BANKING

Chartered Body Alliance established to enhance professionalism in financial services

The Chartered Insurance Institute (CII) has published a press release announcing the establishment of the Chartered Body Alliance, a partnership between the CII, the Chartered Institute for Securities & Investments (CIS) and the Chartered Banker Institute (CBI). The new alliance aims to help consumers recognise the benefits of engaging with qualified sector professionals.

CII, 1 March 2017

 

European Commission publishes speech on FinTech

The European Commission has published a keynote speech given by Vice President Valdis Dombrovskis at the FinTech & Digital Innovation Conference 1st Annual Conference. In the speech, Mr Dombrovskis explains that the Commission's goal is to ensure the regulatory framework enables the EU financial sector to take full advantage of new technology, while keeping consumers and investors protected.

European Commission, 28 February 2017

 

EBA consults on draft RTS under CRR on specification of nature, severity and duration of an economic downturn

The EBA has published a consultation paper on draft regulatory Technical Standards (RTS_ on the specification of the nature, severity and duration of an economic downturn in accordance with Articles 181(3) (a) and 182(4) (a) of the Capital Requirements Regulation (EU) No 575/2013. The consultation closes 29 May 2017 and the EBA will hold a public hearing on the consultation 4 April 2017.

EBA, 1 March 2017

 

ECSG publishes version 8.0 of the Single Euro Payments Area (SEPA) cards standardisation (SCS) volume

The European Cards Stakeholders Group (ECSG) has issued a press release announcing publication of version 8.0 of the SEPA Cards Standardisation Volume ('the Volume'). The initiative aims to ensure interoperability and security of cards in Europe.

European Cards Stakeholders Group, 1 March 2017

 

ECB guide to targeted review of internal models

The European Central Bank has published a guide to targeted review of internal models (TRIM), setting out the ECB's view on the appropriate supervisory practices. TRIM aims to enhance the credibility of approved Pillar I internal models permitted for use by significant institutions when calculating own funds requirements.

ECB, February 2017

INSURANCE

Minutes of ILAG meeting with PRA

The Investment and Life Assurance Group (ILAG) has published a note of a meeting with the PRA that took place 3 November 2016. ILAG put a number of questions to PRA at the meeting, including whether there is still a requirement for insurers to submit financial statements to the PRA as the rule could no longer be found in the PRA Rulebook. The PRA responded by saying that while there is "no steer" in the Rulebook, supervisors can ask firms for information as part of their supervisory approach.

ILAG, 1 March 2017