Regulation Round Up - April 2019

Proskauer Rose LLP
Contact

Proskauer Rose LLP

1 April

The Financial Conduct Authority ("FCA") published a statement announcing that it is commissioning an investigation by an independent person into the issues raised by the failure of London Capital & Finance.

The European Banking Authority ("EBA") published a document setting out clarifications to certain issues raised by its working group on application programme interfaces under the revised Payment Services Directive (EU/2015/2366) ("PSD2").

2 April

The FCA updated its webpage relating to its call for input on access to insurance.

3 April

The Prudential Regulation Authority ("PRA") published a consultation paper (CP7/19) on the Solvency II Directive (EC/2009/138) and equity release mortgages. The deadline to respond to the consultation is 3 July 2019.

The International Association for Trusted Blockchain Applications (INATBA), a new international association to encourage the global governance and development of blockchain technology, was launched.

4 April

A draft version of the Financial Services (Miscellaneous) (Amendment) (EU Exit) (No 2) Regulations 2019 was published.

The FCA published a speech by Mark Steward, the FCA's Director of Enforcement and Market Oversight.

The European Securities and Markets Authority ("ESMA") published its first annual report on sanctions imposed by national competent authorities under the UCITS Directive (2009/65/EC).

ESMA published an updated version of its supervisory briefing on the appropriateness and execution-only requirements under Directive 2014/65/EU ("MiFID II").

The Joint Committee of the European Supervisory Authorities published an updated version of its Q&As on key information document ("KID") requirements for packaged retail and insurance-based investment products.

5 April

The Financial Stability Board ("FSB") published a directory of regulators and other authorities in FSB jurisdictions who deal with crypto-asset issues, which also summarises the scope of their interest.

The FCA published a memorandum of understanding it has entered into with the Advertising Standards Authority.

8 April

The PRA published a consultation paper (CP8/19) on the revision of the branch return for international banks.

The FCA published a press release announcing it had signed two memoranda of understanding with the Australian Securities and Investments Commission.

The Money and Pensions Services ("MAPS") published a press release announcing its official launch, and a listening document on a national strategy for money and pensions and MAPS' three-year corporate plan.

9 April

The European Commission published a new webpage announcing a consultation relating to its evaluation of the Distance Marketing of Financial Services Directive (2002/65/EC).

The FSB published a letter sent to the G20 finance ministers on its recent work and current vulnerabilities in the financial system. The FSB is entering a new phase where its priorities are shifting from developing post-crisis reforms to assessing new vulnerabilities and evaluating the effectiveness of the regulatory reforms put in place.

ESMA published an updated version of its Q&As on data reporting under the Markets in Financial Instruments Regulation (EU/600/2014) ("MiFIR").

10 April

The joint committee of the European Supervisory Authorities published the following joint advice to the European Commission in relation to cyber resilience:

  • advice (JC 2019 26) on the need for legislative improvements on information and communication technology risk-management requirements in the EU financial sector; and
  • advice (JC 2019 25) on the costs and benefits of a coherent cyber-resilience testing framework for significant market participants and infrastructures within the EU financial sector.

The FCA has warned firms in the general insurance sector to put customers first with regard to the value of products and services provided to them. It is essential, in the FCA's view, that customers can access high quality, good value insurance products. The FCA had previously published reports which highlighted failings in the governance and control of general insurance distribution chains, including over outsourced arrangements. While some progress has been made, the FCA highlighted that significant potential for customer harm still remains. With this in mind, on 10 April 2019 the FCA published both a thematic review report which sets out a number of harms to customers from failures in the design, oversight and distribution of insurance products, as well as proposed guidance for consultation by firms who manufacture and distribute insurance products. The deadline to provide feedback on the proposed guidance will close on 9 July 2019. Further details can be found on the FCA's website here.

The Bank of England ("BoE") published a speech by its Executive Director of Insurance Supervision, on the bulk purchase annuity market.

11 April

The FCA published a Dear CEO letter sent to all regulated firms reminding them of their regulatory obligations when approving financial promotions for communication by unauthorised persons.

The European Insurance and Occupational Pensions Authority ("EIOPA") published a supervisory statement on the application of the proportionality principle in supervision of the solvency capital requirement under the Solvency II Directive.

12 April

The European Central Bank ("ECB") published a speech on the importance of all banks being able to fail without triggering another global crisis.

The European Council and the UK government agreed a second extension to the Article 50 period, avoiding a no-deal Brexit on 12 April 2019. The extension will last until 31 October 2019 at the latest, but may end sooner under a variety of scenarios.

