The Council of the EU has agreed a negotiating mandate for progressing the Commission’s proposals on cross-border marketing of funds. It has also published compromise texts based on the Commission’s originals to form the basis for negotiations with the European Parliament.
The EBA has published a consultation on draft Guidelines supplementing the Regulatory Technical Standards on strong customer authentication published in the OJ in March 2018, and applicable from September 2019. Article 33(6) of the RTS set out the conditions that must be met when an Account Servicing Payment Service Provider (ASPSP) wishes to provide access […]
The European Parliament has voted in plenary session to adopt the so called “EMIR Refit” Regulation. The European Commission has proposed that small financial counterparties (SFCs) should not be subject to the current EMIR clearing obligation where they deal with OTC derivatives at a low volume which would not present a systemic risk to the financial […]
The Council of the EU has agreed measures on criminal sanctions for money laundering offences. A new Directive will set minimum rules for defining money laundering offences and the criminal sanctions for them. The maximum imprisonment will be only 4 years, with additional civil sanctions possible. The directive also caters for exclusion of legal entities […]
Verena Ross has spoken on progress towards a “genuine” single European financial market, focusing on the role of regulation and supervision. She commented that the EU now has a robust and integrated regulatory framework but stressed the importance of supervision. She discussed the importance of taking the time and effort required for proper implementation and […]
FCA’s latest quarterly consultation proposes the usual minor miscellaneous changes to its Handbook, including; changes to the appointed representatives appointment firm: the changes are spurred on by IDD changes but generally require firms to make a statement that they have complied with their regulatory obligations as principal; the COBS rules for insurance distribution to ensure […]
ESMA has exercised its product intervention powers under MiFIR to: ban the marketing, distribution or sale or binary options to retail investors from 2 July; and restrict the marketing of CFDs to retail investors from 1 August. The restrictions consist of leverage limits on opening positions, a margin close-out rule and a negative balance protection […]
ESMA has published its final guidelines on certain aspects of the MiFID 2 suitability requirements. The guidelines build on their MiFID 1 predecessor, and broaden them to address technological developments such as a the development of robo-advice and take into account supervisory experience and the results of reviews and surveys. The guidelines also include a […]
ESMA has updated its FAQs on investor protection and intermediaries under MiFID 2. New questions added in May focus on: best execution: a new question addresses what is meant by “other liquidity provider”; client categorisation: new questions look at when and how a firm can assess whether it can treat an individual private investor as a professional client, […]
ESMA has updated its FAQs on the application of the UCITS Directive. The additions look at how to apply remuneration disclosure requirements to staff or the delegate of a UCITS management company who have been delegated investment management functions.
Lloyd’s has published guidance for non-UK EEA coverholders on the actions they must take to ensure IDD compliance. The guidance focuses on agreement between all parties in the distribution chain on who the product manufacturer is, and the need to document this in the binding authority agreement. Coverholders that are manufacturers should prepare appropriate IPIDs, […]
Lloyd’s has announced that it has received licence approval from the National Bank of Belgium for Lloyd’s Insurance Company S.A. Post-Brexit, this subsidiary of Lloyd’s will be able to write non-life risks from the EEA, and will be ready to start writing business from 1 January 2019.
Summary of responses to the ECB’s second public consultation on developing a euro unsecured overnight interest rate
The European Central Bank (ECB) has published a summary of the responses it received to its second consultation on developing a euro unsecured overnight interest rate. The consultation follows the ECB’s decision to develop a daily euro unsecured overnight interest rate based on data already available to the Eurosystem. The rate is due to be finalised before 2020 and will complement […]
The Council has formally adopted MLD5 in its meeting of 14 May. The changes to MLD4, already agreed between the Council and Parliament, include: greater transparency of beneficial ownership of companies and trusts; addressing the risks of prepaid cards and virtual currencies; greater cooperation between FIUs; and enhanced checks on transactions involving high-risk countries. The […]
ESMA has created a new portal for checking the authorisation status of investment firms, trading venues and DRSPs authorised under MiFID 2, UCITS management companies and AIFMs and also funds managed or marketed in the EU.
Treasury has made the Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Order 2018 and laid it before Parliament on 1 May. The Order makes changes, mainly to the RAO, to reflect the changes to the regulatory perimeter consequent on IDD implementation and will fully come into force on 1 October. The main changes generally update […]
Ahead of its adoption, the Council and Parliament text of MLD5 was published on 26 April. After formal adoption it will need to be published in the Official Journal, and it will come into force 18 months after that. Austria and the Commission both expressed disappointment that the transparency provisions were not more onerous.
