Category Corporate Lending

EBA: Overview of PSD2 national transposition projects and new reports

The EBA recently published a table which includes key questions around the Payment Services Directive 2 (PSD2) transposition activities and dates of the different EEA countries. In addition, the EBA has announced the release of two new publications in its ongoing series of working group papers, dealing with PSD2 and distributed ledger technology (DLT) driven opportunities for new […]

REGULATIONS TO TACKLE CONTRACT TERMS PREVENTING ASSIGNMENT OF RECEIVABLES LAID BEFORE PARLIAMENT

A revised draft of the Business Contract Terms (Assignment of Receivables) Regulations 2017 has been laid before Parliament. The regulations provide that, save in respect of certain listed contracts, contractual terms prohibiting or restricting the assignment of a receivable or its enforcement by an assignee shall have no effect. The aim of the regulations is to remove barriers […]

FPC updates on stability

FPC has reviewed developments since its last meeting on 21 June and assess the outlook for UK financial stability. Its conclusion was that ‘overall risks to UK financial stability from the domestic environment are broadly unchanged at a standard level’, though risks of greater vulnerabilities may loom on the horizon. The headline statements were as follows: internationally, market […]

FCA foresees the demise of LIBOR in favour of SONIA

Andrew Bailey’s speech today on the future of LIBOR discussed the recent developments that had been made and interestingly, the decision to move away from the benchmark and towards one that is based on factors such as the price of term funding. The FCA has had conversations with market participants, which led it to examine  alternative benchmarks and make […]

FCA releases details of consultations on the extension of SM&CR to all firms

The long-awaited consultations on the extension of the SM&CR have been released: CP17/25 – Individual accountability – extending the Senior Managers and Certification Regime to all FCA firms. Banks are told to read Chapters 9 and 10 in the CP about the extra SM&CR regulations that will affect the banking sector. CP17/26 – Individual accountability – extending […]

FCA makes new rules

At FCA’s July Board meeting it made several new rulebook instruments. Key changes are: to make minor changes to approved persons application forms with effect from 12 September; to set the fees payable to the PSR from 21 July; to amend COBS in respect of pension projections from 24 July so firms can prepare risk […]

UK Finance publishes updated Access to Banking Standards

UK Finance (the new industry association including, among others, the BBA) has updated its Access to Banking Standards in relation to bank branch closures. It is hoped that these changes will help banks provide customers with clear, understandable, accessible documentation and information about that specific closure and how they can continue to bank after the branch has closed […]

LSB publishes ”2020 Vision” Business Plan

The Lending Standards Board has published its Business Plan for 2017/20 which outlines its aims and objectives for the next three years. LSB says it will achieve its goals by focusing on the following activities: Developing the Standards which were launched in March 2017 (July 2016 for business customers) by working alongside firms and the wider […]

ESMA publishes guidelines on cooperation between authorities under the Central Securities Depositories Regulation

ESMA has today published guidelines (the Guidelines) to ensure that competent authorities (CAs) apply the Central Securities Depositories Regulation (CSDR) in a consistent, efficient and effective supervisory manner, which includes cooperating with each other. Under Article 14(1) of the CSDR, CAs and ESMA are expected to cooperate closely, including exchanging all relevant information applicable under the regulation.  […]

Commission consults on non-performing loan market

The European Commission is consulting on a secondary market for non-performing loans. It seeks views on how to improve the market and specifically on loan servicing activities by third parties, and the transfer of loans away from the originating bank. It asks for feedback by 20 October.