BANKING

CFTC Issues Relief to Swap Dealers from Compliance with Minimum Transfer Amount Requirements for Uncleared Swap Margin under Certain Conditions

The CFTC has issued a No-Action Letter 17-12, which will provide relief to swap dealers from complying with minimum transfer amount restrictions set out in CFTC Regulation 23.152(b)(3) or 23.153(c) in connection with initial margin and variation margin for uncleared swaps.

CFTC, 13 February 2017

 

Joint Committee of ESAs and IOSCO publish statements on variation of margin exchange under EMIR

The Joint Committee of the European Supervisory Authorities, which combines the EBA, ESMA and EIOPA, has published a statement on variation margin exchange under the EMIR regulatory technical standards on risk mitigation techniques for uncleared OTC derivative contracts under Article 11(15) of EMIR. The International Organisation of Securities Commissions had also published a statement on the same issue.

Joint Committee of the European Supervisory Authorities, 23 February 2017

 

FCA Chief Executive responds to Public Accounts Committee questions on financial services mis-selling

A letter from Andrew Bailey to the Chair of the Public Accounts Committee, Meg Hillier, has been published by the FCA, which answers some further questions from the PAC following the Government's response to the PAC's report, Financial Services mis-selling: regulation and redress.

FCA, 30 January 2017

 

FCA letter to Treasury Committee on use of post-Brexit use of global standards for market access and transitional arrangements

A letter has been published by The House of Commons Treasury Committee from Andrew Bailey, FCA Chief Executive, to Andrew Tyrie, Treasury Committee Chair, which provides further details on the questions raised at a committee hearing with the FCA on 8 November. Information is provided on the implications of access to EU financial markets post-Brexit were available only on the basis of global financial regulatory standards, and on the transitional arrangements for the financial services sector.

House of Commons Treasury Committee, 13 January 2017

 

HM Treasury responds to Treasury Committee's concerns on its powers of direction over reviews under Part 5 of Financial Services Act 2012

A letter has been published by HM Treasury (dated 28 January 2017) from Philip Hammond, Chancellor of the Exchequer, which is a response to a letter from the House of Commons Treasury Committee Chair, expressing concerns about HM Treasury's powers of direction over reviews under Part 5 of the Financial Services Act 2012.

HM Treasury, 23 February 2017

 

FSCP Brexit position paper

The Financial Services Consumer Panel has published a position paper on Brexit following its report on of the current position to inform the debate on the future framework of the UK's financial services regulation in light of Brexit, which was published on 27 January 2017.

Financial Services Consumer Panel, 23 February 2017

 

PSR speech on regulatory challenges ahead

The Payment Systems Regulator has published a speech by the Managing Director of the PSR, Hannah Nixon, on regulatory challenges ahead. The speech discussed initiatives that the PSR has undertaken over the past two years and future challenges.

PSR, 23 February 2017

 

EBA final draft RTS specifying requirements on strong customer authentication under PSD2

The EBA has published a report which discusses its final draft regulatory technical standards on strong customer authentication and common and secure communication under Article 98 of the Directive on payment services in the internal market ((EU) 2015/2366).

EBA, 23 February 2017

 

INSURANCE

PRA policy statement to CP36/16 and correction to PIN rules

The PRA has issued a policy statement to its occasional consultation paper which was published in October 2016, which includes a correction to its statement on the pre-issuance notification regime, which was published in January 2016. PRA, 23 February 2017

INVESTMENTS AND FUNDS

Responses to ESMA consultation on draft RTS on data to be made publicly available by trade repositories under EMIR

ESMA has published a webpage which contains all of the responses to its consultation paper on draft regulatory technical standards on data to be made publicly available by trade repositories under Article 81 of EMIR (ESMA/2016/1661). ESMA, 23 February 2017

 

EEA Joint Committee Decisions amending Annex IX (Financial Services) to the EEA Agreement published in OJ

The Official Journal of the European Union has published the following nine decisions of the EEA Joint Committee that amend Annex IX (Financial Services) to the EEA Agreement:

No 198/2016 amending Annex IX (Financial services) EEA Agreement [2017/275].

No 199/2016 amending Annex IX (Financial services) EEA Agreement [2017/276].

No 200/2016 amending Annex IX (Financial services) EEA Agreement [2017/277].

No 201/2016 amending Annex IX (Financial services) EEA Agreement [2017/278].

No 202/2016 amending Annex IX (Financial services) EEA Agreement [2017/279].

No 203/2016 amending Annex IX (Financial services) EEA Agreement [2017/280].

No 204/2016 amending Annex IX (Financial services) EEA Agreement [2017/281].

No 205/2016 amending Annex IX (Financial services) EEA Agreement [2017/282].

No 206/2016 amending Annex IX (Financial services) EEA Agreement [2017/283]. Official Journal of the European Union, 23 February

 

Council of the EU decides not to object to the Commission Delegated Regulation further extending temporary clearing exception for PSAs under EMIR

The European Parliament has updated its procedure file on the proposed Commission Delegated Regulation amending EMIR, and has decided not to object to the Commission Delegated Regulation on the further extension of the transitional periods related to pension scheme arrangements. European Parliament, 23 February 2017

BoE supervision of FMIs annual report 2017

The Bank of England has published their annual report on the supervision of financial market infrastructures. This sets out how the BoE has exercised its responsibilities for FMI supervision from 5 March 2016 to 22 February 2017. The report also outlines the Bank of England's role in supervising FMIs, and sets out how it meets its financial stability objective through FMI supervision and reviews progress against the priorities discussed in the previous annual report.

Bank of England, 23 February 2017