Monthly Archives: May 2017
The Commission has written to the EBA explaining why it plans to amend the draft RTS under PSD2 on customer authentication and standards of communication. The key areas of change are: to ensure statutory audit of the risk analysis methodology; a new exemption to the application of strong customer authentication for certain corporate payments which […]
ESMA has updated its set of FAQs on MiFID 2 to address issues relating to market structures, commodity derivatives and transparency. It has also published its opinion on transparency and position limit regimes for instruments traded on non-EU trading venues.
The ABI has spoken on the opportunities regulation can offer for the industry, which are getting wider – for example, willingness of the industry to see the competition regulator becoming involved in their markets. A key transformational project has been Flood Re and it has helped insurers to work with the Government. Key current points, in […]
The ESAs are consulting on RTS for firms in groups straddling the EU and third-countries, where the law of a third country prevents the implementation of group-wide AML/CTF policies in branches or majority-owned subsidiaries. Consultation closes on 11 July. The ESAs propose that firms must: at least assess the ML/TF risk to their groups and […]
The Presidency has confirmed to the Council the general approach to the Directive on countering money laundering by criminal law. It has also published the consolidated compromise text of the proposed Directive. The Presidency now asks the Council to reach a general approach, as the basis for discussions with the European Parliament. The Directive sets out […]
ESMA has published a set of principles that the regulators in the “EU27” should follow when assessing applications from UK institutions seeking an EU authorisation post-Brexit. Key principles include: that no authorisation will be automatically “grandfathered”; that no institutions should be able to operate as a “letter-box” – so all outsourcing and delegation must be […]
On 30 May 2017, ESMA published an updated version of its Q&A on the Market Abuse Regulation.
On 30 May 2017, the Financial Action Task Force (FATF) published a summary of its FinTech and RegTech forum, which was held on 25 and 26 May 2017. The forum discussed developments in FinTech and RegTech, including peer-to-peer transfers, crowdfunding, distributed ledger-technology or blockchain-based services, analytical tools, KYC utilities and digital identity.
The European parliament’s committee on economic and monetary affairs (econ) calls on commission to present legislation to protect whistle-blowers
In a draft opinion published on the 23 May, ECON says there is a need to ensure whistle-blowers are able to report not only illegal activities but also wrongdoing and any information in the public interest. The draft opinion says whistle-blowers should be free to report both internally within the workplace, and externally, and should […]
EIOPA’s (European Insurance and Occupational Pensions Authority) head of policy, Manuela Zweimuller, has announced at a conference that EIOPA will publish the guidance with a view to arming national regulators against the risk of regulatory arbitrage that may be on the radar of member state politicians.