The FCA published a memorandum of understanding that it has entered into with the Insurance Fraud Bureau.

15 April

The BoE published a policy statement on its fees regime for non-UK central counterparty recognition.

HM Treasury published a consultation paper on the implementation of the fifth Money Laundering Directive.

The PRA published its business plan for 2019/20.

The PRA published a consultation paper (CP9/19) on its regulated fees and levies for 2019/20.

The PRA published a policy statement (PS11/19) and supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.

The PRA published a consultation paper (CP10/19) on proposals to amend its policy on the settlement of enforcement action.

The FCA published a consultation paper (CP19/15) proposing an extension to the remit of independent governance committees.

16 April

The PRA published a letter (dated 11 April 2019) to the largest UK regulated life and general insurances, requesting industry feedback in relation to an insurance stress test.

17 April

The FCA published a consultation paper (CP19/16) on regulated fees and levies rates for 2019/20.

The FCA published its research agenda. The FCA explained that research plays an important role at the FCA by helping the FCA to advance its mission by developing evidence-based policy, prioritising effectively and staying ahead of trends and developments.

The FCA published its 2019/20 business plan, setting out its key priorities. 

The BoE published a press release reporting that it will disclose in its 2019/20 annual report (to be published in 2020) how financial risks from climate change are managed across its entire operations.

EIOPA published a summary of discussions at its InsurTech roundtable on the use of cloud computing by insurers and reinsurers.

18 April

The FCA published a Dear CEO letter explaining its view of the key harms that brokerage firms operating in wholesale financial markets pose to their clients and markets.

23 April

The FCA published a speech by Andrew Bailey on the future of financial conduct regulation.

The FCA published a feedback statement (FS19/2) to its July 2018 discussion paper on a duty of care and potential alternative approaches.

The FCA published a report on payment for order flow. The report provides an update on the FCA's supervisory work on conflicts of interest and payment for order flow.

24 April

The BoE published a report evaluating the effectiveness of its approach to concurrent stress testing.

The FCA published its "FCA Mission: approach to supervision". The document explains the purpose of, and the FCA's approach to, supervising firms and individuals, and the public value it delivers.

The FCA published its "FCA Mission: approach to enforcement". The document outlines the FCA's approach to enforcement and how that approach aligns with its mission.

The FCA published the Supervision Manual (Supervisory Principles Amendment) Instrument 2019) (FCA 2019/67).

The EBA published an opinion on the nature of passport notifications regarding agents and distributors under PSD2 and the second Electronic Money Directive (EC/2009/11).

25 April

The FCA published a thematic review report (TR19/3) and a Dear CEO letter on the fair treatment of with-profits customers.

The United Kingdom's Competition and Markets Authority ("CMA") announced the findings of its final report in relation to the CMA's in-depth investigation (known as a Phase 2 investigation) into the anticipated merger between J Sainsbury Plc (Sainsbury's) and Asda Group Ltd (Asda). According to the CMA, the proposed merger would have combined the UK's second and third largest grocery retailers, each of which operates supermarkets, convenience stores and petrol filling stations ("PFSs") along with online grocery deliveries services. However, the CMA decided to prohibit the proposed merger because it would, according to the CMA, result in increased prices in stores, online and at many PFSs in the UK. The CMA decided that prohibiting the merger in its entirety would be the only effective remedy in remedying any or all of the identified issues in its report. The CMA also concluded that such prohibition would be a proportionate measure in response to the large number of identified issues and their adverse effects on consumers (and competitors) in the UK. In light of the CMA's findings, both supermarkets have agreed to terminate the merger.

26 April

The FCA published a statement announcing that it is delaying publication of its final rules for contract for difference products and contract for difference-like options.

29 April

The FCA published a speech by Christopher Woolard, FCA Executive Director for Strategy and Competition, assessing and evaluating the progress to date of the FCA's Innovate services and setting out the next steps in promoting innovation in financial services.

EIOPA published a set of recommendations following its 2018 European-wide insurance sector stress test.

[View source.]

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Proskauer Rose LLP | Attorney Advertising

Written by:

Proskauer Rose LLP
Contact
more
less

Proskauer Rose LLP on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide

JD Supra Privacy Policy

Updated: May 25, 2018:

JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.

This Privacy Policy describes how JD Supra, LLC ("JD Supra" or "we," "us," or "our") collects, uses and shares personal data collected from visitors to our website (located at www.jdsupra.com) (our "Website") who view only publicly-available content as well as subscribers to our services (such as our email digests or author tools)(our "Services"). By using our Website and registering for one of our Services, you are agreeing to the terms of this Privacy Policy.

