BANKING PRA consults on changes to PRA and FSCS fees and levies for insurers and designated investment firms

The PRA has published a consultation paper on proposals relating to periodic fees for designated investment firms (DIFs), periodic fees and Financial Services Compensation Scheme (FSCS) levies for insurers, and fees relating to models. In the proposals the PRA aims to ensure that the methodologies for determining PRA fees for DIFs and insurers are appropriate to the risks these firms pose to its objectives. In the case of PRA fees and FCSC levies for insurers, the proposals reflect the introduction of the Solvency II Directive (2009/138/EC). Other proposed changes set out in CP16/17 are intended to ensure that model application fees are appropriately calibrated for different fee payers, and that PRA costs associated with reviewing and maintaining firms' models and model changes are appropriately targeted at relevant firms.

PRA, 8 August 2017

INVESTMENTS AND FUNDS

Responses to ESMA's consultation on draft technical advice, ITS and guidelines under MMF Regulation

ESMA has published responses to its May 2017 consultation on draft technical advice, draft implementing technical standards (ITS) and draft guidelines under the Regulation on money market funds (MMF Regulation). Respondents include the European Fund and Asset Management Association (EFAMA) and the Global Legal Entity Identifier Foundation (GLEIF).

ESMA, 8 August 2017

ESMA updates guidelines on transaction reporting under MiFID II and MiFIR

ESMA has published an updated version of its guidelines on transaction reporting, order record keeping and clock synchronisation under the MiFID II Directive and the Markets in Financial Instruments Regulation (MiFIR). In a related press release, ESMA explains that changes made to the guidelines correct some unintended factual mistakes, typos and inconsistencies in the technical part of the guidelines. However, ESMA goes on to advise that none of the corrections aim to alter the substance or policy provisions of the guidelines. Also, it advises that the updated guidelines will not have an impact on the timeline for completion of the "comply and explain" procedure by member states. ESMA has also published a marked-up version of the updated guidelines to show the changes that have been made. 

ESMA, 8 August 2017