Monthly Archives: November 2016

LMA responds to Treasury consultation on MLD4

The LMA has responded to HM Treasury’s consultation on the transposition of the Fourth Money Laundering Directive (MLD4) into national law. The LMA has said that there are certain instances where the obligation to disclose the beneficial ownership of legal entities needs to be clarified to avoid disruption to legitimate corporate activities which use beneficial […]

FCA Calls for Input on high-cost credit

FCA has published a Call for Input on high-cost credit, including a review of the high-cost short-term credit price cap. In the last two years, FCA has focused on products it believes pose the highest risks to its customer protection objective. One area of particular focus has been high-cost credit that includes payday loans, home-collected […]

PRA consults further on MiFID 2

PRA has published its second consultation paper on changes it needs to make to its rules as a result of MiFID 2. This paper focuses on the changes needed to take account of the requirements in the MiFID 2 Delegated Regulation on Organisational Requirements, and deals also with the practicalities of variations of permission to […]

Autumn Statement financial services round up

The Chancellor’s Autumn Statement contained several statements relevant to financial institutions and insurers – some announcements of initiatives already planned or even implemented, and some new promises. We will be producing articles on the key proposals. In summary, however, the Chancellor spoke of: a review to identify barriers to access to long-term finance for growing […]

European Commission publishes proposals to complete reform of financial regulatory system

The Commission has put forward a package of proposals including amendments to the Capital Requirements Regulation (CRR) and Directive (CRD), the Bank Recovery and Resolution Directive (BRRD) and the Single Resolution Mechanism Regulation (SRMR). These amendments aim to complete the reform of the financial regulatory system started following the financial crisis. The goals of the proposals are: […]

CMA publishes draft Order following retail banking market investigation

In August 2016 the CMA published the report on its market investigation into the supply of retail banking services. Following the proposals of that Report, the CMA has published a draft Retail Banking Market Investigation Order 2017 which includes measures that seek to drive the market towards ‘Open Banking’: using technology to provide customers with more control over their […]

FCA updates PRIIPs timetable

FCA has announced it will publish its final rules on disclosure requirements to reflect the PRIIPS Regulation during the first part of 2017, and expect them to take effect from January 2018.

PRA consults on deposit protection increase

PRA is consulting on increasing the deposit protection limit back to £85,000. The limit was decreased from £85,000 to £75,000 in July 2015 because of the Deposit Guarantee Schemes Directive’s requirements on non-euro currencies and would normally be subject to a five year review period. However, limits must be adjusted within that period if there […]

ESMA updates funds FAQs

ESMA has published updates to its FAQs on: the AIFMD: this includes questions on whether creating a new share class of an AIF which is to marketed cross-border with existing share classes, constitutes a material change to the original notification and a confirmation that where an AIFM notifies a material change to a notification it […]

FCA publishes consumer credit financial crime booklet

FCA has published a booklet specially aimed at consumer credit firms to help them understand FCA’s expectations of them under financial crime prevention standards. The guide sets out examples of good and poor practices FCA has observed in consumer credit firms under the MLRs, and gives guidance on how they can reduce their financial crime […]