Please note that if you subscribe to one of our Services, you can make choices about how we collect, use and share your information through our Privacy Center under the "My Account" dashboard (available if you are logged into your JD Supra account).

Collection of Information

Registration Information. When you register with JD Supra for our Website and Services, either as an author or as a subscriber, you will be asked to provide identifying information to create your JD Supra account ("Registration Data"), such as your:

  • Email
  • First Name
  • Last Name
  • Company Name
  • Company Industry
  • Title
  • Country

Other Information: We also collect other information you may voluntarily provide. This may include content you provide for publication. We may also receive your communications with others through our Website and Services (such as contacting an author through our Website) or communications directly with us (such as through email, feedback or other forms or social media). If you are a subscribed user, we will also collect your user preferences, such as the types of articles you would like to read.

Information from third parties (such as, from your employer or LinkedIn): We may also receive information about you from third party sources. For example, your employer may provide your information to us, such as in connection with an article submitted by your employer for publication. If you choose to use LinkedIn to subscribe to our Website and Services, we also collect information related to your LinkedIn account and profile.

Your interactions with our Website and Services: As is true of most websites, we gather certain information automatically. This information includes IP addresses, browser type, Internet service provider (ISP), referring/exit pages, operating system, date/time stamp and clickstream data. We use this information to analyze trends, to administer the Website and our Services, to improve the content and performance of our Website and Services, and to track users' movements around the site. We may also link this automatically-collected data to personal information, for example, to inform authors about who has read their articles. Some of this data is collected through information sent by your web browser. We also use cookies and other tracking technologies to collect this information. To learn more about cookies and other tracking technologies that JD Supra may use on our Website and Services please see our "Cookies Guide" page.

How do we use this information?

We use the information and data we collect principally in order to provide our Website and Services. More specifically, we may use your personal information to:

  • Operate our Website and Services and publish content;
  • Distribute content to you in accordance with your preferences as well as to provide other notifications to you (for example, updates about our policies and terms);
  • Measure readership and usage of the Website and Services;
  • Communicate with you regarding your questions and requests;
  • Authenticate users and to provide for the safety and security of our Website and Services;
  • Conduct research and similar activities to improve our Website and Services; and
  • Comply with our legal and regulatory responsibilities and to enforce our rights.

How is your information shared?

  • Content and other public information (such as an author profile) is shared on our Website and Services, including via email digests and social media feeds, and is accessible to the general public.
  • If you choose to use our Website and Services to communicate directly with a company or individual, such communication may be shared accordingly.
  • Readership information is provided to publishing law firms and authors of content to give them insight into their readership and to help them to improve their content.
  • Our Website may offer you the opportunity to share information through our Website, such as through Facebook's "Like" or Twitter's "Tweet" button. We offer this functionality to help generate interest in our Website and content and to permit you to recommend content to your contacts. You should be aware that sharing through such functionality may result in information being collected by the applicable social media network and possibly being made publicly available (for example, through a search engine). Any such information collection would be subject to such third party social media network's privacy policy.
  • Your information may also be shared to parties who support our business, such as professional advisors as well as web-hosting providers, analytics providers and other information technology providers.
  • Any court, governmental authority, law enforcement agency or other third party where we believe disclosure is necessary to comply with a legal or regulatory obligation, or otherwise to protect our rights, the rights of any third party or individuals' personal safety, or to detect, prevent, or otherwise address fraud, security or safety issues.
  • To our affiliated entities and in connection with the sale, assignment or other transfer of our company or our business.

How We Protect Your Information

JD Supra takes reasonable and appropriate precautions to insure that user information is protected from loss, misuse and unauthorized access, disclosure, alteration and destruction. We restrict access to user information to those individuals who reasonably need access to perform their job functions, such as our third party email service, customer service personnel and technical staff. You should keep in mind that no Internet transmission is ever 100% secure or error-free. Where you use log-in credentials (usernames, passwords) on our Website, please remember that it is your responsibility to safeguard them. If you believe that your log-in credentials have been compromised, please contact us at privacy@jdsupra.com.

Children's Information

Our Website and Services are not directed at children under the age of 16 and we do not knowingly collect personal information from children under the age of 16 through our Website and/or Services. If you have reason to believe that a child under the age of 16 has provided personal information to us, please contact us, and we will endeavor to delete that information from our databases.

