BANKING

New wave of game-changing regulations for banks - Sunset or new dawn?

As banks and payments providers consider new European Commission regulation, along with other regulatory changes, many are moving into damage-limitation mode. Amanda Hulme, Head of Financial Services at Addleshaw Goddard and Fiona Ghosh, Head of Addleshaw Goddard FinTech Group comment on how a revised European Commission directive will impact banks. The Future of Banking 2017, Raconteur, 22 January 2017

Supervising building societies’ treasury and lending activities

PRA has issued an updated version of its supervisory statement on supervising building societies' treasury and lending activities which updates the initial publication from the 1 December 2016. PRA, 23 January 2017

FCA Enforcement Director highlights impact of SMR and importance of early detection of misconduct and prompt regulatory response

Mark Steward, FCA Director of Enforcement and Market Oversight, has spoken about the practical implications of US law on EU practice. The speech is dated 19 January 2017 and was delivered at the Practising Law Institute's annual seminar on securities regulation in Europe.

FCA, 19 January 2017

CMA consults on changes to merger investigations in smaller markets

The CMA is consulting on changes to reduce the number of mergers it investigates in smaller markets. The CMA has a duty to refer mergers for an in-depth, phase 2 investigation if they could lead to a substantial lessening of competition (SLC). However, in certain circumstances it may not refer a merger, such as if it believes the relevant market is of insufficient importance. CMA, 23 January 2017

INSURANCE

EIOPA updates Solvency II template Q&As

EIOPA has issued new sets of Q&As on the templates for submission of information to the supervisory authorities, and the procedures, formats and templates of the solvency and financial condition report set out in Commission Implementing Regulations (EU) EIOPA, 23 January 2017

INVESTMENTS AND FUNDS

Delegated and Implementing Regulations on technical standards on EMIR reporting requirement

Commission Delegated Regulation (EU) 2017/104 and Commission Implementing Regulation (EU), 2017/105 which contain regulatory technical standards (RTS) and implementing technical standards (ITS) respectively relating to data reporting under Article 9 of EMIR (the Regulation on OTC derivative transactions, central counterparties and trade repositories) have been published in the Official Journal of the EU (OJ). These will enter into force on 10 February 2017. OJ, 21 January 2017

FCA consults on changes to CASS in light of SAR review

FCA has published a consultation paper on Chapter 7A of the Client Assets sourcebook (CASS) and the special administration regime (SAR) review. FCA is seeking feedback on proposed changes to CASS relating to investment firm failures, and the interaction of CASS with the SAR. Collectively, the changes proposed aim to speed up the distribution of client assets, improve consumer outcomes and reduce the market impact of an investment firm failure.

FCA, 23 January 2017

ESMA Chair speaks on reforms in OTC derivatives markets and benchmarks at Prime Conference.

The European Securities and Markets Authority Chair, Steven Maijoor, today gave the keynote speech at the P.R.I.M.E. Finance 6th Annual Conference. Mr. Maijoor focused on two major regulatory reforms taking place in EU financial markets currently: the reform of the OTC derivatives markets and the reform of the way benchmarks are compiled and administered. ESMA, 23 January 2017