UK Treasury Announces Policy on New Payment Systems Regulator
On October 9, the UK Treasury (HM Treasury) published its response to feedback on its March 2013 consultation paper on opening up UK payments, announcing the details of the new Payment Systems Regulator.
In its March 2013 consultation, HM Treasury set out proposals for bringing payment systems under formal economic regulation and establishing a new competition-focused utility-style regulator for retail payment services. In the response, HM Treasury sets out its policy decisions on the roles, responsibilities and powers of the new regulator, which will be established by the Financial Services (Banking Reform) Bill 2013-14.
HM Treasury intends for the Regulator's powers to come into force in late 2014, with the Payments System Regulator fully operational by spring 2015. Response.
FCA Second Consultation on Implementing CRD IV For Investment Firms
The FCA published a second consultation paper on proposals to implement CRD IV for investment firms (CP13/12). CRD IV is a package of major reforms to EU legislation on prudential requirements for credit institutions and investment firms. The effect of the reforms will be to replace the existing CRD with a regulation (the CRR) and a directive (the CRD IV Directive).
In CP13/12, the FCA consults on proposals applying to investment firms that are currently subject to the Capital Requirements Directive (2006/48/EC and 2006/49/EC) (CRD), and to management companies (as defined under the UCITS Directive (2009/65/EC) (UCITS IV) and alternative investment fund managers (AIFMs). Second Consultation Paper.