BANKING

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

INSURANCE

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 MiFID II Directive and MiFIR market structures topics.

Q&As on MiFID II Directive and MiFIR commodity derivatives topics.

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.

The EBA has published a template for investment firms authorised under the MiFID with instructions. EBA, 6 July 2017

 

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.