BANKING

CLLS responds to FCA consultation on its future mission

City of London Law Society (CLLS) published the response (dated 26 January 2017) of its Regulatory Law Committee to the FCA's consultation on its future mission. In its response, the CLLS focuses on the issues raised by the FCA of whether a duty of care should be imposed on financial services providers in respect of their retail customers. CLLS, 17 February 2017

Complaints Commissioner upholds complaint on misleading entries on FCA register

Financial Services Complaints Commissioner published his decision (dated 6 February 2017) upholding a complaint against the FCA relating to misleading entries on the FCA register. The FCA has published its response to the decision. It accepts the Commissioner's findings and recommendations and will write to the complainant with a further apology and to offer to make an increased ex-gratia payment. FSCC & FCA, 17 February 2017

EBA opinion on European Commission's proposed amendments to draft RTS on separation of payment card schemes and processing entities under IFR

The EBA has published an opinion on the European Commission's proposal to amend draft regulatory technical standards (RTS) submitted by the EBA relating to the separation of payment card schemes and payment processing entities under the Interchange Fee Regulation. The Commission had written to the EBA in January 2017 informing it that it intended to endorse section 2 of the draft RTS relating to accounting, but to amend sections 3 and 4 relating to organisation and the decision-making process. EBA, 17 February 2017

ECB consults on amendments to Regulation on reporting of supervisory financial information

The European Central Bank (ECB) has published a consultation paper on amendments to the ECB Regulation on reporting of supervisory financial information (SSM Financial Reporting Regulation), together with FAQs on the consultation. The SSM Financial Reporting Regulation applies to credit institutions in the single supervisory mechanism (SSM). It supplements Commission Implementing Regulation 680/2014, which sets out financial reporting requirements for firms within the scope of the Capital Requirements Regulation. The ECB has published separately the proposed text of a Regulation amending the SSM Financial Reporting Regulation together with a consolidated version of the SSM Financial Reporting Regulation containing the proposed amendments. The webpage for the consultation states that the deadline for responses is 27 March 2017. ECB, 17 February 2017

Single Resolution Board report on approach to MREL in 2016 and next steps

The Single Resolution Board (SRB) has published a report on its approach to the minimum requirement for own funds and eligible liabilities (MREL) in 2016 and its next steps towards setting MREL in 2017 and beyond. SRB, 17 February 2017

INSURANCE

FCA agrees redress scheme with direct mail order firm

FCA published a press release announcing that Express Gifts Ltd, a direct mail order and online business, has entered into an agreement with it to provide £12.5 million redress to approximately 330,000 customers for selling insurance that offered little or no value. FCA, 17 February 2017

INVESTMENTS AND FUNDS

CLLS responds to FCA's third consultation on implementation of MiFID II

City of London Law Society (CLLS) Regulatory Law Committee published its response (dated 4 January 2017) to the FCA's third consultation on implementation of the MiFID II Directive CLLS, 17 February 2017

Responses to CPMI and IOSCO consultation on second batch of key OTC derivatives data elements

International Organization of Securities Commissions (IOSCO) updated its webpage on public reports to include links to the public responses to the consultative report that it issued jointly with the Committee on Payments and Market Infrastructure (CPMI) on the harmonisation of the second batch of key OTC derivatives data elements. IOSCO, 17 February 2017