WORD OF THE DAY® – Clean-Up Call
Solvency II is organised around three core pillars of prudential regulation, which ensure the safety and soundness of (re)insurers, in line with the scale, nature and complexity of their business: - Pillar One focuses on...more
On 4 July 2024, the European Banking Authority (EBA) published new guidelines on information requirements in relation to transfers of funds and certain cryptoasset transfers under Regulation (EU) 2023/1113 (the recast,...more
Under the Markets in Crypto-Assets Regulation, the European Banking Authority has published a package of technical standards and guidelines on prudential matters, namely own funds, liquidity requirements, and recovery plans....more
On 17 October 2023, the European Securities and Markets Authority (ESMA) published a statement (the Statement) clarifying the timeline for implementation of the Regulation on Markets in Cryptoassets ((EU) 2023/1114) (MiCA)...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
COVID-19: PRA letter to credit unions and direction modifying minimum provisioning requirements - On 7 October 2020, the UK Prudential Regulation Authority (PRA) published a letter to directors of credit unions on...more
COVID-19: PRA updates statement on implementation of EBA guidelines on reporting data and public information - The UK Prudential Regulation Authority (PRA) has updated its statement on the implementation of the European...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
1 November - The Prudential Regulation Authority ("PRA") published a Dear CEO letter in relation to the reliability of regulatory returns. Firms are expected, if asked, to be able to respond promptly to a request from...more
With crypto-currencies on the rise and technological developments providing great opportunities in the financial services sector, Initial Coin Offerings ("ICO") provide an innovative way of raising capital. They are...more
2018 was a year of international scrutiny for digital currencies. As regulators around the globe wake up to the potential dangers posed by the new technology (now falling under the umbrella term of “cryptoassets”), pressure...more