Consultation

News & Analysis as of

The Senior Managers Regime – is responsibility for a bank's legal function in or out?

On 7 March this year the FCA and PRA’s new Senior Managers Regime (SMR) came into force for banks following a lengthy and extensive consultation. During that consultation we had identified and written about the lack of...more

Pensions Ombudsman Round-Up - October 2016 (UK)

Welcome to the latest edition of DLA Piper’s monthly newsletter – Pensions Round-Up – in which we provide an overview of developments in pension legislation, case law and regulatory guidance. In this edition we look at...more

Proposed EU Technical Standards on Pre-trade Transparency Requirements for Package Orders

The European Securities and Markets Authority launched a consultation on pre-trade transparency rules for package orders under the Markets in Financial Instruments Regulation. Package transactions are transactions executed by...more

International Organization of Securities Commissions Consults on Other Products and Services Offered by Credit Rating Agencies

The International Organization of Securities Commissions published a consultation paper on the use of non-traditional products or services offered by credit rating agencies. ...more

Draft EU Guidelines on Information Required for Authorization Applications by Payment Institutions

The European Banking Authority published for consultation draft Guidelines on the detailed information required to be submitted with an application for authorization by payment institutions and electronic money institutions,...more

French Digital Republic Law Expands Rights of Users and Regulators (Law No. 2016-321 of 7 October 2016)

On 7 October 2016, the president of the French Republic promulgated the Law for a Digital Republic. This promulgation closes the legislative process commenced in December 2015, which itself was preceded by a public...more

EU Consultation on Assessing the Suitability of Management

The European Banking Authority and the European Securities and Markets Authority launched a joint consultation on proposed Guidelines on the Assessment of the Suitability of the Members of Management Body and Key Function...more

International Bodies Publish Second Consultation on Harmonization of Key OTC Derivatives Data Elements

The Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions published a joint consultative report on the harmonization of a second batch of key OTC derivatives data...more

Basel Committee on Banking Supervision Consults on Regulatory Treatment of Accounting Provisions 

The Basel Committee on Banking Supervision published a consultation paper and discussion paper on the regulatory treatment of accounting provisions under the Basel III capital framework and related policy considerations...more

Consob recommendation on the distribution of financial instruments through a trading venue

On 18 October 2016 - after a public consultation opened on 9 May 2016 - the Italian regulator (Consob) published a new recommendation on the distribution of financial instruments through a trading venue. In particular,...more

Pensions Round-Up: September 2016 (UK)

In this edition we look at key developments from September 2016, including the following: The announcement of the Levy Estimate for 2017/18 and the publication of the consultation in relation to the levy rules; and a...more

Bank of England Consults on Reform of Sterling Overnight Index Average Interest Rate Benchmark

The Bank of England published a consultation paper on the Bank’s proposals to reform the Sterling Overnight Index Average Interest Rate Benchmark, known as SONIA. The Bank of England, which took over as administrator of SONIA...more

Proposed EU Technical Standards Under the Benchmark Regulation 

The European Securities and Markets Authority published for consultation the draft technical standards it is required to prepare under the Benchmark Regulation. The Benchmark Regulation sets out the authorization and...more

Bank of England Proposes Code of Practice for Recognized Payment System Operators

The Bank of England published a consultation paper proposing the introduction of a draft Code of Practice and Supervisory Statement on governance in recognized payment system operators. The final Code and the Supervisory...more

Full Disclosure: FCA Proposes Additional Cost Transparency Obligations for UK Managers

Key Point - Proposed rules require UK firms to identify and disclose all transaction costs incurred for pension fund investors. The Financial Conduct Authority (FCA) has published a Consultation Paper (CP16/30)...more

UK Regulators Move to Amend UK's Senior Manager & Certification Regime

The Prudential Regulation Authority and the Financial Conduct Authority launched a consultation proposing amendments to the Senior Manager & Certification Regime. Most of the changes result from the legislative changes made...more

Scottish Government publishes consultation on model form of new private residential tenancy

The Scottish Government has published a consultation paper seeking views on secondary legislation and further policy to support the new private residential tenancy being introduced under the Private Housing (Tenancies)...more

Pensions Round-Up (UK) - August 2016

In this edition we look at key developments from the past month including the following. - The Pensions Regulator: the new code of practice, accompanying guidance and compliance and enforcement policy in relation to...more

New proposals to develop the rescue finance market: new beginnings, or an old chestnut?

On 25 May 2016, the Insolvency Service published a consultation paper aimed at reforming various aspects of the UK's corporate insolvency regime. It has now collected responses from various interested parties including...more

The Financial Report, Volume 5, Number 16 (Global)

Discussion and Analysis One of our lead articles discusses a research report indicating that SEC enforcement activity has slowed in 2016. According to the article, the SEC has brought nearly ten percent fewer...more

Saudi Arabia consults on proposed cloud computing regulation and licenses

Saudi Arabia's ICT regulator, the Communications and Information Technology Commission (CITC), has published a public consultation document on a proposed cloud computing regulation and license regime in the KSA. The...more

Bank of England Proposes to Extend its Enforcement Remit

The Bank of England published a consultation paper on a proposed unified Enforcement Decision Making Committee. The EDMC would take decisions on the matters regarding: (i) firms and individuals regulated by Prudential...more

European Banking Authority Consults on Changing the Basis for the Level of Resolution Financing Arrangements

The European Banking Authority launched a consultation on the appropriate reference point for setting the target level of resolution financing arrangements required by the Bank Recovery and Resolution Directive...more

European Proposals to Delay Clearing Obligation for Financial Counterparties with Limited Derivatives Trading Activity

The European Securities and Markets Authority launched a consultation on proposals to delay the application of the clearing obligation for financial counterparties and alternative investment funds with a limited volume of...more

European Banking Authority Consults on Connected Clients under the Capital Requirements Regulation

The European Banking Authority published a consultation paper proposing an updated version of the guidelines on the implementation of the large exposures regime that was issued by the Committee of European Banking Supervisors...more

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