The House of Lords has tabled its list of desired amendments to the Sanctions and AML Bill in advance of its Committee hearing on 21 November.  The Lords is concerned at the amount of power given to Ministers to make secondary legislation and is seeking to impose controls on the ability and rationale for using the powers.

The ESAs have updated the FAQs on the PRIIPs KID to include a number of new questions, including guidance on: confirming that the categorisation of a retail investor should follow the MiFID 2 definition and not take account of any national categories of “semi-professional” investor or similar; how to categorise credit-linked notes in terms of their […]

ABI has published a guide to help firms operating in the long term savings market better understand, identify and support customers who may be vulnerable, to ensure all customers are supported through the whole customer journey. The guide sets out principles, good practice and case studies. ABI recommends that firms: implement a vulnerability policy or […]

The Organisation for Economic Co-operation and Development (OECD) has published revised guidelines on insurer governance. The guidelines are non-binding and serve as a reference point for insurers, governmental authorities, and other relevant stakeholders in OECD and non-OECD countries. Key updates relate to matters including: related party transactions at the group level; disclosure of policies relating to […]

Following the European Parliament’s call to postpone the application of the IDD to 1 October 2018, ECON has written to the European Commission  asking it to take the Committee’s suggestion into account. ECON states in its letter that such a legislative proposal is needed swiftly in order to enhance legal certainty concerning the provisions applicable and to allow for […]

The European Union Agency for Network and Information Security (ENISA) has published a report on the commonality of risk assessment language in cyber insurance. ENISA comments on the growth of the cyber insurance market and its anticipated further expansion as a result of the General Data Protection Regulation and the Directive on Network and Information […]

The Government has made legislation creating a financial sanctions regime in relation to Venezuela and OFSI has published a financial sanctions notice, although there are as yet no designated persons under the regime. The changes follow an EU decision.

ESMA has issued: a further update to its FAQs on market structure issues under MiFID 2, including on DEA and tick sizes an update to its transparency FAQs, including new questions on a range of pre- and post-trade transparency issues and on third countries; and an update to its FAQs on MiFIR data reporting.

Reports from the European Parliament say that the last scheduled trilogue on MLD5 ended without agreement, because the Council did not have a mandate to negotiate and there was no text for discussion. ECON expressed its disappointment that the Council “is not ready to undertake serious negotiations”, and said it expected the Council to be […]

On 14 November 2017, David Davis, Secretary of State for Exiting the European Union, gave a speech on the post-Brexit relationship between the UK and the EU relating to the financial services sector. In his speech, Mr Davis focussed on the Government’s approach to its negotiations to leave the EU and what it is doing […]