BANKING

UK Finance and AFME paper on need for post-Brexit contractual certainty on cross-border financial services contracts

A paper has been published by UK Finance and the Association for Financial Markets in Europe that examines the impact of Brexit on cross-border financial services contracts.

UK Finance and the Association for Financial Markets in Europe, 8 September 2017

 

FCA updates webpages for PSD2 payment and electronic money institution applications

The FCA has updated two of its webpages; one on applying to be a payment institution, alongside information on authorising and registering payment institutions, and one on applying to be an electronic money institution, with a webpage on authorising and registering as such an institution. The changes from PSD2, implemented in the UK by the Payment Services Regulations 2017 (SI 2017/752) will take effect from 13 January 2018.

Applications under PSD2 relating to payment institutions and EMIs can be submitted from 13 October 2017.

FCA, 8 September 2017

 

Updates made to ISDA’s standard initial margin model

A press release has announced that the latest version of The International Swaps and Derivatives Association's (ISDA) standard initial margin model has been launched. The new version includes new risk factors, and several other changes requested by the industry, including clarification of certain definitions and enhancements to the treatment of vega margin and commodity indices. The changes will come into effect on 4 December 2017.

The International Swaps and Derivatives Association, 7 September 2017

 

FIA supports Commission’s CCP reform proposals

A response from The Futures Industry Association (FIA) to the European Commission’s proposed changes to the authorisation and recognition of central counterparties in its European Market Infrastructure Regulation (EMIR) review has been published.

FIA, 8 September 2017

 

INSURANCE

EIOPA executive discusses digitalisation and the customer experience

Dr Manuela Zweimüller, the head of policy at the European Insurance and Occupational Pensions Authority (EIOPA), has given a speech on putting the consumer first. In the speech she has placed great importance on understanding customer behaviour and adapting to the challenges coming from digitalisation.

EIOPA, 8 September 2017