ESMA consults on evaluation of Short Selling Regulation
The ESMA has published a consultation paper on the evaluation of certain elements of the Short Selling Regulation. The consultation ends: 4 September 2017. ESMA, 7 July 2017
FCA publishes Prospectus Rules (Miscellaneous Amendments) Instrument 2017
The FCA has published the Prospectus Rules (Miscellaneous Amendments) Instrument 2017, which amends the FCA Handbook and Prospectus Rules sourcebook so as to build in provisions of the Prospectus Regulation which shall apply from 20 July 2017. FCA, 7 July 2017
House of Commons Library publishes report on Brexit and financial services
The House of Commons Library has published a briefing paper bringing together responses from financial organisations about the impact of the UK’s vote to leave the EU. The paper says that the decision to leave the EU will have significant implications for the financial services sector, which is of especial importance to the UK economy. House of Commons Library, 7 July 2017
FCA welcomes ESMA guidance on EU Benchmarks Regulation
The FCA has issued a statement on the Q&As published by the ESMA on 5 July 2017 regarding the transitional provisions for the EU Benchmarks Regulation. The FCA says the Q&As are an important clarification for industry and will inform decisions on when to apply for authorisation or registration during the period January 2018 to December 2019. FCA, 7 July 2017
Findings from FCA review of firms' handling of complaints about packaged bank accounts
The FCA has published a new webpage setting out the findings from its review of how firms handle complaints about packaged bank accounts.
The FCA published the findings of its thematic review of packaged bank accounts in October 2016. In that review it found weaknesses in how firms handled complaints about packaged bank accounts as at the end of 2014. FCA, 7 July 2017
EMMI guidelines for EONIA review data exercise
The European Money Markets Institute (EMMI) has published guidelines for its Euro Overnight Index Average (EONIA) review data exercise. European Money Markets Institute, 7 July 2017
ECB response to European Commission consultation on operations of ESAs
The European Central Bank (ECB) has published its response to the European Commission's consultation on the operations of the European Supervisory Authorities (ESAs). ECB, 7 July 2017
Final EBA guidelines on professional indemnity insurance under PSD2
The European Banking Authority (EBA) has published a final report setting out guidelines on the criteria on how to stipulate the minimum monetary amount of the professional indemnity insurance or other comparable guarantee under the revised PSD2. EBA, 7 July 2017
BoE speech on insurance risks and supervisory priorities
The Bank of England (BoE) has published a speech given by David Rule, BoE Executive Director of Insurance Supervision, on changing risks and the search for yield on Solvency II capital.
In the speech, Mr Rule gives an overview of current risks in the life and general insurance sectors and the supervisory work being undertaken by the PRA in response. Bank of England, 6 July 2017
INVESTMENTS AND FUNDS
ESMA updates MiFID II Q&As on market structures, commodity derivatives and data reporting
The ESMA has published a press release announcing that it has published new Q&As providing guidance on implementation of the MiFID II Directive and the MiFIR.
The new Q&As are included in updated versions of the following MiFID II Q&As (all dated 7 July 2017):
Q&As on MiFIR data reporting. ESMA, 7 July 2017
EBA launches supplementary data collection on revision of investment firm prudential framework
The EBA has published a press release announcing the launch of a supplementary data collection relating to its proposals for a revised prudential framework for investment firms.
IOSCO consults on CIS liquidity risk management recommendations and good practices
The International Organization of Securities Commissions (IOSCO) has published a consultation on recommendations for liquidity risk management for collective investment schemes (CIS).
In the consultation, IOSCO seeks views on proposed amendments to its principles of liquidity risk management for CIS, which were published in March 2013. The consultation ends: 18 September 2017.