Text of PSD2 Adopted by European Parliament
On October 9, 2015, the European Parliament published the provisional text of the proposed directive repealing and replacing the Payment Services Directive (2007/64/EC), known as PSD2.
PSD2 will need to be formally adopted by the Council of the EU and will then be published in the Official Journal of the EU, after which date there will be a 2-year implementation period for member states.
ESMA Publishes 2016 Work Program
On October 7, 2015, the European Securities and Markets Authority (ESMA) published its 2016 work program.
The key priorities for 2016 will be:
· Supervisory Convergence: ESMA's focus will shift increasingly from rulemaking to implementation, and enforcement of common EU rules will be a core focus;
· The Markets in Financial Instruments Regulation (MiFID II and MiFIR): this will continue to dominate ESMA's work in 2016 but focus will increasingly be on implementation guidelines and Q&A; and
· Data collection and management: ESMA will continue to develop systems to support activities on supervision, risk monitoring and the single rulebook, as well as working to meet the legal requirements for data collection and reporting set out in MiDIF II and MiFIR.
EBA Opinion on Mortgage Lending Value
On October 5, 2015, the European Banking Authority (EBA) published an opinion on mortgage lending value (MLV). The EBA has the mandate to develop the draft Regulatory Technical Standards (RTS) to specify criterial for assessment of MLV, and is currently of the opinion that the Commission should initiate legislative steps to clarify the scope of the draft RTS empowerment to exclude any implications on covered bonds.
The EBA notes that harmonizing the valuation practices in covered bond markets should be considered as part of a comprehensive review of EU covered bond frameworks.
UK FCA to Consult on Introducing PPI Complaints Deadline
On October 2, 2015, the UK Financial Conduct Authority (FCA) published an announcement that it has decided to consult, by the end of the year, on the introduction of a deadline by which consumers would need to make their PPI complaints or else lose their right to have them assessed by firms or by the Financial Ombudsman.
The current timescale suggests that PPI consumers will have until at least spring 2018 to complain.
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