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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

ECB Offers Opinion on Proposed Regulation to Establish a European Deposit Insurance Scheme

On April 20, 2016, the European Central Bank (ECB) published an opinion on a proposal for a regulation amending Regulation (EU) No. 8.6/2014 in order to establish a European Deposit Insurance Scheme (EDIS)....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

Blog: Solvency II: EIOPA Consults On Treatment Of Infrastructure Corporates

The European Insurance and Occupational Pensions Authority (EIOPA) has published a consultation paper on the European Commission’s “… request to EIOPA for further technical advice on the identification and calibration of...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

Blog: #IDD / #IMD2: EIOPA Publishes Preparatory Guidelines On Product Oversight & Governance

The European Insurance & Occupational Pensions Authority (EIOPA) has published its “Final Report … on Preparatory Guidelines on Product Oversight and Governance arrangements by insurance undertakings and insurance...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

The “Panama Papers” and the Secret World of Shell Corporations - Reducing Liability Exposure and Seeking Insurance Coverage

A leak of 11.5 million documents from a law firm in Panama may implicate politicians, criminals, and celebrities in sheltering of fortunes in offshore tax havens through the use of shell companies. Called the “Panama Papers,”...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

Cyber Attacks on Infrastructure are Increasing: Review Your Insurance As “Internet Of Things” Risks Grow and Change

In the December post Systemic Cyber Risks And The Internet of Things, we wrote about the increasing risk of cyber attacks on infrastructure and consumer products, and related insurance issues. We noted in that post that,...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

Blog: Solvency II – It’s Not Just About The Model: The PRA’s Expectations Laid Bare

Chris Moulder, the PRA’s Director of General Insurance, delivered a speech to the Worshipful Company of Insurers’ iNED Forum yesterday. Here are the headlines: - The PRA has approved 19 internal models so far. Internal...more

Blog: Solvency II – Investing In Infrastructure Projects

The Solvency II Delegated Regulation (2015/35) has been amended to make it easier for (re)insurers to invest in infrastructure. The amending legislation was published in the Official Journal of the European Union on 1...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

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