30 June
The Monetary Conduct Authority (“FCA”) introduced that the deadline for solo-regulated corporations to have undertaken the primary evaluation of the health and propriety of their Licensed Individuals shall be delayed from 9 December 2020 till 31 March 2021.
The FCA revealed a assertion setting out its expectations to assist benchmark directors and corporations utilizing Appointed Consultant preparations to use the Accredited Individuals Regime in the course of the Covid-19 pandemic.
29 June
The European Fee has revealed a report on the affect of the Interchange Charges Regulation for card-based cost transactions.
26 June
The Company Insolvency and Governance Act 2020 (“CIGA 2020”) has obtained Royal Assent.
The FCA revealed an up to date model of its webpage on modifications to regulatory reporting in the course of the COVID-19 pandemic.
The FCA revealed Handbook Discover 78, which units out modifications to the FCA Handbook.
Regulation (EU/2020/873) amending the Capital Necessities Regulation (EU/575/2013) (“CRR”) and the CRR II (EU/2019/876) as regards sure changes in response to the COVID-19 pandemic was revealed within the Official Journal of the EU.
The Prudential Regulatory Authority (“PRA”) revealed a assertion on COVID-19 regulatory reporting and disclosure amendments.
The PRA revealed an up to date assertion on the regulatory remedy of the UK Coronavirus Enterprise Interruption Mortgage Scheme (“CBILS”) and the UK Coronavirus Massive Enterprise Interruption Mortgage Scheme (“CLBILS”).
The FCA revealed an up to date webpage on commerce repositories.
IOSCO revealed a report (FR06/2020) on good practices on processes for deference.
25 June
The FCA up to date its COVID-19 webpage to announce additional delays to a few of its deliberate work for 2020 within the mild of the COVID-19 pandemic.
A draft model of the Equivalence Determinations for Monetary Providers (Modification and so on) (EU Exit) Rules 2020 was revealed.
The Financial institution of England revealed a letter from Andrew Bailey, BoE Governor and Chairman of the Monetary Coverage Committee (“FPC”), responding to a letter from Rishi Sunak, Chancellor of the Exchequer, on the remit and proposals for the FPC for 2020/21.
The Worldwide Group of Securities Commissions (“IOSCO”) revealed a session doc (CR02/2020) on using synthetic intelligence and machine studying by market intermediaries and asset managers, which it has recognized as a key precedence.
Fee Delegated Regulation (EU/2020/866) was revealed within the Official Journal of the EU.
The European Banking Authority (“EBA”) revealed two ultimate stories on draft implementing technical requirements (“ITS”) on public disclosure necessities (EBA/ITS/2020/04) (dated 24 June 2020) and supervisory reporting necessities (EBA/ITS/2020/05) for establishments underneath the CRR.
Fee Delegated Regulation (EU/2020/855), which amends the listing of high-risk third international locations with strategic anti-money laundering (“AML”) and counter-terrorist financing (“CTF”) deficiencies produced underneath Article 9(2) of the Fourth Cash Laundering Directive (EU/2015/849) (“MLD4”), was revealed within the Official Journal of the EU.
The European Systemic Threat Board (“ESRB”) revealed an opinion (dated 12 June 2020) on European Securities and Markets Authority’s (“ESMA”) session on post-trade danger discount providers underneath the EMIR Refit Regulation (EU/2019/834).
24 June
The European Fee revealed a speech by Valdis Dombrovskis, European Commissioner for Monetary Stability, Monetary Providers and Capital Markets Union, on digital finance.
The Council of the EU revealed a press launch saying that it has adopted the proposed Regulation containing amendments to the CRR as regards changes in response to the COVID-19 pandemic.
PRA revealed a assertion on the applying to UK credit score establishments of the EBA pointers on reporting and disclosure of exposures topic to measures utilized in response to the COVID-19 pandemic.
The FCA up to date its webpage on the Excessive Courtroom take a look at case regarding enterprise interruption insurance coverage.
