BANKING

EBA issues final guidelines on authorisation and registration under PSD2

The EBA has published a final report which contains final guidelines on the information to be provided by applicants intending to obtain authorisation as a payment institution (PI) or e-money institution (EMI), or to register as an account information service provider (AISP), under the Directive on payment services in the internal market ((EU) 2015/2366) (PSD2). EBA, 11 July 2017

Bank of England publishes results of latest Fintech Accelerator proofs of concept round

The Bank of England has published a press release summarising the results of the latest round of proofs of concept (PoC) considered by its FinTech Accelerator. The PoCs cover four important areas of the Bank’s work: analysing large-scale supervisory data sets; executing high-value payments across currencies and borders; identifying and applying cross-cutting legal themes from regulatory enforcement actions; and measuring performance on the Bank’s internal projects portfolio. Bank of England, 11 July 2017

EBA publishes data on EU deposit guarantee schemes

The EBA has published a press release announcing the publication of data relating to available financial means and covered deposits under the Deposit Guarantee Schemes Directive. The EBA receives data each year from EU member states on available financial means and covered deposits under Article 10 of the DGSD. EBA, 11 July 2017

INSURANCE

EIOPA: opinion to support supervisory convergence in EU27 in context of UK withdrawing from EU

EIOPA has published an opinion on supervisory convergence in the light of the UK withdrawing from the EU.

Addressed to the supervisors of the EU member states, the opinion  refers in particular to the EU27 (and the EEA and EFTA members), and applies to authorisation and approval processes, governance and risk management, outsourcing and on-going supervision of UK-based insurers and reinsurers falling under the Solvency II Directive framework. EIOPA, 11 July 2017

 

INVESTMENTS AND FUNDS

ESMA issues guidelines on co-operation between authorities under CSDR

The ESMA has published guidelines on co-operation requirements between competent authorities under Articles 17 and 23 of the Regulation on improving securities settlement and regulating central securities depositories (CSDs) (Regulation 909/2014) (CSDR). ESMA, 11 July 2017 European Commission adopts Delegated Regulation on RTS outlining list of information to be included by proposed acquirer of investment firm under MiFID and MiFID II Directives

The European Commission has published a Delegated Regulation it has adopted with regard to regulatory technical standards (RTS) for an exhaustive list of information to be included by proposed acquirers in the notification of a proposed acquisition of a qualifying holding in an investment firm, supplementing the MiFID and the MiFID II Directive. European Commission, 11 July 2017

ESMA updates Q&A on application of AIFMD and UCITS Directive: July 2017

A press release published by ESMA announces it has updated two sets of Q&A: the first on application of the Alternative Investment Fund Managers Directive (AIFMD); and secondly on application of the Undertakings for the Collective Investment in Transferable Securities Directive (UCITS) Directive. The Q&As were last updated in May 2017. The AIFMD Q&A include three new questions and answers on the reporting requirements for: loans purchased on the secondary market; conversion of the total value of assets under management (AUM); and currency of the net asset value (NAV). The UCITS Q&A include two new questions and answers on: issuer concentration; and Group links, independence and cooling-off periods. ESMA, 11 July 2017

 

European Commission adopts Implementing Regulation laying down ITS on procedures relating to notifications of proposed acquisition of investment firm under MiFID and MiFID II Directives

The European Commission has adopted an Implementing Regulation laying down implementing technical standards (ITS) with regard to standard forms, templates and procedures for the consultation process between relevant competent authorities relating to the notification of a proposed acquisition of a qualifying holding in an investment firm, in accordance with the MiFID and the MiFID II Directive. Annexes to the Implementing Regulation have been published separately. European Commission, 11 July 2017

ESMA: report on technical standards on data to be made publicly available by trade repositories under EMIR

ESMA has published a final report which sets out draft regulatory technical standards (RTS) on data to be made publicly available by trade repositories (TRs) under Article 81 of EMIR. ESMA consulted on the draft technical standards in in December 2016. The consultation proposed changes to Commission Delegated Regulation (EU) 151/2013, which set out RTS specifying the data to be published and made available by trade repositories (TRs) and operational standards for aggregating, comparing and accessing the data ESMA, 11 July 2017