Category EU

Prudential requirements for credit institutions and investment firms

The European Commission (Commission) has announced that it will vote on a proposal to amend the existing Capital Requirements Regulation (CRR) during the October II plenary session. The Commission said that the new framework for ‘simple, transparent, and standardised’ (STS) securitisations has implications for the overall prudential framework for credit institutions and investment firms. The proposal to […]

Sanctions and Anti-Money Laundering Bill introduced in Parliament

The new Sanctions and Anti-Money Laundering Bill (the Bill) was introduced in Parliament on 18 October, following the publication of the Bill in August. This Bill seeks to enable the UK to continue to comply with the current UN sanctions regime after Brexit, by covering matters currently deal with through the European Communities Act 1972 (which will […]

ESMA publishes MiFID II consultation responses

The European Security and Markets Authority (ESMA) has published the responses received to the Consultation on Guidelines on certain aspects of the MiFID II suitability requirements. The draft Guidelines are intended to implement enhanced provisions to ensure investor protection. The consultation was therefore of particular relevance to investment firms and credit institutions providing investment advice or discretionary portfolio management services. […]

Treasury launches inquiry into UK’s economic relationship with the EU

The Treasury Committee has launched a new inquiry into the UK’s economic relationship with the EU, which amongst other things will consider: Transitional arrangements; Preparedness for ‘no deal’; and The long-term economic relationship. The inquiry is now open, and is accepting written submissions. The first evidence session (to be held 25 October) will focus on the progress […]

Commission consults on central bank account registry access

The European Commission has opened a public consultation on broadening law enforcement access to centralised bank account registries, with a view to increasing the speed and effectiveness with which authorities can trace criminal assets and investigate corruption. Targeted at consumers, law enforcement agencies and almost all within the banking sector, the consultation seeks to collect opinions […]

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 […]

Insurance Europe supports IDD delay

ECON’s call to the Commission to delay the application of the Insurance Distribution Directive (IDD) has been welcomed by Michaela Koller, director general of Insurance Europe. The EU Parliament’s ECON committee recommended the delays to the European Commission, and Insurance Europe hopes a delay would give insurers sufficient time to implement IDD with legal certainty (which, by extension, […]

EIOPA publishes guidelines for “execution-only” sales of IBIPs under IDD

Further to a public consultation, EIOPA has published a final report on its guidelines for insurance based investment products (IBIPs) under IDD that incorporate a structure which makes it difficult to understand the risks involved. These guidelines apply to execution-only sales under Article 30(3) of IDD. One of the conditions specified in Article 30(3) of […]

Commission publishes funds distribution responses

The Commission’s consultation on cross border distribution of investment funds closed on 9 October, and the Commission has now published the 62 responses it received.

Commission asks ESAs for retail product evaluation

The Commission has published its formal request to the ESAs to report to it on the cost and past performance of the main categories of retail investment, insurance and pension products. It notes the reporting should be based on what is required under key EU legislation, and appreciates the amount of work is such that […]