23 June
HM Treasury revealed a coverage assertion on prudential requirements within the Monetary Providers Invoice 2019-21. HM Treasury intends to introduce the IFPR and up to date prudential requirements for credit score establishments based mostly on CRR II by summer time 2021.
The Home of Commons revealed a written assertion, made by Rishi Sunak, Chancellor of the Exchequer, on the UK’s strategy to implementing monetary providers regulatory reforms earlier than the top of the Brexit transition interval.
The Basel Committee on Banking Supervision revealed a session paper on the capital remedy of securitisations of non-performing loans.
The Financial institution of England has revealed a abstract and response to market suggestions on its February 2020 dialogue paper on a Sterling In a single day Index Common compounded index.
The FCA revealed a dialogue paper on a brand new UK prudential regime for MiFID funding corporations (DP20/2). Please see our replace in relation to this.
22 June
The FCA revealed a press launch saying that HM Treasury has appointed Nikhil Rathi as the brand new everlasting Chief Government of the FCA.
The FCA revealed a press launch offering info on its new information assortment platform for gathering regulatory information from corporations, which can exchange the present system (“Gabriel”). The FCA has additionally revealed a brand new webpage on the brand new platform, which is named “RegData”.
Regulation (EU) 2020/852 on the institution of a framework to facilitate sustainable funding and amending Regulation (EU/2019/20880) (“Taxonomy Regulation”) was revealed within the Official Journal of the EU.
The FCA revealed a press launch informing companies that keep on cryptoasset exercise within the UK to register with it by 30 June 2020.
Council of the EU revealed the textual content of the proposed Regulation containing amendments to the CRR as regards changes in response to the COVID-19 pandemic.
19 June
The European Parliament revealed a press launch saying that it has adopted its place at first studying on the proposed Regulation containing amendments to the CRR as regards changes in response to the COVID-19 pandemic.
18 June
The BoE revealed its annual report and accounts for 2020. The BoE units out the next strategic objectives for 2020/21 (which have been agreed earlier than the COVID-19 pandemic):
sustaining financial and monetary stability within the UK’s new relationship with the EU;
enhancing the power, safety and effectivity of the BoE’s inside operations;
facilitating a clean local weather transition by way of extra prolific local weather reporting, extra strong danger assessments, and the optimisation of buyers’ returns;
catalysing reforms in monetary markets, embracing FinTech to ship its mission and constructing better operational resilience within the monetary system;
ending “too massive to fail” by making certain corporations can fail in an orderly approach; and
delivering the subsequent era of its core funds system by way of its actual time gross settlement renewal programme.
The EBA revealed ultimate draft amending technical requirements on passport notification.
The EBA revealed a ultimate report on draft regulatory technical requirements on the factors to determine all classes of employees whose skilled actions have a fabric affect on the establishments’ danger profile (danger takers).
The PRA revealed a Expensive CEO letter offering suggestions for normal and life insurers that participated within the 2019 insurance coverage stress take a look at (“IST 2019”) train and the PRA’s newer COVID-19 stress take a look at.
The European Parliament revealed a press launch saying that it has adopted the proposed Taxonomy Regulation (2018/0178(COD)) on the institution of a framework to facilitate sustainable funding. The Regulation will enter into power 20 days following publication within the Official Journal of the EU.
The FCA revealed a session paper (CP20/8) on making its short-term guidelines on advertising and marketing sure high-risk investments (together with speculative mini-bonds) everlasting, and increasing them to some related securities. The session closes on 1 October 2020.
17 June
The Home of Commons European Union Committee revealed a duplicate of a letter (dated 28 Might 2020) from John Glen, Financial Secretary to the Treasury, to Sir William Money, Committee Chair, on the proposed Taxonomy Regulation on the institution of a framework to facilitate sustainable funding.
The FCA revealed ultimate steering on its expectations for insurers and insurance coverage intermediaries when dealing with claims and complaints for enterprise insurance coverage insurance policies in the course of the take a look at case.
The FCA up to date its webpage on the Excessive Courtroom take a look at case regarding enterprise interruption insurance coverage.
