European Commission report on use of Article 459 CRR powers

The European Commission has published a report on market developments potentially requiring the use of Article 469 of the Capital Requirements Regulation (CRR) in the past year. Article 459 requires the Commission to report on market developments potentially requiring use of this article. Under Article 459, the Commission may impose, for a period of one year, stricter requirements concerning the level of banks' own funds, large exposures, or public disclosure, under specific conditions, in particular upon the recommendation or the opinion of the ESRB or EBA. European Commission, 8 March 2017

BoE speech on forward-looking assessment and challenge of a central bank's own financial risks

The Bank of England has published a speech given by Andrew Hauser, Executive Director of Banking, Payments and Financial Resilience, given at the GARP 18th Annual Risk Management Convention in New York. The speech explains how the BoE has responded to developments in financial risks in recent years, when central banks have taken exceptional actions to stabilise economies and financial systems. Bank of England, 7 March 2017

European Commission FinTech speech: changes and challenges for EU financial services

The European Commission has published a speech given by Oliver Guersent, Director General DG FISMA, which considers the current changes and challenges facing the EU financial services sector. The ongoing work being carried out by the Commission's FinTech Taskforce is also included. European Commission, 7 March 2017

Spring Budget: Government publishes letter with recommendations for the FCA

Alongside the Spring Budget 2017, the government has published a letter from Philip Hammond to Andrew bailey which provides recommendations for the FCA, including:

  • Competition: the government is keen to see more competition in all sectors, and particularly the retail banking sector
  • Growth: the government wants to ensure financial services markets contributes to sustainable economic growth in the UK by facilitating finance for investment, and as a productive sector of the economy.
  • Competitiveness: the government wishes the UK to remain an attractive domicile for internationallyactive financial institutions
  • Innovation: the government would like to see innovation in the financial services sector that supports the wider economy. HM Treasury, 8 March 2017

Spring Budget: Government publishes recommendations for the PRA

HM Treasury has published a letter from the Chancellor of the Exchequer to Mark Carney, with recommendations for the Prudential Regulation Committee. The letter explains that when the PRA considers how to advance its objectives and apply the regulatory principles it should, where relevant and practical, take a number of considerations into account in its assessment of the costs, burdens and benefits of potential rules or policies. HM Treasury, 8 March 2017


European Commission adopts amended Delegated Regulation on RTS on key information document for PRIIPs

The European Commission has adopted a Delegated Regulation, including Annexes 1-7, supplementing the Regulation (EU) No 1286/2014 on key information documents (KIDs) for packaged retail and insurance-based investment products (PRIIPs) by laying down regulatory technical standards with regard to the presentation, content, review and revision of KIDs and the conditions for fulfilling the requirement to provide such documents. European Commission, 8 March 2017

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