BANKING

PRA policy statement on residential mortgage risk weights

The PRA has published a policy statement on residential mortgage risk weights (PS13/17). PS13/17 is relevant to banks and building societies that use the internal ratings based approach to calculate credit risk capital requirements relating to residential mortgage portfolios. It contains feedback to the PRA's July 2016 consultation paper on residential mortgage risk weights (CP16/19). Prudential Regulation Authority, 19 June 2017

ECON committee meeting notes released

The European Parliament has published details of an economic dialogue and exchange of views with the President of the Council on 19 June 2017. In its discussion of the Banking Union, the meeting identified three areas of priority: further reinforcing prudential management and strengthening market discipline, taking action against non-performing loans, and assessing the features of loan enforcement and insolvency systems which have an impact on banks’ balance sheets. ECON, 19 June 2017

 

BBA and Payments UK respond to Commission consultation on FinTech

The British Bankers' Association (BBA) and Payments UK (PUK) have issued a joint response to the European Commission's consultation 'FinTech: A more competitive and innovative European financial sector'.. The BBA and PUK broadly welcome the co-ordination of the EU FinTech agenda, but warn that due to the extensive amount of work progressing at pace across the EU, there is a risk of duplication and error if there is not proper co-ordination. British Bankers’ Association and Payments UK, 15 June 2017

 

Danièle Nouy discusses strengthening banks and harmonising EU regulation

The chair of the supervisory board of the European Central Bank (ECB), Danièle Nouy, gave the introductory statement at a meeting of the European Parliament's Economic and Monetary Affairs Committee. Ms Nouy discussed non-performing loans, Brexit and key issues of the banking legislation package from the supervisory perspective. European Central Bank, 19 June 2017

 

INSURANCE

EIOPA supervisory assessment of ORSA

The EIOPA has published a supervisory assessment containing an assessment of the first supervisory experiences of how European reinsurance companies have implemented the own risk and solvency assessment (ORSA) process under Article 45 of the Solvency II Directive. EIOPA, 19 June 2017

 

FOS consults on amending voluntary jurisdiction rules to reflect FCA final rules and guidance on PPI complaints

The Financial Ombudsman Service (FOS) published a consultation on proposed amendments to its voluntary jurisdiction rules to reflect the FCA's final rules and guidance on PPI complaints. Financial Ombudsman Service, 19 June 2017

 

EIOPA responds to Commission's FinTech consultation

The European Insurance and Occupational Pensions Authority (EIOPA) has responded to the European Commission consultation on 'FinTech: A more competitive and innovative European Financial Sector', saying EIOPA will continue to monitor digitalisation developments and address key aspects through its Consumer Trends and Financial Stability reports. European Insurance and Occupational Pensions Authority, 16 June 2017

 

INVESTMENTS AND FUNDS

Delegated Regulation on RTS specifying information to be notified by investment firms, market operators and credit institutions under MiFID II Directive published in OJ

The Delegated Regulation (EU) 2017/1018 supplementing the MiFID II Directive with regard to regulatory technical standards (RTS) specifying information to be notified by investment firms, market operators and credit institutions has been published in the Official Journal of the EU (OJ).

Official Journal of the EU, 17 June 2017

 

FCA guidance on MiFID II applications for permissions

The FCA has published a press release containing information about MiFID II and applications for permissions.

FCA, 19 June 2017

 

ESMA consults on MiFIR trading obligation for derivatives

The ESMA has published a consultation paper on the trading obligation for derivatives under the MiFIR. The trading obligation for derivatives is set out in Article 28 of MiFIR. Derivatives that are subject to the trading obligation may only be traded on a regulated market, multilateral trading facility, organised trading facility, or a third country venue deemed to be equivalent by the European Commission. ESMA, 19 June 2017