Financial Regulation Weekly Bulletin - December 19

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General

2020 work programme – published by the FSB
FinTech – European Commission publishes report on regulatory obstacles to financial innovation
Digital operational resilience – European Commission publishes consultation on resilience framework FinTech;
Modernisation of EU consumer protection rules – Directive published in the Official Journal
Short-term pressures on corporations – EBA, ESMA and EIOPA publish reports
Financial risks from climate change – PRA and FPC publish Discussion Paper on 2021 BES
SMCR extension to solo-regulated firms – FCA updates webpage
FCA Policy Statement PS19/30 - Independent Governance Committees: extension of remit
FCA Handbook Notice No. 72
Climate Financial Risk Forum – FCA publishes key points from November 2019 meeting
Budget and future strategy - FOS publishes Consultation Paper

Brexit

Banking and Finance

Consolidated Basel framework – launched by Basel Committee
CRR - European Commission adopts Delegated Regulation on alternative standardised approach for market risk
EU crowdfunding legislative proposals - Parliament, Council of the EU and Commission reach political agreement
Financial stability - ESRB publishes report on macroprudential policy implications of foreign branches
Benchmarking of internal models – EBA publishes consultation on draft ITS
CRR II – EBA publishes final draft RTS on the standardised approach for counterparty credit risk
CRD IV - EBA publishes Consultation Paper on final draft RTS on the identification of staff with a material impact on institutions’ risk profiles
CRR – SRB extends prior permissions procedure for MREL
Single Supervisory Mechanism – ECB Regulation and Decision published in the Official Journal
CRR – Commission Implementing Decision on equivalent third countries published in the Official Journal
Central bank digital currencies – ECB publishes paper on anonymity
PRA Policy Statement PS26/19 – Pillar 2 liquidity: PRA110 reporting frequency threshold
IBOR transition – PRA publishes letter on regulatory capital impediments
PRA Policy Statement PS27/19: Reporting updates for Capital+ and ring-fenced bodies
Financial Stability Report and 2019 stress test results – published by the Bank of England
Global standard to modernise UK payments – Bank of England publishes update on implementation of the ISO 20022 CHAPS migration

Securities and Markets

Conflicts of interest and associated conduct risks – IOSCO publishes Consultation Report on the debt capital raising process
Reforming major interest rate benchmarks – FSB publishes annual progress report
Securitisation – FSB publishes report on the vulnerabilities associated with leveraged loans and CLOs
EMIR – European Commission adopts Delegated Regulation on RTS on the mitigation of counterparty credit risk associated with covered bonds and securitisations
Cryptoassets – European Commission publishes consultation on EU regulatory framework
EEA Agreement – Decisions amending Annex IX (Financial Services) published in the Official Journal
Covered bonds - Regulation and Directive published in the Official Journal
EMIR and SFTR – Joint Associations publish new master regulatory reporting agreement
MAR - ESMA publishes annual report on accepted markets practices
EONIA benchmark statement – published by EMMI
LIBOR transition – AFME publishes report on the management of conduct and compliance risks
LIBOR transition – RFRWG publishes Consultation Paper on credit adjustment spread methodologies for fallback provisions in cash products referencing LIBOR
Primary Market Bulletin No. 26 – published by the FCA
Open Finance – FCA publishes call for input
MAR review – CLLS publishes response to ESMA consultation

Asset Management

Financial stability - IOSCO launches framework for monitoring leverage in investment funds that may pose stability risks
Taxonomy on sustainable investments – European Parliament announces agreement with the Council of the EU on criteria determining the sustainability of an economic activity
Open-ended funds – FCA and Bank of England statement on joint review
FCA Policy Statement PS19/29: Making transfers simpler
Case C-272/18 Verein für Konsumenteninformation v TVP Treuhand und Verwaltungsgesellschaft für Publikumsfonds mbH & Co KG

Insurance

FinTech Developments: Disruption or dividends? – speech by Jonathan Dixon, Secretary General of the IAIS
2019 G-SII identification process – IAIS publishes report
Solvency II – EIOPA publishes annual report on the use of capital add-ons
Solvency II – EIOPA publishes annual report on long-term guarantee measures and measures on equity risk
2020 Solvency II Review - EIOPA publishes report on insurers’ asset and liability management of illiquid liabilities

Financial Crime

4MLD – ESAs publish final Guidelines on cooperation and information exchange between NCAs

Enforcement

EMIR – ESMA publishes consultation on procedural rules regarding the imposition of penalties on third-country CCPs, TRs and CRAs
Misleading information in relation to PPI claims – FCA fines claims management company £70,000
Unpaid awards – Complaints Commissioner invites the FCA to consider the case for publishing or disclosing information about regulated firms' professional indemnity insurers
Hall and Hanley Limited v The Financial Conduct Authority

Contacts

Selmin Hakki (professional support lawyer)