BANKING

FCA Handbook Notice 46

The FCA published Handbook Notice 46, which sets out the changes made to the FCA Handbook under instruments made by the FCA Board on 30 June 2017, 6 July 2017 and 20 July 2017, and to be made by the Financial Ombudsman Service (FOS) Board on 26 July 2017. FCA, 21 July 2017

HM Government launches open consultation on the Anti-money laundering supervisory review

The government had published the Anti-money laundering supervisory regime back in March: response to the consultation and call for further information. The government has published a response to the call for further information, along with draft regulations to establish such an entity, an impact assessment and a committee opinion. Responses are sought by 17 August 2017. HM Government, 21 July 2017

PSR policy statement on 2017/18 regulatory fees

The Payment Systems Regulator (PSR) has published a policy statement on how the fees for the PSR's functions under the Financial Services (Banking Reform) Act 2013 (Banking Reform Act, also referred to as FSBRA) and the Interchange Fee Regulation (IFR) will be allocated, calculated and collected in 2017/18. The final made rules are set out in the Fees (Payment Systems Regulator) Instrument (No 4) 2017. This instrument was made by the FCA Board on 20 July 2017 and comes into force on 21 July 2017. The instrument sets out the individual operator fee rates. PSR, 21 July 2017

PSR Board minutes from meeting held on 17 May 2017

The Payment Systems Regulator (PSR) has published minutes from a Board meeting held on 17 May 2017. PSR, 21 July 2017

 

ESAs Board of Appeal dismisses appeal by FinancialCraft Analytics for registration as CRA

The Board of Appeal of the European Supervisory Authorities (ESAs) have handed down its decision which dismissed an appeal by FinancialCraft Analytics Sp. z o.o., against the refusal by ESMA to register it as a credit rating agency (CRA). In December 2016, ESMA rejected an application by Global Rating for registration as a CRA under the CRA Regulation (Regulation 1060/2009). ESMA refused the application on the grounds that Global Rating did not satisfy the criteria specified in the CRA Regulation for registration, in particular those relating to internal controls, conflicts of interest, independence and methodologies. Global Rating also failed to satisfy the criteria set in the CRA Regulation to take advantage of exemptions available for small CRAs. ESA, 20 July 2017

 

INSURANCE

European Commission consults on draft Delegated Regulation supplementing IDD on product oversight and governance arrangements

The European Commission has published for consultation a draft Delegated Regulation supplementing the Insurance Distribution Directive (IDD) with regard to product oversight and governance requirements for insurance undertakings and insurance distributors. A related Commission webpage states that comments can be made on the draft Delegated Regulation until 17 August 2017. EC, 20 July 2017

IAIS releases ICS version 1.0 for extended field testing

The International Association of Insurance Supervisors (IAIS) has published a report on extended field testing for the risk-based global insurance capital standard (ICS) version 1.0. The purpose of the report is to describe the background and rationale for different components of ICS version 1.0 for extended field testing, which will be an important input into the future development of the ICS. In a related press release, the IAIS explains that the release of ICS version 1.0 for extended field testing represents an important step towards the development of ICS version 2.0 by late 2019. Other related materials, including a field testing questionnaire and templates, updated FAQs and an ultimate and interim goals document, can be accessed from the IAIS' insurance capital standard paper webpage. IAIS, 21 July 2017

INVESTMENTS AND FUNDS

ESMA updates technical reporting instructions on transaction reporting under MiFIR

ESMA has published an updated version of its technical reporting instructions relating to transaction reporting under the Markets in Financial Instruments Regulation (MiFIR). Annex 1: data validation rules and Annex 2: messages schemas have been published separately. The amendments that have been made to the reporting instructions are set out in a log of changes. ESMA, 21 July 2017