Financial transaction tax. According to Reuters, France is leading efforts to adopt a financial transaction tax in the EU by 2016. (12/9/2014) FTT. 

FCA consults on capital requirements for mortgage firms. The UK Financial Conduct Authority issued a consultation paper on proposed changes to its Handbook that would make it simpler for certain mortgage firms to calculate their capital requirements. Comments should be submitted by January 19, 2015. (12/8/2014) FCA press release. 

FCA regulatory strategy. The UK Financial Conduct Authority set out how it intends to meet its regulatory challenges in the coming year. (12/8/2014) FCA press release. 

FCA quarterly consultation. The UK Financial Conduct Authority published its quarterly consultation on proposed miscellaneous amendments to its Handbook. The consultation proposes changes to SUP 16.6 compliance reports; proposes amendments to the Prospectus Rules, proposes the revocation of the Building Societies Regulatory Guide; and proposes changes to the Training and Competence sourcebook list of appropriate qualifications. (12/5/2014) FCA press release. 

FCA enforcement conference. The UK Financial Conduct Authority summarized the discussion at its December 2, 2014 enforcement conference. (12/5/2014) FCA press release.

EC Commissioner Jonathon Hill. Reuters summarized the recent efforts of Jonathon Hill, the EC financial industry Commissioner. EC Commissioner.(12/5/2014)

ESMA signs agreements with Australian regulators. The European Securities and Markets Authority and the Australian Securities and Investments Commission signed a Memorandum of Understanding on access to data held in European trade repositories. The ESMA-ASIC MoU is the first cooperation arrangement established under the European Markets Infrastructure Regulation (EMIR). (12/4/2014) ESMA notice on MoU. ESMA also announced the signing of a second MoU with the ASIC and the Reserve Bank of Australia, which establishes cooperation arrangements between the signatory authorities regarding central counterparties established in Australia and which have applied for recognition under EMIR. (12/4/2014) ESMA notice on CCPs. 

ESMA consults on AIFMD asset segregation requirements. The European Securities and Markets Authority published a consultation paper on the Alternative Investment Fund Managers Directive (AIFMD) asset segregation requirements. The consultation paper sets out ESMA’s proposals for possible guidelines regarding the asset segregation requirements in case of delegation of safe-keeping duties by the appointed depositary of an alternative investment fund. Comments should be submitted by January 30, 2015. (12/1/2014) ESMA notice. 

FCA proposes market conduct guidance. The UK Financial Conduct Authority published proposed guidance regarding the market conduct rules for multilateral trading facilities. Comments should be submitted by January 16, 2015. (12/1/2014)FCA press release. 

ESMA final advice on UCITS V Directive. The European Securities and Markets Authority published its final advice to the European Commission on the content of two of the delegated acts on depositaries required by the Undertakings for Collective Investment in Transferable Securities (UCITS) V Directive. The advice pertains to insolvency protection of UCITS assets when delegating safekeeping and the independence requirement. (11/28/2014) ESMA notice. 

EBA consults on bank resolution issues. The European Banking Authority launched a consultation on draft Regulatory Technical Standards establishing minimum requirement for own funds and eligible liabilities (MREL) laid down in the Bank Recovery and Resolution Directive. The aim of these standards is to achieve an appropriate degree of convergence in how these criteria are interpreted and applied across the EU. Institutions with similar risk profiles, resolvability and other characteristics in any Member State should have similar levels of MREL. Comments should be submitted by February 27, 2015. (11/28/2014) EBA press release. 

PRA proposed changes to liquidity regime. The UK Prudential Regulation Authority published draft rules and a draft supervisory statement which set out the PRA’s proposed update to its liquidity regime. Comments should be submitted by February 27, 2015. (11/28/2014) PRA press release. 

FCA policy statement on retirement reforms. The UK Financial Conduct Authority published a policy statement in anticipation of the Pension Schemes Bill currently going through Parliament. (11/27/2014) FCA press release. 

FCA updates Knowledge Base. The UK Financial Conduct Authority published an update to the Knowledge Base concerning non-equity prospectuses aimed at retail investors. (11/27/2014) FCA press release. 

