BANKING

FLA publishes September data

The Finance & Leasing Association has published Q3 consumer new car financeconsumer finance, and asset finance market data.

FLA, 11 November 2016

FCA and PBOC enter into co-operation agreement to promote innovation

The FCA has published the co-operation agreement that it has entered into with the People's Bank of China (PBOC).  In the agreement, the FCA and the PBOC undertake to share information about innovations in financial services in their respective markets, where appropriate.

FCA, 11 November 2016

European Parliament letter to EBA on RTS on strong customer authentication under PSD2

The EBA has published a letter that it has received from the European Parliament about the development of regulatory technical standards on strong customer authentication and secure communications under the Directive on payment services in the internal market ((EU) 2015/2366).

European Parliament, 11 November 2016

EBA letter to FISMA on RTS on conditions for capital requirements for mortgage exposures under the Capital Requirements Regulation

The EBA has published a letter from Andrea Enria, EBA Chairman, to Olivier Guersent, Director-General, DG FISMA, on the status of regulatory technical standards on conditions for capital requirements for mortgage exposures under the Capital Requirements Regulation (Regulation 575/2013).

EBA, 11 November 2016

HM Treasury consultation on rules for the FMI special administration regime

HM Treasury has published a consultation on rules on rules for the financial market infrastructure special administration regime.  The deadline for responses is 15 January 2017. The government expects that the FMI administration rules will be laid in 2017 and will then come into force on 6 April 2017 following the introduction of the Insolvency (England and Wales) Rules 2016.

HM Treasury, 11 November 2016

HMRC publishes draft consolidated guidance on the Code of Practice on taxation for banks

HMRC has published draft consolidated guidance on the Code of Practice on taxation for banks which replaces all existing guidance previously published on the Code. It contains new material on the relevance to the Code of Parliament's intentions, the Annual Report, identifying the Code population, the application of the Code to overseas entities, how HMRC will monitor Code compliance and how HMRC's Large Business Compliance Strategy applies to Banks which have adopted the Code.

HMRC has also published an updated governance protocol on compliance with the Code, which substantively replicates the last version of the Protocol published on 5 December 2013.

HMRC, 8 November 2016

INSURANCE

EC adopts Implementing Regulation on calculation of technical provisions and basic own funds

The European Commission has adopted an Implementing Regulation laying down information for the calculation of technical provisions and basic own funds for reporting with reference dates from 30 September until 30 December 2016 (that is, the fourth quarter of 2016) in accordance with the Solvency II Directive (2009/138/EC).

EC, 11 November 2016

INVESTMENTS AND FUNDS

EC letter to ESAs requesting opinions on key information documents

ESMA has published a letter from the European Commission to the European Supervisory Authorities (ESAs) with regard to amendments the Commission intends to make to the draft regulatory technical standards the ESAs submitted to the Commission on 6 April 2016 under the Regulation on key information documents for packaged retail and insurance-based investment products (Regulation 1286/2014).

ESMA, 11 November 2016

European Commission adopts CSDR level 2 legislative acts

The European Commission has adopted a package of six legislative acts to implement specific provisions of the Regulation on improving securities settlement and regulating central securities depositories (CSDs) (Regulation 909/2014) (CSDR), consisting of a Commission Delegated Act, three regulatory technical standards (RTS) and two implementing technical standards (ITS).

  • The Delegated Act and related annexes supplementing the CSDR regarding the parameters for the calculation of cash penalties for settlement fails and the operations of CSDs in host member states (C(2016)/7154), under Articles 7(14) and 24(7) of the CSDR.
  • Delegated Regulation and related annex supplementing the CSDR with regard to RTS on certain prudential requirements for CSDs and designated credit institutions offering banking-type ancillary services (C(2016) 7158), under Articles 47(3), 54(8) and 59(5) of the CSDR.
  • Delegated Regulation supplementing the CSDR with regard to RTS on authorisation, supervisory and operational requirements for CSDs (C(2016) 7159) and annexes
  • An Implementing Regulation setting out ITS with regard to standard forms, templates and procedures for authorisation, review and evaluation of central securities depositories, for the co-operation between authorities of the home member state and the host member state, for the consultation of authorities involved in the authorisation to provide banking-type ancillary services, for access involving central securities depositories, and with regard to the format of the records to be maintained by CSDs in accordance with the CSDR..
  • Delegated Regulation supplementing the CSDR with regard to RTS further specifying the content of the reporting on internalised settlements (C(2016) 7147), under the second subparagraph of Article 9(2) of the CSDR.
  • Implementing Regulation setting out ITS with regard to the templates and procedures for the reporting and transmission of information on internalised settlements under the CSDR, under the third subparagraph of Article 9(3) of the CSDR.

EC, 11 November 2016

WEALTH MANAGEMENT

FRC categorises signatories to the Stewardship Code

The Financial Reporting Council has categorised signatories to the Stewardship Code into tiers based on the quality of their Code statements. The assessment published today demonstrates much improved reporting against the Code and greater transparency in the UK market. There are nearly 300 signatories to the Code. 120 are in Tier 1, an increase from approximately 40 at the beginning of the exercise. This represents nearly 90 per cent of assets under management of members of the Investment Association.

FRC, 14 November 2016