Key developments of interest over the last month include: the UK government publishing draft legislation on payment service contract termination rule changes; the Central Bank of Ireland providing insights into its regulatory...more
Key developments of interest over the last month include: the European Parliament’s ECON Committee adopting draft reports on the European Commission’s PSR and PSD3 legislative proposals; ESMA consulting on 'reverse...more
On 14 February 2024, the European Parliament announced that its Economic and Monetary Affairs Committee (ECON) had adopted draft reports on the European Commission's legislative proposals for a Directive on payment services...more
Antitrust and Competition - Global Dawn Raids Signal Increased Antitrust Enforcement to Uncover Potential Cartel Behavior in the Fragrance Industry - On 7 March 2023, the European Commission (Commission), the United...more
Antitrust and Competition - Consultation on the European Commission’s Proposal for a Temporary Crisis and Transition Framework - On 1 February 2023, member states of the European Union received a consultation on a draft...more
Since the European Commission (the Commission) published a proposed amending Directive (together with the results of its evaluation of AIFMD) in November 2021, there have been ongoing discussions between the European...more
Regulation of UK wholesale financial markets: FCA speech - The Financial Conduct Authority (FCA) has published a speech by Edwin Schooling Latter, Director of Markets and Wholesale Policy, on a forward look at regulation of...more
COVID-19: FCA and PRA update information on key workers and working from home - On 24 September 2020, the UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) published updated information about...more
BROKER-DEALER - SEC Amends Exchange Act Rule 15c2-11 to Enhance Retail Investor Protections and Modernize Governing Quotations for Over-the-Counter Securities - On September 16, the Securities and Exchange Commission...more
Financial system to support recovery: FCA speech - The UK Financial Conduct Authority (FCA) has published a speech given by Charles Randell, FCA Chair, on having a financial system to support recovery following COVID-19....more
An ECON draft report on digital finance recommends legislative action in relation to cryptoassets and cyber resilience and a framework for digital onboarding. On 4 June 2020, the European Parliament’s Economic and Monetary...more
COVID-19: FCA speech on expectations of wealth management and advice industry - On 4 June 2020, the UK Financial Conduct Authority (FCA) published a speech by Megan Butler, FCA Executive Director of Supervision,...more
On March 21, the (ECB) published its annual report on supervisory activities for 2018, which sets out the ECB’s key achievements during 2018 under the single supervisory mechanism (SSM)....more
On January 22, the European Parliament published an erratum (A8-0431/2018/err01) to a report of its Economic and Monetary Affairs Committee (“ECON“) on the proposal for a Regulation on facilitating cross-border distribution...more
On January 14, the European Parliament’s Economic and Monetary Affairs Committee (“ECON“) published the following reports relating to the European Commission’s legislative proposals to reform the European System of Financial...more
BROKER-DEALER - FINRA Proposes Rule Change Relating to Rule 4512 (Customer Account Information) On November 28, the Financial Industry Regulatory Authority filed a proposed change to Rule 4512(a)(3) (Customer Account...more
European Parliament’s Economic and Monetary Affairs Committee (“ECON“) published a press release announcing that it has voted to adopt a draft report on the European Commission’s legislative proposal for a Regulation on...more
On November 5, European Parliament’s Economic and Monetary Affairs Committee (“ECON“) announced that it had voted to adopt a draft report amending the Regulation on cross-border payments (Regulation 924/2009) (the...more
Antitrust and Competition - European Commission to consult on exemption regime for vertical agreements - The European Commission has indicated it will launch a wide-ranging public consultation on the Vertical Block Exemption...more
BREXIT - Please refer to the Insurance section for an update on LMA model clauses on Brexit and placing of risks after 1 January 2019. Please refer to the Other Developments section for an update regarding the FCA Chair...more
BROKER-DEALER - FINRA Reminds Members of Obligations Related to OTC Securities Quoted by a Filed Form 211 - On September 24, the Financial Industry Regulatory Authority (FINRA) issued a Regulatory Notice (Notice)...more
On September 11, the European Parliament voted in plenary to adopt a resolution on relationships between the EU and third countries concerning financial services regulation and supervision (2017/2253(INI)). ...more
The European Parliament’s Committee on Economic and Monetary Affairs (“ECON“) published a report on August 29, (a draft of which it published in April) on relationships between the EU and third countries concerning financial...more
BROKER-DEALER - Statement on Status of the Consolidated Audit Trail By Janet M. Angstadt and Dina Wegh on August 31, 2018 Posted in Broker-Dealer On August 27, the Securities and Exchange Commission’s Division of...more
Antitrust and Competition - Best Practices Code for State aid control adopted by the European Commission - On 16 July 2018, the European Commission adopted a Code of Best Practices for the conduct of State aid control...more