BANKING

HM Treasury consults on PSD2 implementation

HM Treasury has published a consultation paper on implementation of the revised Payment Services Directive ((EU) 2015/2366) (PSD2).  The consultation paper closes to responses on 16 March 2017. HM Treasury, 2 February 2017

HM Treasury confirms appointment of new NS&I CEO

HM Treasury has announced the appointment of Ian Ackerley as Chief Executive of National Savings & Investments. HM Treasury, 2 February 2017

AFME-commissioned report analyses operational impact of Brexit on EU banking sector

The Association for Financial Markets in Europe (AFME) has published a report entitled "Planning for Brexit: operational impacts on wholesale banking and capital markets in Europe".  In producing the report, PwC gathered information on Brexit planning from 15 banks spanning a range of sizes, activities, origins and legal entity structures. They include banks headquartered in the EU27, the UK and non-EU countries in broadly even measure, to obtain representative impacts from across the EU banking sector. AFME, 2 February 2017

EBA 2015 report on high earners in EU banks

The EBA has published its 2015 report on high earners in EU banks.  Under article 75(3) of the CRD IV Directive (2013/36/EU), the EBA is required, on an annual basis, to publish aggregated data on high earners in EU banks earning EUR 1 million or more in a financial year.

For the purposes of the 2015 report, the EBA has analysed the data that has been provided by national competent authorities as at the end of 2015, and compared it to the 2014 data. EBA, 2 February 2017

FCA: Minutes of Payment Services Stakeholder Liaison Group

The FCA has published the minutes of the meeting of the Payment Services Stakeholder Liaison Group (PSSLG) that was held on 1 December 2016. FCA, 1 February 2017

European Commission speech on "Basel IV" output floor proposals

The European Commission has published a speech given by Olivier Guersent, Director-General, DG FISMA.  In the speech, Mr Guersent sets out the Commission's concerns with the proposed reforms to the Basel III framework, sometimes referred to as "Basel IV". EC, 2 February 2017

CMA makes Retail Banking Market Investigation Order 2017

The CMA has made the Retail Banking Market Investigation Order 2017 to implement certain remedies identified in its retail banking market investigation final report. The Retail Banking Market Investigation Order 2017 implements a suite of remedial measures designed to improve service quality, switching and information for banking customers. CMA, 2 February 2017

 

PRA policy statement on implementation of ring-fencing: reporting and residual matters

The PRA has issued a policy statement on the implementation of ring-fencing: reporting and residual matters (PS3/17).

PS3/17 is relevant to banking groups that will be required by the Financial Services and Markets Act 2000 (FSMA) (as amended by the Financial Services (Banking Reform) Act 2013) to ring-fence their core activities. It will also be relevant to banking groups that may approach the prescribed threshold over time, and to financial and other institutions, and customers, who have dealings with these banking groups. The PRA intends for it to be read alongside the Ring-fenced Bodies Part and the Regulatory Reporting Part of the PRA Rulebook. FCA, 1 February 2017

FCA expects to consult in early Q2 2017 on Handbook changes to implement PSD2

The FCA has published a timeline relating to the revised Payment Services Directive ((EU) 2015/2366) (PSD2):

  • HM Treasury is due to consult on implementing regulations, which will update the Payment Services Regulations 2009 (SI 2009/209) (PSRs), in the first quarter of 2017
  • Once HM Treasury has published its consultation paper, the FCA will consult on the necessary changes to its guidance and Handbook rules. The FCA expects to consult early in the second quarter of 2017.
  • Some of the regulatory technical standards (RTS) and guidelines under PSD2 that are being developed by the EBA will come into force after January 2018.

Member states must transpose PSD2 into national law and regulations by 13 January 2018 FCA, 1 February 2017

INSURANCE

European Commission speech on insurance sector developments

The European Commission has published a speech given by Vice President Valdis Dombrovskis, European Commissioner for Financial Stability, Financial Services and Capital Markets Union (CMU), on developments in the insurance sector. EC, 1 February 2017

EIOPA updates its Single Programming Document 2017 - 2019

EIOPA has published its updated Single Programming Document 2017 – 2019 (Annual Work Programme 2017). EIOPA, 2 February 2017

EIOPA consults on guidelines on complex insurance-based investment products under IDD

EIOPA has published a consultation paper (EIOPA-CP-17/001) on proposed guidelines under the Insurance Distribution Directive ((EU) 2016/97) (IDD) on insurance-based investment products (IBIPs) that incorporate a structure that makes it difficult for customers to understand the risks involved. EIOPA, 2 February 2017

Official translations of EIOPA guidelines on facilitating effective dialogue between insurance supervisors and statutory auditors

EIOPA has published the official translations of its final guidelines on facilitating an effective dialogue between insurance supervisors and statutory auditors.  The guidelines will apply from 31 May 2017. EIOPA, 2 February 2017

INVESTMENTS AND FUNDS

EMMI update on second phase pre-live verification programme for evolution of EURIBOR

The European Money Markets Institute (EMMI) has published a press release providing an update on the second phase of the pre-live verification programme for the evolution of the Euro Interbank Offered Rate (EURIBOR).  The second (and last) phase of the programme sets out the environment to test daily transmission of eligible data for a EURIBOR transaction-based methodology. It is aimed at ensuring the operational readiness of the infrastructure to collect and store daily transaction data.  At this stage, 31 banks are participating in the programme. EMMI, 1 February 2017

ESMA updates MiFIR data reporting Q&As

ESMA has published an updated version of its Q&As on data reporting under the Markets in Financial Instruments Regulation (Regulation 600/2014) (MiFIR) (ESMA70-1861941480-56). ESMA, 2 February 2017

ESMA updates Q&A on EMIR implementation

ESMA has published an updated version of its Q&A (ESMA70-1861941480-52) on the implementation of EMIR.  The updated Q&A include a new answer that relates to transition to the revised technical standards on reporting, which will apply from 1 November 2017. ESMA, 2 February 2017

ISDA updates OTC derivatives compliance calendar

The latest version of the compliance calendar for over-the-counter (OTC) derivatives has been published by the International Swaps and Derivatives Association (ISDA). The ISDA calendar is used as the global calendar of compliance deadlines and regulatory dates for OTC derivatives, and now runs to September 2020. ISDA, 31 January 2017