Links to Other Websites

Our Website and Services may contain links to other websites. The operators of such other websites may collect information about you, including through cookies or other technologies. If you are using our Website or Services and click a link to another site, you will leave our Website and this Policy will not apply to your use of and activity on those other sites. We encourage you to read the legal notices posted on those sites, including their privacy policies. We are not responsible for the data collection and use practices of such other sites. This Policy applies solely to the information collected in connection with your use of our Website and Services and does not apply to any practices conducted offline or in connection with any other websites.

Information for EU and Swiss Residents

JD Supra's principal place of business is in the United States. By subscribing to our website, you expressly consent to your information being processed in the United States.

  • Our Legal Basis for Processing: Generally, we rely on our legitimate interests in order to process your personal information. For example, we rely on this legal ground if we use your personal information to manage your Registration Data and administer our relationship with you; to deliver our Website and Services; understand and improve our Website and Services; report reader analytics to our authors; to personalize your experience on our Website and Services; and where necessary to protect or defend our or another's rights or property, or to detect, prevent, or otherwise address fraud, security, safety or privacy issues. Please see Article 6(1)(f) of the E.U. General Data Protection Regulation ("GDPR") In addition, there may be other situations where other grounds for processing may exist, such as where processing is a result of legal requirements (GDPR Article 6(1)(c)) or for reasons of public interest (GDPR Article 6(1)(e)). Please see the "Your Rights" section of this Privacy Policy immediately below for more information about how you may request that we limit or refrain from processing your personal information.
  • Your Rights
    • Right of Access/Portability: You can ask to review details about the information we hold about you and how that information has been used and disclosed. Note that we may request to verify your identification before fulfilling your request. You can also request that your personal information is provided to you in a commonly used electronic format so that you can share it with other organizations.
    • Right to Correct Information: You may ask that we make corrections to any information we hold, if you believe such correction to be necessary.
    • Right to Restrict Our Processing or Erasure of Information: You also have the right in certain circumstances to ask us to restrict processing of your personal information or to erase your personal information. Where you have consented to our use of your personal information, you can withdraw your consent at any time.

You can make a request to exercise any of these rights by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

You can also manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard.

We will make all practical efforts to respect your wishes. There may be times, however, where we are not able to fulfill your request, for example, if applicable law prohibits our compliance. Please note that JD Supra does not use "automatic decision making" or "profiling" as those terms are defined in the GDPR.

  • Timeframe for retaining your personal information: We will retain your personal information in a form that identifies you only for as long as it serves the purpose(s) for which it was initially collected as stated in this Privacy Policy, or subsequently authorized. We may continue processing your personal information for longer periods, but only for the time and to the extent such processing reasonably serves the purposes of archiving in the public interest, journalism, literature and art, scientific or historical research and statistical analysis, and subject to the protection of this Privacy Policy. For example, if you are an author, your personal information may continue to be published in connection with your article indefinitely. When we have no ongoing legitimate business need to process your personal information, we will either delete or anonymize it, or, if this is not possible (for example, because your personal information has been stored in backup archives), then we will securely store your personal information and isolate it from any further processing until deletion is possible.
  • Onward Transfer to Third Parties: As noted in the "How We Share Your Data" Section above, JD Supra may share your information with third parties. When JD Supra discloses your personal information to third parties, we have ensured that such third parties have either certified under the EU-U.S. or Swiss Privacy Shield Framework and will process all personal data received from EU member states/Switzerland in reliance on the applicable Privacy Shield Framework or that they have been subjected to strict contractual provisions in their contract with us to guarantee an adequate level of data protection for your data.

California Privacy Rights

Pursuant to Section 1798.83 of the California Civil Code, our customers who are California residents have the right to request certain information regarding our disclosure of personal information to third parties for their direct marketing purposes.

You can make a request for this information by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

Some browsers have incorporated a Do Not Track (DNT) feature. These features, when turned on, send a signal that you prefer that the website you are visiting not collect and use data regarding your online searching and browsing activities. As there is not yet a common understanding on how to interpret the DNT signal, we currently do not respond to DNT signals on our site.

Access/Correct/Update/Delete Personal Information

For non-EU/Swiss residents, if you would like to know what personal information we have about you, you can send an e-mail to privacy@jdsupra.com. We will be in contact with you (by mail or otherwise) to verify your identity and provide you the information you request. We will respond within 30 days to your request for access to your personal information. In some cases, we may not be able to remove your personal information, in which case we will let you know if we are unable to do so and why. If you would like to correct or update your personal information, you can manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard. If you would like to delete your account or remove your information from our Website and Services, send an e-mail to privacy@jdsupra.com.

