BANKING

European Commission draft eighth Implementing Regulation extending transitional periods related to own fund requirements for CCP exposures

The European Commission has published a draft version of an Implementing Regulation on the extension of the transitional periods related to own funds requirements for exposures to central counterparties (CCPs), set out in the Capital Requirements Regulation (Regulation 575/2013) (CRR) and EMIR. In June 2014, the Commission adopted an initial Implementing Regulation extending the 15-month periods referred to in Article 497(1) and (2) of the CRR and in the first and second subparagraphs of Article 89(5)(a) of EMIR by six months.

European Commission, 24 Oct 2017

 

HM Treasury call for evidence on problem debt

HM Treasury has published a call for evidence relating to relieving the burden of problem debt for individuals. Problem debt is described in the call for evidence as being where debt and arrears absorb an excessive proportion of income.

HM Treasury is considering developing a way to provide individuals in debt with up to six weeks free from further interest, charges and enforcement action. The idea is that this period, referred to as "breathing space" in the call for evidence, would give those affected time to take action by seeking financial advice about how to manage and relieve their debt burden.

HM Treasury, 24 Oct 2017

 

FOS ombudsman news issue 142

The Financial Ombudsman Service (FOS) has published issue 142 of ombudsman news. Among other matters, the issue includes:

  • An update on the FCA's PPI awareness campaign
  • FAQs and case studies on PPI.

Financial Ombudsman Service, 24 Oct 2017

 

INSURANCE

SRA consults on implementing the IDD

The Solicitors Regulation Authority (SRA) has published a consultation paper on implementing the Insurance Distribution Directive (IDD). The consultation will be of interest to SRA authorised firms that carry on insurance distribution activities (currently referred to as insurance mediation activities). The consultation closes on 20 November 2017. 

Solicitors Regulation Authority, 24 Oct 2017

 

INVESTMENTS & FUNDS

European Commission 2018 work programme: financial services aspects

The European Commission has published a communication outlining its work programme for 2018. The communication is addressed to the European Parliament, the Council of the EU, the European Economic and Social Committee (EESC) and the Committee of the Regions. An accompanying Q&As document has also been published,

European Commission, 24 Oct 2017

 

ESMA agrees MiFID II position limits proposed by FCA

ESMA has published nine opinions on limits regarding commodity derivatives under the MiFID II Directive and the Markets in Financial Instruments Regulation (MiFIR), which agree with limits proposed by the FCA. A press release has also been published which explains that, as of 3 January 2018, limits will apply to the net position a person can hold in commodity derivative contracts. National competent authorities have to set position limits for commodity derivatives and notify ESMA of the specific position limits they plan to introduce for liquid contracts. The nine opinions are:

ESMA, 24 Oct 2017