The European Fee has adopted a White Paper regarding attainable distortive results brought on by international subsidies within the EU Single Market. The European Fee has now launched a public session for third get together views and enter from all stakeholders on the choices set out within the White Paper. The public session, which shall be open till 23 September 2020, will assist the European Fee to organize for acceptable legislative proposals on this space.
16 June
The FCA revealed a speech given by Charles Randell, FCA Chair, on having a monetary system to assist restoration within the mild of the COVID-19 pandemic.
The FCA revealed a assertion setting out its strategy to treatments underneath the complaints scheme established underneath Half 6 of the Monetary Providers Act 2012.
The European Fee revealed for session a draft regulation to complement the Prospectus Regulation as regards the minimal info content material of the doc to be revealed for a prospectus exemption in reference to a takeover via an change supply, a merger or a division. The session closes on 14 July 2020.
The FCA and the Cost Programs Regulator (“PSR”) revealed a assertion offering an replace on their joint strategy on entry to money.
15 June
The EBA revealed a name for enter to grasp the size and drivers of de-risking at EU stage and its affect on prospects as a part of EBA’s job to steer, co-ordinate and monitor the EU monetary sector’s AML and CTF efforts.
ESMA revealed a revised work programme for 2020. ESMA’s key priorities for 2020 relate to implementing new mandates, supervisory convergence, danger evaluation, creating the one rulebook and direct supervision.
Property agent administrators disqualified for roles in unlawful cartel: The Competitors and Markets Authority (“CMA”) has secured the disqualification of two Berkshire property agent administrators after each took half in an unlawful value fixing cartel.
12 June
The European Fee revealed a session, along with an affect evaluation and request for suggestions on its initiative for the institution of an EU Inexperienced Bond Customary.
The FCA revealed an up to date webpage on tips on how to report suspected market abuse as a agency or buying and selling venue.
11 June
The Home of Lords EU Monetary Affairs Sub-Committee revealed a letter (dated 27 Might 2020) from John Glen, Financial Secretary to the Treasury, to Lord Sharkey, Chair of the Home of Lords EU Monetary Affairs Sub-Committee, referring to the committee’s assessment of economic providers after Brexit.
10 June
The European Fee revealed a report assessing the applying and scope of the AIFMD (EU/2011/61). Key findings within the report embrace:
n the AIFMD has improved the monitoring of dangers to the monetary system and the cross-border elevating of capital for investments in various belongings;
n the AIFMD has performed a task in creating an inside marketplace for various funding funds (“AIFs”) and reinforcing the regulatory and supervisory framework for various funding fund managers (“AIFMs”) within the EU; and
n AIFMs are working with extra transparency for buyers and supervisors.
The European Fee revealed a set of FAQs about its work and that of the EU technical professional group on sustainable finance (“TEG”) on taxonomy and the EU inexperienced bond normal.
The FCA revealed an Perception article on COVID-19, conduct and tradition.
The FCA revealed finalised steering (FG20/1) setting out a framework explaining the aim, and its strategy to the evaluation, of satisfactory monetary sources, and offering additional steering on the which means of “satisfactory monetary sources” to all FCA solo-regulated corporations topic to the Threshold Situations or the Rules for Companies (or each).
The European Parliament’s Financial and Financial Affairs Committee (“ECON”) revealed a report on the proposed Regulation containing amendments to the CRR as regards changes in response to the COVID-19 pandemic (2020/0066(COD)).
The FCA up to date its webpage on the Excessive Courtroom take a look at case regarding enterprise interruption insurance coverage.
9 June
The FCA revealed a assertion on the federal government’s assist package deal for debt recommendation providers. The assertion pertains to an announcement by HM Treasury that a further £37.Eight million assist package deal shall be made accessible to debt recommendation suppliers throughout 2020/2021.
The EBA revealed a session paper on draft regulatory technical requirements (“RTS”) specifying the prudential remedy of software program belongings underneath Article 36(4) of the CRR. The EBA will maintain a public listening to to debate the draft RTS on 23 June 2020. Feedback will be made on the draft RTS till 9 July 2020.
