Category Corporate Lending

The PRA postpones the introduction of its reporting proposals set out Pillar 2 liquidity consultation paper

The PRA has updates its webpage relating to its consultation paper on Pillar 2 liquidity (CP13/17). In its consultation paper, the PRA set out its proposals on a cash flow mismatch risk  framework and other methodologies for assessing firms’ liquidity risk under the Pillar 2 liquidity framework. It also proposes drafting reporting rule changes and the […]

ECA’S REPORT ON THE OPERATIONAL EFFICIENCY OF THE ECB’S CRISIS MANAGEMENT FOR BANKS

On 16 January 2018, the European Court of Auditors (ECA) published a report on the operational efficiency of the European Central Bank’s (ECB) crisis management for banks. The report states that although the ECB has established a substantial framework for crisis management and resources for the assessment of bank recovery plans and the supervision of […]

FCA fines and bans former RBS trader, Neil Danziger

The FCA has fined former Royal Bank of Scotland (RBS) interest rate derivatives trader, Neil Danziger, £250,000 and has prohibited him from performing any function in relation to any regulated financial activity. The FCA found that Mr Danziger, who formerly worked at RBS trading products referenced to Japanese Yen LIBOR,  was knowingly concerned in RBS’s failure to […]

ESMA consults on draft Securitisation Regulation technical standards

The European Securities and Markets Authority has published three consultation papers on draft technical standards implementing the Securitisation Regulation that is expected to be published by the end of this year. The matters addressed by the draft technical standards include requirements for the content and format of underlying exposures and investor report templates, and operational […]

Treasury, FCA and EIOPA issue statements regarding continuity of activities and services after Brexit

Along with the PRA’s publication of consultation papers on its intended approach to supervision of third country firms, the Treasury, FCA and ESMA have recently issued statements providing an update on provision to enable firms across Europe to continue to do business after Brexit. The Treasury has announced that if necessary (ie depending on the […]

Payment Services Regulator requires change to Direct Debit rules regarding switching Facilities Management providers

The Payment Services Regulator (PSR) has published its decision to require the operator of the Bacs payment system, of which the Direct Debit scheme is a part, to change its rules to help clients switch Facilities Management (FM) service providers. Direct Debit FM service providers enable organisations which aren’t specifically approved or sponsored as Bacs […]

EBA Discussion Paper – Implementation in the European Union of the revised market risk and counterparty credit risk frameworks

The European Banking Association (EBA) has published a discussion paper (EBA/DP/2017/04) on the EU implementation of the revised market risk and counterparty credit risk frameworks. The discussion paper focuses on the implementation issues that are expected to have a significant impact on banks implementing the standardised approach for counterparty credit risk (SA-CCR) and/or the fundamental review of […]

Law Commission to address electronic signatures and smart contracts in 13th Programme of Law Reform

The Law Commission has announced the programme of reforms it will be working on over the next 3 years.  The projects include: Electronic signatures: there is an absence of explicit case law or legislation confirming that documents executed with an electronic signature satisfy statutory requirements for documents to be in writing and/or signed and/or under […]

FCA makes new rules

At FCA’s Board meeting on & December, it made several new rule instruments, covering (among other things), several changes to take effect from 3 January 2018: minor changes relating to MiFID 2 implementation, including a new definition of “high frequency algorithmic trading technique”, amending various definitions relating to derivatives to ensure they reflect changes to […]

ECB Transcript of the public hearing on the addendum to the ECB Guidance on non-performing loans

The European Central Bank (ECB) has published a transcript of the public hearing on the addendum to the ECB Guidance on non-performing loans, held on 30 November 2017 at the ECB’s main building premises in Frankfurt and Main. This follows the publication of a letter, dated 6 December 2017, from Danièle Nouy, ECB Supervisory Board […]