Working party notes DP importance in MiFID 2 and MAR: A working party on data protection has written to the Commission noting the importance of complying with data protection standards when implementing the revised Markets in Financial Instruments Directive (MiFID 2) and Market Abuse Regulation (MAR) regimes. It notes the particular tensions in respect of record keeping, recording of customer communications, publication of sanctions, protection of reporting persons and data subject rights. (Source: Working Party Notes DP Importance in MiFID 2 and MAR)

Commission consults on CRD 4 effects on bank financing: The Commission is consulting on the potential impact of the Capital Requirements Regulation (CRR) and Directive (CRD 4) on bank lending to the economy. The Commission has to report by 2016 on their impact on loans to people, small businesses and long-term financing in infrastructure. To help it prepare its report, the consultation seeks views on many issues, including:

  • to what extent have CRR and CRD 4 affected the level of capital held by banks?
  • are all the new requirements under all circumstances proportionate to the risks they were meant to address?
  • what impact are the rules having on lending to smaller businesses, and to infrastructure projects?
  • could some of the rules be simplified or differentiated by risk or size, without compromising their objectives of financial soundness and stability of banks?

It asks for responses by 7 October. (Source: Commission Consults on CRD 4 Effects on Bank Financing)