Michel Barnier has spoken to Eurofi. He described Brexit as a lose-lose situation, with no added value. He said: there can be no frictionless trade outside the Customs Union and Single Market so businesses will be faced with barriers and checks that are not in place today and this will have an impact on value […]
Andrew Bailey has given a regulatory perspective on asset management. His speech considered: market-wide risks: he looked at the growth in the asset management sector and particularly the increase in proportionate growth of the asset management sector over others. open-ended funds: he considered the risks of funds offering daily redemption in illiquid assets which also […]
The European Commission has reported that consumers still face some obstacles when trying to compare investment funds, life insurance or personal pensions. The report finds that recent EU measures, such as MiFID 2 and the PRIIPs Regulation, should help, but that consumers find a great variance in costs for similar product categories cross-border. It also says most consumers […]
Following its vote to approve MLD5, the EP has now published the provisional version of the approved text.
The European Parliament adopted in plenary session on 19 April the proposals for MLD5. In an EP press release prior to the vote: the proposals to require public access to beneficial ownership information, to introduce registers for beneficial ownership of trusts and for banks accounts and safe deposit boxes were highlighted as important measures; EP […]
The Joint Committee of the European Supervisory Authorities has published its report for the second half of 2017. This report highlights the following potential sources of instability: repricing of risk premia uncertainties regarding the terms of Britain’s exit from the EU; cyber attacks; and climate change. The report urges firms and supervisory authorities to seek […]
The FCA and the PRA have both published their business plans for 2018/2019. The FCA’s business plan shines a spotlight on consumer protection, including in relation to pension products and high-cost credit, as an area of concern for the forthcoming year, as well as ongoing programmes such as Brexit, and firms’ culture and governance (including […]
The European Central Bank (ECB) has launched a consultation on cyber resilience oversight expectations. The consultation contains a draft document which defines the ECB’s expectations in terms of cyber resilience, based on existing global guidance published by the Committee on Payments and Market Infrastructures and the Board of the International Organisation of Securities Commissions (CPMI-IOSCO) […]
The European Central Bank (ECB) has published its annual report for 2017. The annual report sets out the ECB’s activities in the economic and financial environment of 2017. Amongst other things, the report focuses on: the economic recovery in the euro area; the ECB’s monetary policy decisions, which lead to the ECB recalibrating its asset […]
ECON DRAFT REPORT ON FINANCIAL SERVICES REGULATION AND SUPERVISION RELATIONSHIP BETWEEN EU AND THIRD COUNTRIES
The European Parliament’s Committee on Economic and Monetary Affairs (ECON) published its draft report on the financial services regulation and supervision relationship between the EU and third countries. The draft report contains a motion for a European Parliament resolution and includes, amongst other things calls: on the European Commission to adopt a legislative act establishing […]
The FCA has published a speech by Andrew Bailey, Chief Executive of the FCA, on Brexit, following the agreement reached between the UK and EU on a transition period. Key issues highlighted by Mr Bailey include: the importance of a transitional period for everyone involved in financial services on both sides; the need for continuing authorisation for […]
The European Central Bank (ECB) has published its Annual Report on its supervisory activities for 2017. The Annual Report sets out the ECB’s key achievements for 2017. In addition, the ECB published a speech on the Annual Report given by Daniele Nouy, Chair of the ECB’s Supervisory Board, which includes focus areas on general developments in the […]
Following the announcement in September last year that the EU and the USA signed a bilateral agreement on insurance and reinsurance prudential measures, the Council of the EU has now formally adopted a decision to conclude this agreement. This agreement can now provide legal certainty to EU and US insurers in the application of regulatory […]
In its latest meeting, the Financial Policy Committee focused on: the outlook for UK financial stability generally: it thought these were standard, excepting the Brexit risks, with risks from global vulnerability still being material. Risks from certain markets in the US and in China are elevated, but there seems to be some sign of increasing […]
John Griffith-Jones has reflected on FCA’s first 5 years of operation, since it took over from the FSA. He outlined: highlights – specifying FCA’s engagement with pension exit charges, general insurance renewals, interest-only mortgage work, FX and LIBOR issues and reform, MiFID 2 implementation, the Innovation Hub, market abuse enforcement, fixing PPI, the asset management […]
The Commission has published a new package of proposals that it wishes to see adopted by mid-2019. The proposals will ‘put in place all building blocks of the Capital Markets Union’, and comprise: legislative proposals on facilitating cross-border distribution of investment funds, to boost the cross-border market for investment funds; a legislative proposal on covered […]
