BANKING

Responses to FSB consultation on unique identifier governance

The FSB has published a consultation document on proposed governance arrangements for the UTI. Interested parties were invited to provide written comments by 5 May 2017. These comments are available here. Respondents include:

  • The Global Legal Entity Identifier Foundation (GLEIF).
  • The International Swaps and Derivatives Association (ISDA).
  • The Global Financial Markets Association (GFMA).

FSB, 24 July 2017

EBA roadmap on monitoring ECAIs

The EBA has published a press release containing its future work plan on credit assessments issued by external credit assessment institutions (ECAIs). The EBA's future work on ECAIs will focus on:

  • Mapping and making a decision on unsolicited ratings for newly registered or certified ECAIs, as well as an assessment of ECAIs originally issuing only solicited ratings and subsequently assigning unsolicited ratings. This phase of work is ongoing.
  • Monitoring the ECAIs' mappings. This phase of work has started and will continue over time to ensure that the underlying credit assessments continue to reflect and predict the risks of rated exposures in a consistent manner across rating agencies.
  • Monitoring unsolicited credit assessments of ECAIs covered in the revised EBA decision on unsolicited credit assessments.

EBA, 18 July 2017

FCA guidance consultation - Office for Professional Body Anti-Money Laundering Supervision (OPBAS) (GC17/7)

The FCA has published a guidance consultation (GC17/7) on the Office for Professional Body Anti-Money Laundering Supervision: a sourcebook for professional body supervisors which closes to comments on 23 October 2017 and is due to come into effect on 1 January 2018. The FCA will consult on an approach to levying fees from professional body supervisors in autumn 2017 (as part of the FCA's usual consultation on fees). FCA, 24 July 2017

House of Lords EU Financial Affairs Sub-Committee launches inquiry into post-Brexit financial regulation and supervision

The House of Lords EU Financial Affairs Sub-Committee has published a call for evidence announcing it is launching an inquiry into financial regulation and supervision following Brexit. House of Lords EU Financial Affairs Sub-Committee, 24 July 2017

European Commission consultation on transparency and fees in EU cross-border transactions

The European Commission has published a consultation paper on transparency and fees in cross-border transactions in the EU. The consultation aims to collect feedback on transaction fees and currency conversion and focuses on the following two actions:

  • Transaction fees. The Commission is concerned that in the majority of member states, fees for cross-border transactions in non-euro currency remains very high. It suggests that an extension of the Regulation to all currencies in the EU would reduce the costs of cross-border transactions.
  • More competition in currency conversion. The Commission is concerned that currency conversion rates are not transparent and that consumers do not know which currency conversion offer is the most advantageous. The Commission is interested in receiving information about currency conversion ahead of considering the most appropriate means to allow consumers to choose the best rate.

For each of the actions, the Commission sets out a range of questions requesting information from all stakeholders. The consultation closes on 30 October 2017. European Commission, 24 July 2017

EBA consults on draft RTS and ITS on EBA electronic central register under PSD2

The EBA has published a consultation paper on the draft regulatory technical standards (RTS) and implementing technical standards (ITS) on the EBA electronic central register under the revised Payment Services Directive ((EU) 2015/2366) (PSD2) (EBA/CP/2017/12). The EBA is holding a public hearing on 4 September 2017. The consultation closes to responses on 18 September 2017. EBA, 24 July 2017

INSURANCE

Second FCA consultation paper on implementing IDD

The FCA has published its second consultation paper on implementing the Insurance Distribution Directive ((EU) 2016/97) (IDD) (CP17/23). The FCA intends to publish a third consultation paper, in late September 2017, on its remaining proposals for IDD implementation. The FCA notes that, given the 23 February 2018 deadline for implementing the IDD and the timing of the adoption of the delegated acts, it is likely that its third consultation will be issued while CP17/23 remains open for comments. FCA, 24 July 2017