail Payments Board, preparation of a first draft of rules for operating by November 2016 and working towards the launch of the Standardised Proxy Lookup Service in November 2017. 

EPC, 27 October 2016

Consultation from FCA on its future mission

The FCA has published a consultation document on its future mission which is designed to provide guiding principles around strategic choices and inform future strategy. The key themes covered include:

  • Protecting consumers
  • Vulnerable consumers
  • Delivering consumer redress
  • When the FCA intervenes
  • The scope of regulation
  • The interaction between regulation and public policy
  • Competition, supervision and enforcement
  • The FCA Handbook

Comments are required by 26 January 2017. An accompanying regulation round-up states the FCA will publish the final mission paper with its 2017/18 business plan.

FCA, 26 October 2016

High street bank figures for September 2016

The BBA has published figures for high street banks relating to September 2016. Findings show that consumer credit is growing at its fastest rate since December 2006, mortgage approvals have picked up slightly despite the underlying weakness still evident in the housing market, and business borrowing is down slightly which may be as a result of the EU referendum.

BBA, 26 October 2016

INVESTMENTS AND FUNDS

Delegated Regulation on ITS on format and frequency of reports to trade repositories adopted by EC

The EC has adopted a Delegated Regulation amending Implementing Regulation laying down implementing technical standards with regards to the format and frequency of trade reports to trade repositories under EMIR. The text of the Regulation is yet to be published. 

European Commission, 26 October 2016

MAR Q&As updated by ESMA

An updated version of Q&As relating to Market Abuse Regulation has been published by ESMA. The updated version includes the following new Q&As:

  • Managers' transactions
  • Investment recommendations

ESMA, 26 October 2016

Updated Q&A from ESMA on corporate aspects

ESMA has published an updated version of its Q&A on MAR. This includes the following new questions on:

  • Transactions carried out under Article 19 (1) of MAR in a currency which is not the Euro and the exchange rate to be used to determine crossing of the threshold set out in Article 19 (8) of MAR of EUR5 000. The daily euro foreign exchange reference rate as published on the ECB website should be used.
  • Whether material intended for distribution channels or for the public concerning financial instruments containing statements such as "undervalued", "fairly valued" or "overvalued" fall within the definition of "investment recommendation" set out under MAR.

The Q&As are accompanied by a press release.

ESMA, 26 October 2016