Consultation

News & Analysis as of

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

Ontario Takes Action on Pension Funding Reform

In November of last year, as part of its 2015 Economic Outlook and Fiscal Review, the Ontario government announced its plans to review the current solvency funding rules for defined benefit (DB) pension plans. The expedited...more

Queensland State Government publishes new Wind Farm State Code

The Wind Farm State Code (Code) will take effect on 22 July 2016. The Code is the outcome of an extended consultative process involving two rounds of public consultation on draft versions of the Code released in early 2014...more

EU Consultation on Amendment to REACH Regulation with Regard to Restriction of DecaBDE

The European Commission launched a consultation on May 4, 2016, on a draft Regulation proposing a restriction on the manufacturing and placing on the market of the flame retardant, bis(pentabromophenyl)ether (decaBDE). The...more

The Financial Report, Volume 5, Number 13

On June 23, just hours after we published our last edition, the United Kingdom voted to exit the European Union. Brexit, as it has come to be known, immediately raised a number of issues of potentially enormous significance...more

FCA Proposals to Extend Reporting Requirements for Non-EU AIFMS

The FCA recently released its quarterly consultation Paper (No. 13) which is published to consult on amendments the FCA Handbook. One of the proposed changes relates to the transparency reporting requirements for alternative...more

A review of the Corporate Insolvency Regime

On 25 May, the Insolvency Service published a consultation paper on options for reform of the UK's corporate insolvency regime. Their impetus is for the UK to remain at the forefront of insolvency best practice to ensure...more

Information note on non-life insurance products: over-simplification? Article published in Italian on Insurance Daily on July 12,...

The consultation period on Document no. 10/2016 (the Document) ended on June 20. IVASS (the Italian Insurance Supervisory Authority) had opened a public consultation on the amendments to Regulation no. 35/2010 on the...more

China Consultation on Second Revised Draft of the Road Transport of Dangerous Goods Approach

On June 28, 2016, the Ministry of Transport (MOT) issued the second revised draft of the Road Transport of Dangerous Goods Management Approach. The purpose of the proposed amendments is to reinforce the management of safe...more

Northern Gateway Project Approval Quashed Due to Inadequate Consultation

In its recent decision in Gitxaala Nation v. Canada, the Federal Court of Appeal (Court) quashed federal approval of the proposed Northern Gateway Project (Project). The Court held that although interested parties had ample...more

Review into increasing progression in the labour market for BME workers

BIS has launched a consultation to better understand the obstacles black and minority ethnic (BME) people face in the labour market....more

Brexit: What Does it Mean for Employers in the U.K.?

We set out below our best guess on where this leaves employees, management and HR in the UK. Firstly as we have all heard repeatedly today, nothing is going to change immediately and that is the same for employment law. ...more

The Government's consultation on pension increases in the British Steel Pension Scheme

The DWP's consultation on changing the law to allow pensions increases to be reduced to the statutory minimum in the British Steel Pension Scheme (BSPS) ends on 23 June. It is likely that one of the proposals in the...more

European Commission Consults on Revisions to Capital Requirements Framework and EU Implementation of CRR

The European Commission published a consultation paper on proposed options for implementing principles of proportionality in the upcoming capital requirements framework, to review the Original Exposure Method and replace the...more

European Securities and Markets Authority Consults on Draft Technical Advice for the Benchmarks Regulation

The European Securities and Markets Authority launched a consultation on its proposed technical advice to the European Commission on delegated acts due under the EU Benchmarks Regulation. ESMA consulted in February this year...more

UK Payment Systems Regulator Consults on Application of Interchange Fee Regulation in the UK

The UK Payment Systems Regulator published a consultation paper on the application of provisions in the Interchange Fee Regulation, which take effect in the UK from June 9, 2016. The IFR sets a limit on interchange fees on...more

UK Regulator Consults on UCITS, SFTR and consequential Changes to the Handbook

The Financial Conduct Authority published a consultation paper outlining proposed changes to the rules and guidance in the Client Assets sourcebook and the Collective Investment Schemes sourcebook (COLL), following the...more

Failure to Prevent Economic Crime: a Crime in the Making?

If a new corporate offence of failing to prevent economic crime is introduced in the UK, it will represent a huge expansion in corporate criminal liability and impose a very significant compliance burden on companies,...more

CONSOB launches public consultation on three recommendations aimed at protecting retail clients

On 9 May 2016, CONSOB published on its website three draft recommendations on public consultation with a view to increase investors' protection and enhance the transparency of information on financial products. The proposed...more

Canada's PIPEDA: consultation opportunity for data breach reporting regulations

The Canadian government continues to move forward with the regulation development process relating to data breach reporting....more

UK Regulator Consults on Reporting of Financial Statements and Forecast Capital Data

The Prudential Regulation Authority published a consultation paper on regulatory reporting of financial statements, forecast capital data and IFRS 9 requirements, setting out the PRA’s proposals on future reporting of balance...more

UK Financial Conduct Authority Consults on Changes to Implement the Market Abuse Regulation

The Financial Conduct Authority published its proposed changes to the Decision Procedure and Penalties Manual and the Enforcement Guide for implementation of the Market Abuse Regulation. The MAR will apply directly across the...more

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