BANKING

Treasury Select Committee launches inquiry into recovery and resolution

The House of Commons Treasury Select Committee published a webpage announcing that it has launched an inquiry into the recovery and resolution in the first stage of its capital inquiry. The terms of reference have also been published.

House of Commons Treasury, 19 December 2016

Bank of England Act 1998 (Macro-prudential Measures) Order 2016 published

The Bank of England Act 1998 (Macro-prudential Measures) has been published on legislation.gov.uk, together with an explanatory memorandum. The order came into force on the 16 December 2016 which sets out the powers of direction that the Bank of England's Financial Policy committee has in the buy-to-let-market.

BoE, 16 December 2016

Bank Recovery and Resolution Order 2016 published

The Bank of Recovery and Resolution Order 2016has been published on legislation.gov.uk, together with an explanatory memorandum. The Order makes amendments to the Banking Act 2009 and the financial Services and Markets Act 2000, as well as related statutory instruments, relating to the UK special resolution regime (SRR) and the transposition of the Bank Recovery and Resolution Directive.

legislation,.gov.uk, 19 December 2016

FSB progress report and workplan on correspondent banking

The Financial Stability Board has published a progress report on its action plan to assess and address the decline in correspondent banking.

FSB, 19 December 2016

Government consults on single public financial guidance body

The government has published a consultation paper seeking views on its plans to create a single public financial guidance body. the paper summaries responses to the government's March 2016 consultation on the public financial guidance review and sets out a model for a new single financial guidance body (SFGB) that will commission advice for those in problem debt, co-ordinate efforts to improve financial capability and provide information and guidance on matters relating to pensions, financial scams, and wider money matters.

UK Parliament, 19 December 2016

Treasury Committee considers financial services sector may need single point of responsibility for cyber risk

The UK Parliament has published a letter (dated 4 November 2016) from Andrew Bailey, FCA Chief Executive, and Sam Woods, PRA Chief Executive, to Andrew Tyrie, House of Commons Treasury Committee Chair, relating to the resilience and security to bank IT systems. They have also published a letter (dated 7 November 2016) from Mr Tyrie to Ciaran Martin, National Cyber Security Centre (NCSC) Chief Executive.

UK Parliament, 19 December 2016

FMLC requests clarification from EBA on unfunded credit protection under CRR: qualifying agreements

Financial Markets Law Committee (FMLC) published a letter (dated 16 December 2016) it has sent to Andrea Enria, EBA Chair, regarding unfunded credit protection under the Capital Requirements Regulation FMLC, 19 December 2016

Joint Committee of ESAs discussion paper on use of big data by financial institutions

The Joint Committee of the European Supervisory Authorities (ESAs) (that is, ESMA, EIOPA and the EBA) published a discussion paper on the use of big data by financial institutions. In the discussion paper, the ESAs consider the regulatory framework applicable to big data, including data protection requirements, consumer protection requirements, and sectoral financial requirements contained in EU financial legislation, such as the Payment Services Directive, the Mortgage Credit Directive, the Consumer Credit Directive, the Payment Accounts Directive, and the Insurance Distribution Directive. ESA, 19 December 2016

 

INSURANCE

PRA FAQs on regulatory reporting under Solvency II

The PRA has published a FAQs document on regulatory reporting under the Solvency II Directive to help insurers with questions they may have submitting Solvency II information.

PRA, 19 December 2016

PRA policy statement on reporting format of national specific templates and reporting clarifications under Solvency II

The PRA has published a policy statement on the reporting format of national specific templates (NSTs) and reporting clarifications under the Solvency II Directive. The NSTs contain information that is considered to be specific to the UK Market and supervisory approach and are in addition to the Solvency II annual and quarterly reporting.

PRA, 19 December 2016  

INVESTMENTS AND FUNDS

ESMA updates MiFID II and MiFIR Q&As on market structures and transparency

ESMA has published updated its Q&As on market structures with new questions on algorithmic trading and mandatory tick size regime. They have also updated the Q&As on transparency in relation to the MiFIR.

ESMA, 19 December 2016

ESMA consults on supervision fees for trade repositories under SFTR and EMIR

ESMA has published a consultation paper on the draft technical advice to the European Commission about the fees for trade repositories under the Regulation on reporting and transparency of securities financing transactions. It also discusses certain amendments to the fees under EMIR.

ESMA, 19 December 2016

New ESMA Q&As on commodity derivatives under MiFID II and MiFIR

ESMA has published new Q&As relating to the commodity derivatives topics under the MiFID II Directive and the MiFIR, they clarify a number of points relating to position limits and ancillary activities requirements.

ESMA, 19 December 2016

ESMA updates MiFID II Q&A on investor protection

ESMA has published an updated version of its Q&As on investor protection topics under the MiFID II Directive and MiFIR.

ESMA, 19 December 2016