The Financial institution of England revealed a speech by Sir Jon Cunliffe, BoE Deputy Governor Monetary Stability, member of the Financial Coverage Committee, member of the Monetary Coverage Committee and member of the Prudential Regulation Committee, on the COVID-19 pandemic and monetary system resilience.
The FCA revealed Major Market Bulletin No. 29. The bulletin contains the ultimate model of a greatest observe be aware on figuring out, controlling and disclosing inside info which is geared toward authorities departments, trade regulators and public our bodies. It additionally features a suggestions assertion following the session on the be aware. The draft model of the be aware was included in Major Market Bulletin No. 25
Eight June
The ESRB introduced a set of actions taken in response to the COVID-19 emergency at its extraordinary assembly on 27 Might 2020. The ESRB has additionally revealed a letter calling for the European Insurance coverage and Occupational Pensions Authority (“EIOPA”) to finalise and operationalise a liquidity monitoring framework for the insurance coverage sector in response to the pandemic.
The BoE and the PRA revealed a joint assertion on the advice from the ESRB on the restriction of distributions in the course of the COVID-19 pandemic.
The European Fee revealed for session draft texts of six Fee Delegated Rules and Directives as a part of the EU’s motion plan on sustainable finance. The laws incorporates sustainability points and issues into frameworks for the:
5 June
ESMA revealed ultimate pointers on sure features of the compliance perform necessities underneath Article 16(2) of the MIFID II (EU/2014/65) and Article 22 of Delegated Regulation (EU/2017/565 (the “MiFID II Delegated Regulation”). The rules are addressed to funding corporations and credit score establishments offering funding providers and actions, funding corporations and credit score establishments promoting or advising shoppers in relation to structured deposits, UCITS administration corporations and AIFMs.
The FCA revealed its 28th quarterly session paper (CP20/7). CP20/7 invitations feedback on proposed modifications to the FCA Handbook, together with to the Compensation sourcebook (“COMP”) and the Client Credit score sourcebook (“CONC”). The deadline for feedback on these proposals is 5 July 2020.
The Monetary Ombudsman Service (“FOS”) revealed challenge 152 of ombudsman information. Objects of curiosity embrace: The FOS’ annual complaints information and commentary on developments in complaints, particulars on the FOS’ future technique and Assets on frauds and scams.
Europol launched its European Monetary and Financial Crime Centre (“EFECC”) to offer operational assist to EU member states and EU our bodies in combatting monetary and financial crime and to advertise the systematic use of economic investigations.
The FCA revealed a press launch on FCA v Skinner and others, the place the Excessive Courtroom thought-about, in a case regarding (amongst different issues) breach of the monetary promotion restriction in part 21 of FSMA, the extent to which the details on which the breach relies upon embrace the truth that the related communications weren’t permitted by an authorised individual.
Four June
The FCA revealed a speech by Megan Butler, FCA Government Director of Supervision, Funding, Wholesale and Specialists, on the FCA’s response to the COVID-19 pandemic and its expectations for 2020 for the wealth administration and recommendation trade. Please see our replace on this.
The EBA revealed a lot of session papers on draft RTS and draft ITS referring to prudential necessities for funding corporations underneath the Funding Companies Regulation (EU/2019/2033) (“IFR”) and the Funding Companies Directive (EU/2019/2034) (“IFD”). These are as follows:
Session paper (EBA/CP/2020/06) on draft units of RTS referring to the next points:
Reclassification of funding corporations to credit score establishments.
Capital necessities for funding corporations at a solo stage.
Capital necessities for funding corporations on a consolidated foundation.
In its roadmap on funding corporations, revealed on 2 June 2020, the EBA said that it supposed to finalise these RTS by December 2020. The EBA intends for the RTS to use from June 2021.
The EBA revealed a template and directions for the 2020 EBA information assortment train for funding corporations.
ESMA revealed a supervisory briefing on the supervision by nationwide competent authorities (“NCAs”) of prices relevant to UCITS and AIFs.
ESMA revealed a press launch saying that it has revealed up to date reporting directions underneath the Regulation on cash market funds (EU/2017/1131) (“MMF Regulation”).
