European Parliament votes to reject Delegated Regulation amending list of high-risk third countries under MLD4
European Parliament published a press release announcing that it had voted to pass a motion for a resolution objecting to the proposed Delegated Regulation amending the European Commission's list of high-risk third countries under the Fourth Money Laundering Directive European Parliament, 19 January 2017
FCA finalised guidance on guarantor loans and default notices
The FCA sets out its interpretation of the requirement in section 87 of the Consumer Credit Act 1974 (CCA) to serve a default notice before the creditor or owner enforces a guarantee or indemnity following a breach of a regulated agreement. The guidance relates to regulated credit agreements and regulated consumer hire agreements under which an individual other than the borrower or hirer provides a guarantee or indemnity, or both. FCA, 19 January 2017
SEPA guide for adherence to SEPA schemes
European Payments Council (EPC) published a guide for adherence to the Single Euro Payments Area (SEPA) Credit Transfer Scheme (SCT Scheme), the SEPA Instant Credit Transfer Scheme (SCT Inst Scheme), the SEPA Core Direct Debit Scheme (SDD Core Scheme) and the SEPA Business to Business Direct Debit Scheme. EPC, 19 January 2017
Practical implications of US law on EU practice
Speech by Mark Steward, Director of Enforcement and Market Oversight at the FCA, delivered at the Practising Law Institute’s annual seminar on securities regulation in Europe. FCA, 19 January 2017
European Commission revises draft RTS on separation of payment card schemes and processing entities under IFR
EBA published a letter from Olivier Guersent, Director-General, DG FISMA, and Johannes Laitenberger, Director-General DG Competition, concerning the EBA's draft regulatory technical standards (RTS) relating to the separation of payment card schemes and payment processing entities under the Interchange Fee Regulation. The Commission is proposing to amend provisions in the draft RTS in sections 3 (organisation) and 4 (decision-making process). The EBA has also published a revised version of the RTS containing the Commission's amendments. EC & EBA, 19 January 2017
CLLS responds to HM Treasury consultation on new regulatory and tax framework for insurance linked securities
City of London Law Society (CLLS) published the response of its Insurance Law Committee to HM Treasury's consultation paper on regulations implementing a new regulatory and tax framework for insurance linked securities (ILS). In its response, the CLLS considers, among other things, the following regulatory implications of HM Treasury's proposals:
- Classification of insurance special purpose vehicles (ISPVs).
- Non-Solvency 2 transformer vehicles.
CLLS, 19 January 2017