BANKING

FCA Regulation round-up December 2016

The FCA has published its monthly email to all regulated firms. FCA, 15 December 2016

CML publishes housing market forecasts

The CML has published new housing market forecasts and reports gross lending of £21bn in November – up by an estimated 3% on October, and also 3% up on a year ago.  The CML's lending forecasts for 2017 have been revised downwards; the CML now expects gross lending of £248bn in 2017 and £252bn in 2018, with net lending of £30bn in each of those years. CML, 15 November 2016

PSOs publish guide on UK's interbank payment schemes

UK's interbank payments system operators (PSOs) (that is, Bacs Payment Schemes Ltd, CHAPS, Cheque and Credit Clearing Company, Faster Payments and LINK) have published a guide on the UK's interbank payment schemes.

The guide is intended for use by payments service providers (PSPs) that are considering joining or are thinking of extending more payments services to their customers. fasterpayments.org.uk, 15 December 2016

INSURANCE

PRA Consultation on expectations in respect of firms investing in certain assets under Solvency II

The PRA has published a consultation paper on its expectations in respect of firms investing in illiquid, unrated assets within their matching adjustment portfolios under the Solvency II Directive (2009/138/EC) (CP48/16).  The consultation closes on 14 March 2017. The PRA intends to implement its proposals in the second half of 2017. PRA, 15 December 2016

PRA Consultation on maintenance of Solvency II transitional measure on technical provisions

The PRA has published a consultation paper on the maintenance of the "transitional measure on technical provisions" under the Solvency II Directive (2009/138/EC) (CP47/16).  The consultation closes on 15 March 2017. PRA, 15 December 2016

EIOPA announces results of the 2016 EU-Wide Insurance Stress Test

EIOPA has published a press release announcing the results of the 2016 EU-wide Insurance Stress Test.  The exercise involved 236 insurance undertakings at the solo level from 30 European countries with a market coverage of 77% in terms of the relevant business.  On the baseline (pre-stress), results indicated that on an aggregated level undertakings were adequately capitalised from a Solvency II perspective.

Insurance Europe has also published a response. EIOPA, 15 December 2016

INVESTMENTS AND FUNDS

Delegated Regulation on RTS on risk mitigation techniques for uncleared OTC derivative contracts under EMIR published in OJ

Commission Delegated Regulation ((EU) 2016/2251) supplementing EMIR with regulatory technical standards (RTS) on risk mitigation techniques for uncleared OTC derivative contracts under Article 11(15) of EMIR has been published in the Official Journal of the EU.  The Delegated Regulation comes into force on 4 January 2017. EU, 15 December 2016

ESMA consults on extending aggregated trade repository data.

The European Securities and Markets Authority has opened a public consultation on the extension of data available to the public in trade repositories as stipulated in the European Market Infrastructure Regulation (EMIR).  The consultation is open for feedback until 15 February 2017. ESMA will use the feedback received to finalise the amendments to the technical standards.​ ESMA, 15 December 2016