Changes in Our Privacy Policy

We reserve the right to change this Privacy Policy at any time. Please refer to the date at the top of this page to determine when this Policy was last revised. Any changes to our Privacy Policy will become effective upon posting of the revised policy on the Website. By continuing to use our Website and Services following such changes, you will be deemed to have agreed to such changes.

Contacting JD Supra

If you have any questions about this Privacy Policy, the practices of this site, your dealings with our Website or Services, or if you would like to change any of the information you have provided to us, please contact us at: privacy@jdsupra.com.

JD Supra Cookie Guide

As with many websites, JD Supra's website (located at www.jdsupra.com) (our "Website") and our services (such as our email article digests)(our "Services") use a standard technology called a "cookie" and other similar technologies (such as, pixels and web beacons), which are small data files that are transferred to your computer when you use our Website and Services. These technologies automatically identify your browser whenever you interact with our Website and Services.

How We Use Cookies and Other Tracking Technologies

We use cookies and other tracking technologies to:

  1. Improve the user experience on our Website and Services;
  2. Store the authorization token that users receive when they login to the private areas of our Website. This token is specific to a user's login session and requires a valid username and password to obtain. It is required to access the user's profile information, subscriptions, and analytics;
  3. Track anonymous site usage; and
  4. Permit connectivity with social media networks to permit content sharing.

There are different types of cookies and other technologies used our Website, notably:

  • "Session cookies" - These cookies only last as long as your online session, and disappear from your computer or device when you close your browser (like Internet Explorer, Google Chrome or Safari).
  • "Persistent cookies" - These cookies stay on your computer or device after your browser has been closed and last for a time specified in the cookie. We use persistent cookies when we need to know who you are for more than one browsing session. For example, we use them to remember your preferences for the next time you visit.
  • "Web Beacons/Pixels" - Some of our web pages and emails may also contain small electronic images known as web beacons, clear GIFs or single-pixel GIFs. These images are placed on a web page or email and typically work in conjunction with cookies to collect data. We use these images to identify our users and user behavior, such as counting the number of users who have visited a web page or acted upon one of our email digests.

JD Supra Cookies. We place our own cookies on your computer to track certain information about you while you are using our Website and Services. For example, we place a session cookie on your computer each time you visit our Website. We use these cookies to allow you to log-in to your subscriber account. In addition, through these cookies we are able to collect information about how you use the Website, including what browser you may be using, your IP address, and the URL address you came from upon visiting our Website and the URL you next visit (even if those URLs are not on our Website). We also utilize email web beacons to monitor whether our emails are being delivered and read. We also use these tools to help deliver reader analytics to our authors to give them insight into their readership and help them to improve their content, so that it is most useful for our users.

Analytics/Performance Cookies. JD Supra also uses the following analytic tools to help us analyze the performance of our Website and Services as well as how visitors use our Website and Services:

  • HubSpot - For more information about HubSpot cookies, please visit legal.hubspot.com/privacy-policy.
  • New Relic - For more information on New Relic cookies, please visit www.newrelic.com/privacy.
  • Google Analytics - For more information on Google Analytics cookies, visit www.google.com/policies. To opt-out of being tracked by Google Analytics across all websites visit http://tools.google.com/dlpage/gaoptout. This will allow you to download and install a Google Analytics cookie-free web browser.

Facebook, Twitter and other Social Network Cookies. Our content pages allow you to share content appearing on our Website and Services to your social media accounts through the "Like," "Tweet," or similar buttons displayed on such pages. To accomplish this Service, we embed code that such third party social networks provide and that we do not control. These buttons know that you are logged in to your social network account and therefore such social networks could also know that you are viewing the JD Supra Website.

Controlling and Deleting Cookies

If you would like to change how a browser uses cookies, including blocking or deleting cookies from the JD Supra Website and Services you can do so by changing the settings in your web browser. To control cookies, most browsers allow you to either accept or reject all cookies, only accept certain types of cookies, or prompt you every time a site wishes to save a cookie. It's also easy to delete cookies that are already saved on your device by a browser.

The processes for controlling and deleting cookies vary depending on which browser you use. To find out how to do so with a particular browser, you can use your browser's "Help" function or alternatively, you can visit http://www.aboutcookies.org which explains, step-by-step, how to control and delete cookies in most browsers.

Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at: privacy@jdsupra.com.

- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.