ECON revealed a draft report setting out suggestions on Digital Finance: rising dangers in cryptoassets – regulatory and supervisory challenges within the space of economic providers, establishments and markets.
The FCA revealed a assertion outlining its expectations of corporations concerning department entry for important providers in the course of the COVID-19 pandemic.
The PRA revealed a Expensive CEO letter, from Sam Woods, Financial institution of England Deputy Governor, Prudential Regulation, and PRA CEO, on Worldwide Monetary Reporting Customary 9 and capital necessities within the context of the COVID-19 pandemic.
The Financial institution of England revealed a Expensive CEO letter from Sir Jon Cunliffe, Financial institution of England Deputy Governor, Monetary Stability on the distribution of earnings given the calls for arising from COVID-19.
The Financial institution of England revealed a speech by Andrew Hauser, Government Director, Markets, on COVID-19, monetary markets and the BoE’s steadiness sheet operations.
The EBA revealed an opinion on obstacles to the supply of third get together supplier providers (“TPPs”) underneath Article 32(c) of the regulatory technical requirements on robust buyer authentication (“SCA”) and customary and safe communication (“CSC”) supplementing the revised Cost Providers Directive (EU/2015/2366) (“PSD2”).
Pharma firm director disqualified for competitors legislation breaches: The CMA has secured the disqualification of a pharmaceutical firm director after he admitted his function in preparations that broke UK competitors legislation.
three June
The FCA revealed a assertion saying that will probably be finishing up a survey of corporations’ monetary resilience.
The FOS revealed its annual complaints information for 2019/20, along with an article analysing the info, in addition to a doc outlining its future technique, which can run to 2025.
The EBA revealed a draft cowl be aware referring to a research into the price of compliance with supervisory reporting measures underneath the CRR.
ESMA revealed a session paper on draft pointers on outsourcing to cloud service suppliers. The aim of the draft pointers is to offer steering on the outsourcing necessities relevant to corporations the place they outsource to cloud service suppliers.
The PSR revealed a speech, given by Genevieve Marjoribanks, PSR Head of Coverage, on innovation and regulation of cost programs.
2 June
The PRA revealed a assertion on using digital signatures by corporations. In April 2020, the FCA set out on a brand new webpage its expectations of corporations when coping with moist signatures (which it refers to as “moist ink” signatures) within the mild of COVID-19.
The EBA revealed a roadmap on funding corporations referring to mandates underneath the IFR (EU/2019/2033) and the IFD (EU/2019/2034).
The FCA revealed a coverage assertion on extending the senior managers regime (SMR) to benchmark directors (PS20/5).
The Workplace of the Complaints Commissioner revealed a ultimate report concerning a grievance in regards to the FCA’s deferral course of (FCA00707). In its response accepting the suggestions, the FCA explains that it has made enhancements to its deferral course of and correspondence to keep away from these points arising in future.
ECON and its Surroundings, Public Well being and Meals Security Committee revealed a suggestion for second studying of the proposed Regulation on the institution of a framework to facilitate sustainable funding (2018/0178(COD)) (Taxonomy Regulation).
The ESMA revealed a ultimate report (ESMA70-151-3012) setting out technical recommendation on the truthful, cheap, non-discriminatory and clear (“FRANDT”) business phrases for the supply of clearing providers underneath Article 4(3a) of European Market Infrastructure Regulation (EU/648/2012) (“EMIR”).
The FCA revealed a suggestions assertion on steering on short-term monetary reduction for mortgage (house finance) prospects impacted by the COVID-19 pandemic (FS20/6).
1 June
The Joint Cash Laundering Steering Group (“JMLSG”) revealed the ultimate amended variations of Half I, Half II and Half III of its AML and CTF steering.
The FCA revealed a press launch offering an replace on its take a look at case of the validity of enterprise interruption claims within the mild of the COVID-19 pandemic.
This text options contributions from Richard Bull.
© 2020 Proskauer Rose LLP. Nationwide Legislation Evaluation, Quantity X, Quantity 185
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