As part of its preparation for Brexit, the Government announced in December 2017 that it would, if necessary, introduce legislation to enable a ‘temporary permission’ scheme for EEA firms and funds which, following Brexit, can no longer rely on their passporting rights to do business in the UK. The FCA has published a survey to […]
The EU Commission has published a communication on its action plan for financing sustainable growth. The action plan aims to: reorient capital flows towards sustainable investment in order to achieve sustainable and inclusive growth; manage financial risks stemming from climate change, resource depletion, environmental degradation and social issues; and foster transparency and long-termism in financial […]
The European Commission has published an action plan aimed at making Europe a global hub for Fintech. The plan is to make markets safer and easier for new players to access while enabling the financial sector to make use of new technologies. It wants to encourage a cross-border infrastructure for blockchain but using pilot projects. […]
Philip Hammond gave his long-awaited speech on financial services and the future. He referenced: that financial services is not just a London business and that two-thirds of financial services jobs in the UK are outside London Theresa May’s speech setting out what the UK wants from a partnership with the remaining EU his challenge to […]
Insurance Europe has published a position paper on the consequences of Brexit on existing insurance contracts. The paper discusses: existing (re)insurance contracts that may be affected by Brexit and how customers may be affected; what is currently permitted by passporting rights; when grandfathering is the only solution for existing contracts; and how to allow for […]
Further to the European Parliament’s vote on 1 March 2018, the Council of the EU has published the provisional text of the Directive amending IDD as regards the date of application of Member States’ transposition measures (the Directive). The Directive is intended to apply with retrospective effect from 23 February. The next steps will be […]
Theresa May, speaking at Mansion House, set out her vision for the future economic partnership between the UK and the EU. In relation to financial services, she explained why existing models will not work. For example, the Norway model would keep the UK in the single market but would mean having to implement new EU […]
The Lloyd’s Market Association (LMA) has published guidance on the IDD for UK coverholders. The guidance covers some aspects of IDD, including: product oversight and governance; product information (including the IPID); identifying client needs and advising; and information requirements. While certain part of the guidance are specific to the Lloyd’s market, the LMA has discussed […]
The European Insurance and Occupational Pensions Authority (EIOPA), has published its second and final set of advice to the European Commission on the Solvency Capital Requirement (SCR) formula under the Solvency 2 Delegated Regulation. Highlights include: EIOPA recommends further simplifications and improvements to the calculation of capital requirements, including for fire risk and mass accidents […]
Summary of responses to the ECB’s first public consultation on developing a euro secured overnight interest rate
The European Central Bank has published a summary of responses it received following its first consultation paper on a new euro unsecured overnight interest rate, published in November 2017. Responses include: a vast majority of respondents agreed with the definition suggested in the consultation document and expected the rate to be generally accepted by the public as […]
The Association for Financial Markets in Europe (AFME), has published a guide on the impact of Brexit on wholesale financial services contracts. The guide takes the form of FAQs and is intended to help clients of banks in understanding how cross-border relationships will be affected by the UK’s decision to leave the EU and, by […]
UK Finance reports that initial impressions of MiFID 2 implementation are that it has been smoother than expected. While there have been some teething problems and outstanding issues, firms seem, generally, to have been able to adapt within the implementation deadline.
EU ambassadors have confirmed, on behalf of the Council, that the transposition deadline for the IDD should be delayed until 1 July, and the application date to 1 October. The EP and Council, however, are not expected to adopt the necessary amending Directive until March, after the 23 February transposition date, so that the delay […]
The three ESAs (consisting of the European Securities and Markets Authority, the European Banking Authority and the European Insurance and Occupational Pensions Authority) issued a warning to consumers on the high risks of buying and/or holding virtual currencies such as Bitcoin, Ether and Ripple (VCs). The warning follows the fact that there has been an increasing number […]
Insurance Europe has published two position papers relating to Brexit. The first paper discusses the need for a transitional arrangement, stating that such an arrangement is crucial for business continuity until legal clarity on the future UK-EU relationship is reached. Any transitional arrangement should ensure the UK remains covered by EU law and its supervisory framework […]
ESMA has published its Risk Assessment Work Programme for 2018, in which it establishes priorities for assessing securities market risks. ESMA will complement ongoing market monitoring through its semi-annual Report on Trends, Risks and Vulnerabilities, and its Quarterly Risk Dashboards, by launching an annual series on EU derivatives markets (based on EMIR data) and an […]
The European Commission is carrying out a survey on how the AIFMD has worked in practice and how it has met its objectives. Anyone can respond to the online survey.
