BANKING

BoE forms Money Markets Committee

The Bank of England has updated their markets webpage in order to explain that a new Money Markets Committee was formed in March 2017, which will replace the previous markets committees, the Money Markets Liaison Committee and Securities Lending and Repo Committee.

Bank of England, 11 April 2017

 

Final text of resolution on finalisation of Basel III as adopted by European Parliament

The European Parliament published the final version of the text of the resolution it has adopted on finalisation of Basel III, to update the provision version of the text it published in November 2016. No changes have been made to the provisional text.

European Parliament, 11 April 2017

 

IRSG report on Brexit, mutual recognition and market access

The International Regulatory Strategy Group has published a report on Brexit in collaboration with Hogan Lovells. The report intends to look in detail at what mutual recognition is and to consider the key issues that will feature in an arrangement based on mutual recognition.

IRSG, 11 April 2017

 

FSB consults on proposed framework for post-implementation evaluation of G20 financial regulatory reforms

The Financial Stability Board has published a consultation document on the key elements of the proposed framework for the post-implementation evaluation of the effects of the G20 financial regulatory reforms, which is intended to guide analyses of whether the core reforms are achieving their intended outcomes

FSB, 11 April 2017

 

Corrigendum on the Single Resolution Mechanism and Fund Regulation

A corrigendum has been issued by the Council of the European Union which corrects an error in Regulation (EU) 806/2014, that establishes uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) 1093/2010.

Council of the European Union, 11 April 2017

 

INSURANCE

PRA launches general insurance stress test 2017

The PRA updated its webpage on stress testing to announce that it has asked the UK's largest general insurers to provide information on the impact of a range of stress tests on their projected own funds and about sectoral exposures to the UK economy.

PRA, 11 April 2017

 

Insurance Europe calls for clarity over PRIIPS RTS

Insurance Europe has published a press release welcoming the recently adopted regulatory technical standards for the Packaged Retail Investment and Insurance Products Regulation, but states that changes are required in the Level 3 measures to ensure they are implemented properly and with legal certainty.

Insurance Europe, 11 April 2017

 

INVESTMENTS AND FUNDS

FAMR progress report

The FCA and HM Treasury have published a joint report outlining their progress towards implementing each of the 28 Financial Advice and Markets Review (FAMR) recommendations, intended to help both consumers and the industry benefit from new and more cost-effective ways of delivering high quality, affordable and accessible financial advice and guidance.

FCA and HM Treasury, 11 April 2017

 

FCA guidance consultation on implementation of FAMR

The FCA has published guidance consultation, Financial Advice Market review (FAMR): Implementation part 1, the FCA's consultation on measures to address the recommendations set out in the March 2016 final report of the Financial Advice and Markets Review.

FCA, 11 April 2017

 

Financial Advice Working Group recommendations following FAMR

The Financial Advice Working Group has published three reports for HM Treasury and the FCA, as well as a foreward from its Chair, Nick Prettlejohn. The three reports cover the rules of thumb and nudges: improving the financial well-being of UK consumers, financial well-being in the workplace: a way forward, and consumer explanations of "advice" and "guidance."

Financial Advice Working Group, 11 April 2017

 

European Parliament concerns about MiFID II systematic internalisers operating broker crossing networks

The European Parliament's Economic and Monetary Affairs Committee has published a letter from the MiFID II negotiating team to the European Commission's Vice-President on concerns over systematic internalisers operating broker crossing networks.

European Parliament, 11 April 2017

 

ESMA to hold CRA Regulation open hearing

The European Securities and Markets Authority has published a press release announcing they will hold an open hearing on the 17 May 2017 on the proposed update of the ESMA guidelines on the application of the endorsement regime under Article 4(3) of the Credit Rating Agencies Regulation.

ESMA, 11 April 2017