FCA proposes fee changes. The UK Financial Conduct Authority published proposed policy changes to its fee and levy regimes. Comments should be submitted by February 2, 2015. (11/27/2014) FCA press release. 

FCA proposes changes to Approved Persons Regime. The UK Financial Conduct Authority published a consultation paper proposing changes to the Approved Persons Regime for Solvency II firms. Comments should be submitted by February 2, 2015. (11/26/2014) FCA press release. 

UK PSR annual plan. The UK Payment Systems Regulator published its first annual plan. (11/25/2014) FCA press release. 

ESMA approves credit rating agency application. The European Securities and Markets Authority approved the registration of Moody’s Investors Service EMEA Limited as a credit rating agency. (11/24/2014) ESMA notice. 

FCA review of conflicts of interest. The UK Financial Conduct Authority presented the findings of its review of conflicts of interest arising from wealth management and private banking firms’ use of in-house investment products in retail discretionary and advisory investment portfolios. (11/24/2014) FCA press release. 

PRA proposed handbook changes. The UK Prudential Regulation Authority published a consultation paper on proposed changes to certain modules of the PRA Handbook. The consultation seeks comments on draft rules concerning disclosures; four draft supervisory statements; and a statement of policy that sets out the PRA’s approach to insurance business transfers. Comments should be submitted by January 23, 2015. (11/24/2014) PRA press release. 

PRA consultation for insurance firms. The UK Prudential Regulation Authority published a consultation paper setting forth two sets of proposed rules on the appointment of actuaries and schemes of operations to align the PRA Rulebook with the Solvency II Directive. Comments should be submitted by January 30, 2015. (11/21/2014) PRA press release. 

EU advocate general approves compensation limits. The Advocate General for the European Union Court of Justice has upheld EU limits on banker pay. The Advocate General recommended that the Court dismiss a challenge brought by the UK to EU rules adopting compensation limits for financial institutions. (11/20/2014)EU Court of Justice press release. 

FCA review of complaint handling. The UK Financial Conduct Authority published the results of its thematic review of complaint handling. (11/17/2014) FCA press release. 

ESMA publishes enforcement decision summaries. The European Securities and Markets Authority published extracts from its confidential database of enforcement decisions on financial statements in order to provide issuers and users of financial statements with relevant information on the appropriate application of the International Financial Reporting Standards. (11/18/2014) ESMA notice. 

ESAs consult on retail investment information. The Joint Committee of the three European Supervisory Authorities published a discussion paper on Key Information Documents designed to help retail investors in the EU better understand and compare packaged retail and insurance-based investment products across the EU. Comments should be submitted by February 17, 2015. (11/17/2014) EBA press release. 

ESMA risk dashboard. The European Securities and Markets Authority published its Risk dashboard for the third quarter of 2014. (11/14/2014) ESMA notice. 

FCA proposes guidance concerning financial crimes systems and controls.The UK Financial Conduct Authority requested comment on proposed amendments to its regulatory guidance, “Financial crime: a guide for firms.” The amendments would provide examples of good practice from the FCA’s recent thematic reviews that considered small banks’ anti-money laundering and financial sanctions, and small commercial insurance brokers’ anti-bribery and corruption systems and controls. Comments should be submitted by February 6, 2015. (11/14/2014) FCA press release. 

UK Payment Systems Regulator proposal. The UK’s new Payment Systems Regulator published its proposal for the regulation of the payments industry beginning April 1, 2015. Comments should be submitted by January 12, 2015. (11/13/2014) PSR press release. 

EBA consults on assessment methodology for IRB approach. The European Banking Authority opened a consultation on draft Regulatory Technical Standards on an assessment methodology for the internal ratings-based approach. Comments should be submitted by March 12, 2015. (11/12/2014) EBA press release. 

EBA consults on guidelines on the use of the bail-in power. The European Banking Authority opened public consultations on (i) guidelines on the treatment of shareholders when applying the bail-in tool or the write down or conversion of capital instruments, and (ii) guidelines on when and how different conversion rates from debt to equity should be set for different types of liability. Comments should be submitted by February 6, 2015. (11/11/2014) EBA press release.