BANKING

EBA consults on guidelines for complaints of infringements of PSD2

Draft guidelines have been published by the EBA, for competent authorities on the complaints procedures to be taken into consideration to ensure compliance by payment service providers with the revised Payment Services Directive ((EU) 2015/2366).

EBA, 16 February 2017

PSR receives first application under section 57 of Financial Services (Banking Reform) Act 2013

The Payment Systems Regulator published a press release announcing that it has received its first application under section 57 of the Financial Services (Banking Reform) Act 2013. Section 57 gives the PSR the power to vary the terms of an agreement between an indirect access provider that has direct access to a regulated payment system and another person to enable that other person to become a payment service provider in relation to the system.

PSR, 16 February 2017

EPC publishes responses to consultation on instant credit transfer (SCT Inst) scheme

The European Payments Council has published a document setting out responses it has received to its consultation on the Single Euro Payments Area instant credit transfer scheme, which also sets out the EPC's response to each of the comments received.

EPC, 16 February 2017

European Parliament adopts resolution on 2016 annual report on banking union

The European Parliament has published a provisional version of the resolution it has adopted on its 2016 annual report on banking union. The resolution is to be divided into the three main themes of supervision, resolution, and deposit insurance.

European Parliament, 16 February 2017

INVESTMENTS AND FUNDS

Supplementary BoE consultation on SONIA reform

A supplementary consultation paper on the reform of the Sterling Overnight Index Average (SONIA) interest rate benchmark has been published by The Bank of England. The consultation revises the method that had originally been proposed in October 2016 on one issue relating to the averaging methodology for SONIA. The supplement also includes an updated transition timetable.

Bank of England, 16 February 2017 INSURANCE

EIOPA decision on collaboration of insurance supervisory authorities

A decision on the collaboration of the insurance supervisory authorities has been published by EIOPA. The decision applies to the authorities of member states that supervise insurance and re-insurance undertakings under the Solvency II Directive (2009/138/EC).

EIOPA, 16 February 2017

PRA updates Solvency II supervisory statements

Following a consultation in September 2016 on updating the supervisory statements, the PRA issued two updated supervisory statements relating to requirements under the Solvency II Directive. Supervisory statement (SS25/15) relates to the regulatory reporting and internal model outputs under the Solvency II Directive (2009/138/EC). Supervisory statement (SS26/15) relates to the own risk and solvency assessment (ORSA) and the ultimate time horizon for non-life firms under Solvency II.

PRA, 16 February 2017

PRA February 2017 occasional consultation paper

An occasional consultation paper proposing amendments to certain Parts of the PRA Rulebook and supervisory statements has been issued by the PRA.

PRA, 16 February 2017