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UK Financial Regulatory Developments - April 2016 #21

EIOPA consults on infrastructure corporates - EIOPA is consulting on the Commission’s request for technical advice on the identification and calibration of “other infrastructure investment risk” categories. The...more

Insurance Europe Raises Concerns over Misunderstanding of Ultimate Forward Rate

On April 21, 2016, Insurance Europe, the European insurance and reinsurance federation, released a press release raising concerns over how Solvency II liabilities are currently calculated, including discount rates. This press...more

OFAC Provides Helpful New Guidance for Cuba

The Office of Foreign Assets Control (OFAC) updated its FAQs for Cuba on April 21, 2016 with substantive guidance that addresses U-turn transactions, export policy, insurance, educational and humanitarian activities and...more

UK Financial Regulatory Developments - April 2016 #16

Payments UK launches Standards Collaboration Framework - Payments UK has launched a new Standards Collaboration Framework to help the industry better access and implement the standards it relies on. Payments UK also...more

UK Financial Regulatory Developments - April 2016 #14

LCR corrigendum published in OJEU - A Corrigendum to amend implementing technical standards (ITS) under the capital requirements regime on the supervisory reporting of institutions of the liquidity coverage requirement...more

UK Financial Regulatory Developments - April 2016 #12

Basel Committee reports on adoption of the Basel framework - The Basel Committee has published its tenth progress report on adoption of the Basel III regulatory framework as part of the Committee’s regulatory consistency...more

Orrick's Financial Industry Week in Review

Senators Introduce SAFE Lending Act - On April 7, 2016, several Democratic Senators introduced the Stopping Abuse and Fraud in Electronic (SAFE) Lending Act, SAFE 2016, which is designed to change the manner in which...more

UK Financial Regulatory Developments - April 2016 #11

LSE updates AIM company rules to reflect EU MAR - LSE is consulting on an updated version of its Alternative Investment Market (AIM) rules for companies. These changes predominantly incorporate references to the incoming...more

Joint Committee of ESAs Final RTS on Key Information Documents for PRIIPs

The Joint Committee of the European Supervisory Authorities (ESAs) published its final draft regulatory technical standards (RTS) on key information documents (KIDs) for packaged retail and insurance-based investment products...more

UK Financial Regulatory Developments - April 2016 #9

ESRB extends deadline for recommendations on funding credit institutions - ESRB has published a Recommendation which it adopted concerning changes to the set of recommendations on the funding of credit institutions. EBA...more

UK Financial Regulatory Developments - April 2016 #8

OFSI publishes updated Financial Sanctions Guidance - OFSI has published an updated version of Treasury’s Financial Sanctions Guidance. It provides a guide to the approach OFSI will take when issuing licences and...more

UK Financial Regulatory Developments - April 2016 #7

PRA seeks views on equity release mortgages - PRA has issued a discussion paper seeking views on equity release mortgage valuation, capital treatment, risk management and associated matters. It is to consolidate views...more

Your daily dose of financial news The Brief – 4.8.16

The Deal Professor looks back on a wild week of “deal busting” that saw the government [often in the form of Treasury Secretary Jack Lew] put the hurt on Pfizer/Allergan and Halliburton/Baker Hughes alike –...more

Blog: FCA Publishes 5 Case Studies, As Ban On Opt-Out Selling Comes Into Force

The FCA’s ban on opt-out selling across financial services, and its guidance on supporting informed decision making by add-on product buyers, came into force on 1 April 2016. The FCA has published 5 short case studies to...more

Blog: Court Of Appeal Approves Third Party Costs Order Against An Insurer

In Legg & Ors v Sterte Garage Ltd and Aviva UK Limited [2016] EWCA Civ 97, the Court of Appeal upheld the first instance decision that a third party costs order made against the defendant insurer was justified in...more

UK Financial Regulatory Developments - April 2016 #4

BoE speaks on international banks - Sarah Breeden spoke on “taming” international banks and how, in particular, the risks these banks pose can be managed in the absence of a single global banking regulator. She looked at...more

UK Financial Regulatory Developments - April 2016 #2

PRA consults on regulated fees and levies proposals - PRA is consulting on proposals for its fees and levies for 2016/17. The paper sets out proposals for... - the fee rates to meet PRA’s 2016/17 Annual Funding...more

Blog: EIOPA Publishes Guidelines On The Supervision Of 3rd-Country Insurance Branches

The European Insurance & Occupational Pensions Authority (EIOPA) has published its “Guidelines on the supervision of branches of third-country insurance undertakings“. The Guidelines are intended to ensure that...more

UK Financial Regulatory Developments - March 2016 #20

Commission requests ESMA revisions to MiFID 2 draft RTS - EP’s rapporteur for the revised Markets in Financial Instruments Directive (MiFID 2), MEP Markus Ferber, has announced that the Commission has returned to ESMA...more

European Commission Proposes Non-renewal of the Insurance Block Exemption Regulation

The European Commission has recently issued a Report announcing its preliminary view that the Insurance Block Exemption Regulation (“IBER”) should not be renewed when it expires on March 31, 2017. The IBER provides an...more

"Many Thanks Myles, Much Appreciated" – Lessons In Audit Rights, Repudiatory Breach And Informal Variation

In a dispute between an insurer and its claims handler, issues concerning the right to access files and data arose which are common to many outsourcing or data-processing arrangements. It was held that an insurer was not...more

UK Financial Regulatory Developments - March 2016 #12

PRA publishes modification by consent for dormant insolvent insurers - PRA has published a modification by consent for non-Solvency 2 firms relating to the senior insurance managers regime (SIMR) rules in the Senior...more

UK Financial Regulatory Developments - March 2016 #9

CRR liquidity reporting metrics published in OJEU - The Implementing Regulation relating to additional monitoring metrics for liquidity reporting under the CRR has been published in the OJEU. The new text sets out the...more

Update On Covered Agreement Negotiations Between The U.S. And The European Union

As we previously reported, in November 2015, the U.S. Treasury Department and the U.S. Trade Representative gave notice to Congress to initiate discussions with the European Union to enter into a Covered Agreement essentially...more

UK Financial Regulatory Developments - March 2016 #6

FS-CP publishes banking culture paper - FS-CP has published a position paper on banking culture, commissioned from the Personal Finance Research Centre at the University of Bristol, to find out how individual bank...more

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