BANKING

BoE publishes MREL data for UK firms

An excel document has been published by the Bank of England (BoE) which contains the indicative data for the minimum requirement for own funds and eligible liabilities (MREL) obligations for UK firms, which intends to apply in full from 1 January 2022. They have also updated their webpage to explain the context for the data.

Bank of England, 5 May 2017

 

FCA policy development update: May 2017

The FCA has updated its webpage with a summary of their proposed publications, highlighting the changes that have been made since the FCA's previous publications schedule on 7 April 2017.

FCA, 5 May 2017

 

Criminal Finances Act 2017: financial services aspects

The Criminal Finances Bill 2016-17 received Royal Assent on 27 April 2017, and the text of the Criminal Finances Act 2017 has now been published.

Legislation.gov.uk, 5 May 2017

 

EBA consults on PSD2 guidelines on security measures for operational and security risks

A consultation paper has been published by the EBA with the guidelines on security measures for operational and security risks under the revised Payment Services Directive.

EBA, 5 May 2017

 

EBA publishes final draft technical standards under the Payment Accounts Directive

The final draft technical standards under the Payment Accounts Directive, which sets out the standardised terminology on services linked to a payment account and standardised formats has been published by the EBA. The Directive seeks to standardise the most relevant terminology for payment accounts across the EU.

EBA, 5 May 2017

 

ECB working paper finds EU-wide stress tests add value

A working paper has been published by the European Central Bank which argues that recent EU-wide stress tests have been useful by providing new information to the market which has enhanced market efficiency and provided support to the broader micro- and macro prudential uses of stress tests, aiming at safeguarding financial stability.

ECB, 5 May 2017

 

LSE introduces International Securities Market rulebook

The new International Securities Market (ISM) rulebook has been published by the London Stock Exchange. Amendments have been made to the Admission and Disclosure Standards to reflect the introduction of ISM which will be effective from 8 May 2017.

LSE, 5 May 2017

INSURANCE

OECD launches facility for reporting CRS avoidance

An online form has been made available on the OECD automatic exchange portal which allows information to be shared on schemes designed to avoid reporting under the CRS. The form allows information to be shared anonymously if desired. The first exchanges between tax authorities are due to start in September 2017. OECD, 5 May 2017

 

INVESTMENTS AND FUNDS

EMMI report on outcome of EURIBOR pre-live verification programme

A report has been published by the European Money Markets Institute (EMMI) which announces the outcome of the Euro Interbank Offered Rate (EURIBOR) pre-live verification programme and next steps. EMMI's analysis of the data they have collected through this programme from September 2016 to February 2017 has led them to conclude that it will not be feasible to evolve the current EURIBOR methodology under the current market conditions following a seamless transition path.

European Money Markets Institute, 5 May 2017