Podcast: ESMA Report: Undue Pressure on Companies
Key developments in April 2022: 29 April - The Financial Stability Board (“FSB”) published for consultation an interim report that recommends measures to assist supervisory and regulatory authorities in developing...more
The Basel Committee on Banking Supervision (“BCBS”) published a report jointly with the World Bank setting out the findings from a global survey on proportionality in banking regulation and supervision....more
Recent regulatory developments of interest to financial institutions. CRR: PRA PS5/20 on pre-issuance notification requirements - Following its earlier consultation paper, CP20/19, the Prudential Regulation Authority...more
3 February - The European Banking Authority (“EBA”) published a report on the benchmarking of diversity practices in credit institutions and investment firms under the CRD IV Directive (2013/36/EC)....more
The European Banking Authority has published a report on the application and suitability of the EU bank regulatory framework for crypto-assets. The report is in response to the European Commission's request in its FinTech...more
European banking and securities authorities published guidelines on the assessment of the suitability of members of the management body and key function holders - ESMA and EBA published joint guidelines regarding the...more
BREXIT - ECB speech considers impact of Brexit on ECB banking supervision - On 2 May, the ECB published a speech by Ignazio Angeloni, ECB Supervisory Board member, in which he considers the future of ECB banking...more
ESMA Asks European Commission to Clarify Scope of Exemptions from EMIR Financial Obligations - On April 27, 2018, the European Securities and Markets Authority ("ESMA") published a letter from Steven Maijoor, ESMA Chair,...more
BREXIT - UK Government response to HoC Treasury Committee report on transitional arrangements - On 27 February, the HoC Treasury Committee published the UK government's response to the Committee's report on transitional...more
Allen & Overy publish weekly updates on key regulatory topics affecting the financial services sector. If you would like to receive this update by email please contact RegulatoryChange@allenovery.com. BREXIT - HoL EU...more
CAPITAL MARKETS AND MARKET INFRASTRUCTURE - ESMA practical guidance on recognition of third country CSDs - On 28 September 2017, ESMA published practical guidance (dated 26 September 2017) on the recognition by it of...more
FMLC publishes letter sent to the MoJ on the EU (Withdrawal) Bill 2017 - On 31 August, the FMLC published a letter to the MoJ following their email (dated 14 July) seeking comments on the EU (Withdrawal) Bill 2017. The...more
2 May - The FCA published its Policy Statement on the FCA's disclosure rules following application of PRIIPs Regulation (PS17/6). The Policy Statement sets out how the FCA's disclosure requirements will change to reflect...more
Financial Industry Developments - Prohibition on Dealing or Investing in Industrial or Commercial Metals - On January 3, 2017, the Office of the Comptroller of the Currency (the "OCC") finalized a rule that...more
Financial Industry Developments - CTFC Approves Re-Proposal of Position Limits Regulation - On December 5, 2016, the U.S. Commodity Futures Trading Commission ("CFTC") unanimously approved to re-propose rules that...more
The guidelines, which apply from 1 January 2017, seek to clarify the concepts of disclosure, governance, and risk alignment in respect of remuneration; in advance of this date, non-EU investment managers of UCITS should...more
Federal Reserve Announces Extension of Conformance Period under Section 13 of the Bank Holding Company Act - On July 7, 2016, the Federal Reserve announced that it will extend until July 21, 2017 the conformance period...more
On July 6, 2016, the EBA published a call for advice, dated June 13, 2016, that it has received from the European Commission relating to the prudential requirements applicable to investment firms under the Capital...more