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Financial Regulation Weekly Bulletin - 17 January 2019

Slaughter and May

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European Union, United Kingdom January 17 2019

General

  • ESFS omnibus proposal - ECON tables three reports for plenary
  • ESFS Omnibus proposal - HM Treasury updates Parliamentary Committees, suggesting that progress is more likely on the AML part of the text
  • Seven awkward questions (in the light of the PRA’s secondary competition objective) - speech by Sam Woods, CEO of the PRA
  • PRA Policy Statement PS2/19 - Regulatory transactions: changes to notification and application forms
  • Financial access for (vulnerable) consumers - FCA’s written evidence to Treasury Committee inquiry
  • Online portal for mutual societies - launched by the FCA
  • Survey of smaller firms - announced in FCA Regulation round-up

Brexit

  • The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019
  • Draft Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 - laid before Parliament
  • Draft Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019 - laid before Parliament
  • Draft Uncertificated Securities (Amendment and EU Exit) Regulations 2019 - laid before Parliament
  • Draft Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2019 - published by HM Treasury
  • Banking, insurance and other financial services - HM Treasury updates ‘no-deal’ technical notices
  • EU legislative proposals - retained under scrutiny by the European Scrutiny Committee
  • REMIT and ‘no-deal’ - ACER publishes open letter

Banking and Finance

  • Minimum capital requirements for market risk - Basel Committee endorses framework revisions
  • Principles for sound liquidity risk management and supervision - Basel Committee completes review
  • Work programme 2019-20 - published by Basel Committee
  • Evaluation of the Consumer Credit Directive - European Commission launches consultation
  • Benchmarking national loan enforcement frameworks - European Commission calls for advice from the EBA
  • Minimum loss coverage for NPEs - indicative plenary sitting on 13 March 2019
  • Cost and past performance of structured deposits - EBA publishes report
  • CRR - EBA publishes final Guidelines on the exposures to be associated with high risk
  • MREL - SRB publishes second part of 2018 policy statement (for the most complex banking groups)
  • ECB’s position regarding access to banking supervision documents and information - European Court of Auditors publishes Communication
  • Deposit guarantee schemes - EFDI publishes stress testing status report
  • SME finance - FCA and government respond to Treasury Committee report
  • Disclosures about IFRS 9 expected credit losses - PRA publishes ‘Dear CFO’ letter
  • FCA’s oversight of the IRHP compensation scheme - Complaints Commissioner publishes addendum to final report expressing concern about the FCA’s reconsideration of the complaint, and the FCA takes unusual step of disagreeing
  • Munroe K Ltd & Anor v Bank of Scotland Plc
  • Case C-219/17 Berlusconi and another v Banca d'Italia and another
  • Case C-389/17 Paysera LT (UAB ‘EVP International’ v Lietuvos bankas)

Securities and Markets

  • Low carbon and positive carbon impact benchmarks - ECON tables report for plenary
  • Costs and performance of retail investment products - ESMA publishes report
  • MAR - ESMA publishes annual report on accepted markets practices
  • Suspicious transaction and order reporting - FMSB publishes statement of good practice for FICC Market participants

Asset Management

  • Money Market Funds Regulation - CBI and CSSF extend deadline for all share cancellation mechanisms to have ceased by two months

Insurance

  • Costs and past performance of insurance and pension products - EIOPA publishes report
  • Solvency II - EIOPA publishes call for evidence on the integration of sustainability risks in investment and underwriting practices
  • Over 50s Life Cover - FCA warns over misleading financial promotions

Financial Crime

  • Exchange of information under 4MLD - ESAs approve multilateral agreement between ECB and NCAs
  • Economic Crime Strategic Board - launched by UK government
  • Suspicious activity reports - NCA publishes Annual Report 2018
  • Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 - JMLSG amends AML and CTF Guidance

Enforcement

  • Acting without integrity and failing to deal with the FSA in an open and cooperative way - FCA imposes largest ever fine on an individual

Contacts

Elizabeth Prentice (professional support lawyer)

Publications and seminars landing page

Slaughter and May - Jan Putnis, Ben Kingsley and Nick Bonsall

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Filed under

  • European Union
  • United Kingdom
  • Banking
  • Capital Markets
  • Employee Benefits & Pensions
  • Insurance
  • Litigation
  • White Collar Crime
  • Slaughter and May

Topics

  • Brexit
  • Money laundering
  • Prudential Regulatory Authority (UK)

Laws

  • MiFID
  • Treaty on the Functioning of the European Union
  • Solvency II Directive (2009/138/EU)

Organisations

  • Financial Conduct Authority (UK)
  • European Commission
  • European Parliament
  • European Banking Authority
  • HM Treasury (UK)
  • European Insurance and Occupational Pensions Authority
  • Central Bank of Ireland
  • National Crime Agency
  • Financial Ombudsman Service
  • European Securities and Markets Authority

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Primary sources PRO
  • Directive 2014/65/EU - Markets in Financial Instruments Directive (MiFID II)

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  • Directive 2009/138/EC - Solvency II Directive

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  • Treaty on the Functioning of the European Union (TFEU) 2009

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Related practical resources PRO

  • Checklist Checklist: When does a firm need to be authorised by the FCA or the PRA (UK)
  • How-to guide How-to guide: How to navigate challenges relating to Source of Wealth and Source of Funds (UK)
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