FCA consults on proposed guidance on redress schemes for anti-competitive behavior. The UK Financial Conduct Authority (FCA) published proposed guidance regarding its approach to approving and enforcing redress schemes related to violations of the prohibitions on anti-competitive behavior under the Competition Act 1998. Comments on the prosed guidance are due on or before February 15, 2016. (1/19/2016) FCA press release.
ECB publishes results of December 2015 SESFOD survey. The European Central Bank (ECB) published the results of its December 2015 survey regarding credit terms and conditions in euro-denominated securities financing and OTC derivatives markets. Key findings of the survey include less favorable credit terms for counterparties in all securities financing and OTC derivatives transactions; the deterioration of liquidity and functioning of markets for several types of euro-denominated collateral; and a reduction in market-making activities by banks that is expected to continue in 2016. (1/19/2016) ECB press release.
ECB euro bank lending survey. The ECB published the results of its January 2016 euro area bank lending survey, which found an increase in demand for loans across categories, improved borrowing conditions, and the strengthening of banks’ capital positions. (1/19/2016) ECB press release.
EC requests additional input from ESMA on AIFMD passport. The European Securities and Markets Authority (ESMA) released a letter it received from the European Commission regarding ESMA’s advice on the application of the Alternative Investment Fund Managers Directive (AIFMD) passport to non-EU alternative investment funds and managers. The EC requested that ESMA produce another opinion on the functioning of the passport and national private placement regimes after the AIFMD has been implemented throughout the EU. (1/19 2016)ESMA press release.
FCA, PRA joint consultation on 2016/17 MELL. The FCA and the Prudential Regulation Authority (PRA) requested comment on a joint consultation that sets the 2016/17 management expenses levy limit (MELL), which is the maximum amount the Financial Services Compensation Scheme can levy to fulfil its obligations under FCA and PRA rules. Comments are due on or before February 15, 2016. (1/18/2016) FCA press release.
EBA public hearing on proposed standards for the separation of payment card schemes and processing entities. The European Banking Authority (EBA) will hold a public hearing on February 19, 2016, on its draft technical standards on the separation of payment card schemes and processing entities. (1/14/2016) EBA press release.
EBA revises final draft technical standards and Guidelines on methodology and disclosure for global systemically important institutions. The EBA has revised its final draft technical standards and Guidelines on the specification of the indicators of global systemic importance and their disclosure in response to changes made by the Basel Committee on Banking Supervision for the identification of global systemically important banks (G-SIBs). The revisions clarify that other large institutions with an overall exposure of more than EUR 200 billion and which are potentially systemically relevant will also be subject to the disclosure requirements under the Guidelines. (1/13/2016) EBA press release.
BOE proposal on buy-outs of variable remuneration. The Bank of England (BOE) and the PRA proposed new rules to strengthen the remuneration requirements on buy-outs of variable remuneration. The proposal, which is set out in a PRA consultation paper, would allow an employer to apply a clawback to any bonus awards they buy-out from the previous employer of a new employee if the previous employer determines the employee was guilty of misconduct or risk management failings. Comments are due on or before April 13, 2016. (1/13/2016) BOE press release.
ESMA signs cooperation agreements with Canadian and Swiss regulators on CCPs. ESMA announced it has entered into three Memoranda of Understanding with the Alberta Securities Commission, the Manitoba Securities Commission, the Ontario Securities Commission, the Swiss Financial Market Authority, and the Swiss National Bank to facilitate cooperation and the exchange of information regarding Central Counterparties (CCPs). (1/7/2016) ESMA press release.
FCA releases retirement income market data. The FCA published data from retirement income providers regarding assets in contract-based pensions during the period from July to September 2015. (1/6/2016) FCA press release.
FCA consults on technical rule changes to the Senior Managers & Certification Regime. The FCA published a consultation paper that proposes technical changes to rules and forms resulting from changes to the Senior Managers & Certification Regime, including the removal of the requirement that firms report to the FCA known and suspected violations of FCA Rules of Conduct. Comments are due on or before February 5, 2016. (1/6/2016) FCA press release.
PRA consultation paper on rule and form amendments related to Senior Manger & Certification Regime changes. The PRA requested comment on a consultation paper that proposes amendments to rules and forms related to proposed changes to remove from the Senior Manager & Certification Regime the requirement that relevant authorized persons notify regulators if an individual performing a Senior Management Function failed to comply with regulators’ conduct rules. Comments are due on February 8, 2016. The PRA published an updated supervisory statement alongside the consultation paper. (1/6/2016)