BANKING

Andrew Bailey speech on culture in financial institutions

The FCA has published a speech given by Andrew Bailey, FCA Chief Executive, given at the HKMA Annual Conference for Independent Non-Executive Directors. Highlights of the speech include:

  • In a large part, a firm’s culture emerges from inputs that are its own responsibility
  • Firms should ensure that their desired culture is consistent with appropriate conduct outcomes, identify drivers of behaviour within the firm and control the risks that these drivers create.
  • Culture change is a challenge, and takes time.

FCA, 16 March 2017

 

FCA consultation on treatment of PEPs under proposed Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017

The FCA has published a guidance consultation on the treatment of politically exposed persons (PEPs) under the  Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. Consultation closes for comments: 18 April 2017. FCA, March 2017

 

Treasury Committee Chair suggests FCA investigate reports that leaked ONS statistics are being used for inappropriate gain

A letter from Andrew Tyrie, Chairman of the House of Commons Treasury Committee, has been published which relates to inappropriate use of leaked statistics from the Office of National Statistics (ONS). Mr Tyrie refers to reports in the press that ONS statistics leaks are being used for inappropriate gain in financial markets. Treasury Committee, 15 March 2017

INSURANCE

PRA response to Treasury Committee request for further information on EU insurance regulation inquiry

A letter from Sam Woods, Bank of England (BoE) Deputy Governor, Prudential Regulation, and PRA Chief Executive Officer (CEO), relating to the committee's inquiry on EU insurance regulation, sent to Andrew Tyrie, Committee Chair, has been published. The letter provides the additional evidence that was requested by the Treasury Committee hearing on 22 February 2017. Bank of England, PRA, 3 March 2017

INVESTMENTS AND FUNDS

European Commission adopts Delegated Regulation delaying EMIR clearing obligation for financial counterparties with a limited activity volume

The European Commission has adopted a Delegated Regulation (C(2017) 1658 final) relating to the EMIR clearing obligation to prolong, by two years, the phase-in period for financial counterparties with a limited volume of OTC derivatives activity.

European Commission, 16 March 2017

European Parliament to consider MMF Regulation 3 to 6 April 2017

The European Parliament has updated its procedure file on the proposed Regulation on Money Market Funds (MMF Regulation). The updated procedure file indicates that the Parliament will consider the proposed Regulation during its plenary session from 3 to 6 April 2017. European Parliament, 16 March 2017