News & Analysis as of

European Banking Authority Consults on Draft Guidelines on Complaints of Alleged Infringements of PSD2

The European Banking Authority published for consultation draft Guidelines on complaints procedures for alleged infringements of the Payments Services Directive 2 by payment service providers. The PSD2 provides for payment...more

Bank of England Re-Proposes Averaging Methodology for SONIA

The Bank of England published a supplementary consultation paper on its revised proposed averaging methodology to be used for the Sterling Overnight Index Average Interest Rate Benchmark, known as SONIA. The BoE took over as...more

Ontario Municipal Board review: be careful what you wish for

NIMBYists and development antagonists across Ontario are rejoicing with the Province’s unveiling of its latest proposal to reform the Ontario Municipal Board (O.M.B.)....more

EU Consultation on Proposed Draft Technical Standards on Central Contact Points for AML and CFT Purposes

The Joint Committee of the European Supervisory Committee launched a consultation on proposed Regulatory Technical Standards on the criteria for when a central contact point is appropriate and the functions of the central...more

Welcome changes to the Enforcement Process: more streamlined, efficient and transparent

The Financial Conduct Authority ("FCA") and the Prudential Regulatory Authority ("PRA") (collectively referred to as "the Regulators") published a joint policy statement ("the Statement") on 1 February 2017. The Statement...more

UK Government Publishes Final Policy on Transposing MiFID II 

HM Treasury published a paper summarizing responses to its consultation on the transposition of the revised Markets in Financial Instruments Directive and three draft statutory instruments to facilitate transposition. Member...more

UK Regulator Launches Review of UK Primary Markets

The Financial Conduct Authority launched its review into the effectiveness of primary markets by publishing a discussion paper on the UK primary markets landscape. The FCA is seeking views on how the UK primary capital...more

United States Challenges China’s Aluminum Subsidies at the WTO

On January 12, the United States filed a request for consultations at the World Trade Organization (WTO) regarding the substantial subsidies that the Chinese government has been pouring into its primary aluminum industry from...more

HM Treasury consults on the implementation of PSD2

On 2 February 2017, HM Treasury published a consultation paper on the implementation of PSD2 explaining the scope and key changes compared to PSD. The consultation outlines the Government's proposed approach to implementation...more

UK Government Consults on Implementing the Revised EU Payment Services Directive 

The UK Government launched a consultation on implementation of the revised EU Payment Services Directive in the UK. The new Payment Services Directive (known as PSD2) aims to make payments between Member States as secure,...more

Financial Stability Board Consults on Guidance on CCP Resolution and Resolution Planning

The Financial Stability Board published proposed Guidance on central counterparty resolution and resolution planning. The aim of the proposed Guidance is to assist national authorities and FSB member jurisdictions in...more

Proposed EU Guidelines on Transfer of Data Between Trade Repositories

The European Securities and Markets Authority launched a consultation on proposed Guidelines on the transfer of data between trade repositories. The European Market Infrastructure Regulation requires counterparties and CCPs...more

UK Regulator Proposals to Amend Client Money Distribution Rules

The FCA published a consultation paper on proposed changes to the client money distribution rules in the Client Assets Sourcebook of the FCA Handbook - CASS 7A - as a result of the special administration regime review. The...more

Corporate Criminal Liability: the UK is Now Talking the Talk and Walking the Walk

The UK’s growing focus on corporate criminal liability was seen in two recent pieces of news. Last Friday the government announced a consultation on extending the reach of corporate criminal liability to additional...more

Financial Conduct Authority Publishes New Consultation Paper on MiFID II

On 16 December 2016, the Financial Conduct Authority (FCA) published its final Consultation Paper on the implementation of the second Markets in Financial Instruments Directive (MiFID II) (CP16/43). This follows three...more

European Banking Authority Proposals for Designation and Supervision of Significant-Plus Branches

The European Banking Authority published for consultation draft Guidelines on supervision of significant branches. The proposed Guidelines set out how the consolidating supervisor, the home supervisor and the host supervisor...more

UK Financial Conduct Authority Publishes Fourth Consultation on Implementing MiFID II

The Financial Conduct Authority published its fourth consultation paper on the implementation of the revised Markets in Financial Instruments Directive in the UK. MiFID II regulates retail and wholesale investment business....more

UK Regulator Proposals to Amend the Conduct of Business Rules for Retail CfDs

The Financial Conduct Authority published a consultation paper setting out its proposals to enhance the conduct of business rules for firms providing contract for difference products to retail clients and to limit the risks...more

EU Draft Guidelines on Major Incident Reporting Published for Consultation

The European Banking Authority launched a consultation on draft Guidelines on major incidents reporting under the Payment Services Directive 2. PSD2 requires payment service providers to notify their national regulator...more

Basel Committee on Banking Supervision Consults on Revisions to Correspondent Banking Guidance for Money Laundering and Financing...

The Basel Committee on Banking Supervision launched a consultation on proposed revisions to the correspondent banking and account opening annexes of its Committee Guidelines on sound management of risks related to money...more

Pensions Round-Up - November 2016 (UK)

In this edition we look at key developments from November 2016 including the following. - The Pensions Regulator: the publication of checklists about new information required in the 2016- 17 scheme return for DB and...more

U.S.-Style Leveraged Lending Guidance Comes to Europe

On 23 November 2016, the European Central Bank (ECB) published its draft guidance to banks on leveraged lending, launching a public consultation period that runs until 27 January 2017. The draft guidance is very similar to...more

UK Prudential Regulator Consults on Raising the Deposit Protection Limit

The Prudential Regulation Authority published a consultation paper on proposals to reset the deposit protection limit at £85,000. The purpose of the update is to provide depositors with PRA-authorized firms commensurate...more

UK Prudential Regulation Authority Issues Second Consultation Paper on Implementing MiFID II

The Prudential Regulation Authority launched its second consultation on implementing certain aspects of the Markets in Financial Instruments legislative package, which comprises the Markets in Financial Instruments Directive...more

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

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