BANKING

Payment services stakeholder liaison group minutes published

The FCA has published minutes of the meeting of the Payment Services Stakeholder Liaison Group which took place on 14 October 2016. The next meeting is due to take place in December and the key topic is likely to be the definition of online payment account access.

FCA, 09 November 2016

FinTech Accelerator speech from Bank of England COO

The Bank of England has published a speech given by the Chief Operating Officer on the progress of the bank's FinTech Accelerator which sees the BoE working with FinTech firms to develop new approaches in priority areas. Key elements of the proof of concept (PoC) projects undertaken were summarised in the speech, highlighting work relating to data analytics, visualisation and cybersecurity. The BoE website also states that the next call for applications will close on 9 December 2016.  

Bank of England, 09 November 2016

Draft report on European deposit insurance scheme from ECON

A draft report on the proposed Regulation establishing EDIS regulation has been published by ECON. The report follows on from the working document published in June and includes the following key amendments:

  • Phases for introducing EDIS
  • Deposit insurance fund

European Parliament, 09 November 2016

EC roadmap on criminalisation of money laundering

The European Commission has published a roadmap on its proposal for a Directive on the criminalisation of money laundering. The proposal aims to introduce minimum rules regarding definition of offences and to approximate sanctions, bringing EU legal framework into line with FATF recommendations.

European Commission, 25 October 2016

INVESTMENTS AND FUNDS

Proposal to extend PRIIPs regulation application

The European Commission has published a press release announcing a proposal to extend the date of application of the KIDS regulation for PRIIPs by one year. This is proposed in the interest of ensuring a smooth implementation for consumers and to ensure certainty in the sector. A legislative proposal has been published and the revised framework is expected to come into place during the first half of 2017, applying from January 2018.

European commission, 09 November 2016

EC green paper on retail financial services: ECON report

report has been published by ECON on the European Commission's Green Paper on retail financial services. ECON voted to adopt the report on 11 October 2016 and it is tabled for the Parliament's forthcoming plenary session on 23 and 24 November 2016. A follow-up initiative, taking the form of an action plan, is also being worked upon.

European Parliament, 09 November 2016