Monthly Archives: January 2017
David Davis, Secretary of State for Exiting the European Union, has introduced the European Union (Notification of Withdrawal) Bill into the House of Commons. The Bill has only one substantive clause, which gives the Prime Minister power to trigger Article 50 and is expected to be voted through both Houses of Parliament in time to […]
Mark Carney has spoken as the chair of the Financial Stability Board, looking at the potential FinTech has to make the financial system inclusive, effective, efficient and resilient. He said that the true promise of FinTech comes from its potential to unbundle banking into its core functions – which are settling payments, performing maturity transformation, […]
The Wolfsberg Group, the Banking Commission of the ICC and BAFT have published new Trade Finance Principles, updating the 2011 version. The update reflects, in particular, the more stringent regulatory expectations on banks and will help to standardise financial crime regulatory requirements for trade transactions.
FCA has published the first set of data in its general insurance value measures scorecard. The study covers the year to the end of August 2016 and finds poor value in both add-on and stand alone products. It also notes consumers find it hard to assess value because there is no easy common measure to […]
John Nelson, chairman of Lloyd’s, has welcomed the EU-US agreement on insurance and reinsurance. He stressed the importance of abolishing statutory collateral requirements, and praised the agreement for regulatory cooperation.
The Lloyd’s Market Association has published updated guidance on sanctions and briefed managing agents and brokers on the changes. The guidance, in new Market Bulletin Y5057, relates to processing requirements of central settlement for Iran, Syria, North Korea, Crimea, Cuba and Sudan. Transactions relating to any of these jurisdictions can only be processed through Central […]
FCA is consulting on changes to CASS chapter 7A and, in particular, on proposed changes affecting the return of client assets. The consultation follows Treasury’s proposals on changes to the Special Administration Regime for investment firms. Among the key proposed changes are: amendments to allow certain transfers of the client money pool (CMP) not permitted […]
The CityUK has published a lengthy study and report on the EU’s “third country” regimes and alternatives to passporting. The following day, the Supreme Court delivered its judgement that confirmed an Act of Parliament is required to authorise ministers to give notice of the decision of the UK to withdraw from the EU. A White […]
The European Commission has published a consultation document on the CMU action plan in connection with its planned mid-term review. The consultation provides an opportunity for stakeholders to provide targeted input to update and reframe the programme of actions required. Among actions that the Commission is keen to identify are those that strengthen non-bank sources […]