The European Commission has updated its website to provide information on how Brexit will affect banking and finance rules. Separate pages address: markets in financial instruments banking and payment services post-trade issues asset management credit rating agencies insurance and reinsurance and statutory audit Each page looks at the impact of withdrawal on authorisations, contracts and […]
An update from FCA and the ICO confirms FCA’s view that firms can comply with both the GDPR and its rules. The update notes that GDPR is a board level responsibility, and firms must produce evidence to show what they have done to comply with it. FCA also notes that, although the ICO will regulate […]
ESMA has updated its Q&As on transparency and market structure issues under MiFID 2. The latest additions cover pre-trade transparency waivers.
MEPs have approved the proposal to add Tunisia, Sri Lanka and Trinidad and Tobago to the list of high-risk third country jurisdictions under MLD4. The vote passed the additions, despite continuing dissatisfaction among many MEPs over the inclusion of Tunisia.
The European Securities and Markets Authority (ESMA) has issued updates of its Q&As on: the implementation of the European Markets Infrastructure Regulation (EMIR). The purpose of the document is to promote common supervisory approaches and practices in the application of EMIR; the implementation of the Central Securities Depository Regulation (CSDR). The Q&A provides common answers […]
On 5 February 2018, Andrew Bailey, FCA Chief Executive, delivered a speech, the Future of the City, which focuses on the transition to Brexit and the future of the UK regulatory regime. Key highlights include: the FCA is treating Brexit as a high priority and the FCA will do its utmost to ensure that it works […]
The PRA has published a consultation paper on amending the effective date of its rules implementing the IDD, in response to proposals from the European Commission to push IDD implementation back from 23 February 2018 to 1 October 2018. Proposals to amend the effective date to align with the Commission proposal do not represent a […]
The European Parliament and European Council are considering the proposal to delay the application date of IDD until 1 October 2018. The Treasury has updated its webpage to explain that it will delay making the Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Order 2018 until the proposal to delay the application date is confirmed. This […]
The European Commission has announced the launch of an EU Blockchain Observatory and Forum. This aims to: highlight key developments in blockchain technology; promote European participants; and reinforce European engagement with key stakeholders. It is mandated to gather information, monitor and analyse trends, address challenges and explore blockchains’ socioeconomic potential, by facilitating cross border cooperation […]
EBA has launched the 2018 stress test. It will cover 48 banks and EBA expects to publish the results in early November.
The Economics and Home Affairs Committees in the EP have voted through additions to the Commission’s MLD4 blacklist of high risk jurisdictions by the narrowest of margins. The proposal was to include Tunisia, Sri Lanka and Trinidad and Tobago in the list. The debate was over the inclusion of Tunisia. Many MEPs expressed incomprehension that […]
The European Insurance and Occupational Pensions Authority (EIOPA) has published a revised version of its 2018 work programme, which was first published in September 2017. The revised version incorporates resources information for the years 2019 an 2020 relating to the European Commission’s legislative proposals relating to the review of the European Supervisory Authorities and the […]
The EBA has written to the European Commission following the Commission’s adoption of the RTS on strong customer authentication under PSD2. The EBA welcomes the adoption, appreciates the note the Commission took of some of EBA’s concerns and says it appreciates the Commission’s decision not to take note of some others. However, it questions why […]
The European Commission has published a report on the implementation and impact of the second Electronic Money Directive (EMD2). The report focuses on the application of prudential requirements for electronic money institutions and discusses the relationship between EMD2 and the Fourth Money Laundering Directive. The European Commission concluded that: the overall assessment of the EMD2 […]
The European Commission has finalised the RTS for procedures excluding transactions with NFCs established in third countries for the purposes of the own funds requirement for credit valuation adjustment risk. The RTS require institutions to verify the status of the counterparty at trade inception and thereafter annually, unless there is any reason to believe the […]
FCA has published a statement following concerns raised about the performance scenarios in the PRIIPs KID. Some firms have noted that occasionally this information may appear to optimistic and risk misleading consumers. FCA says that where a manufacturer is worried the scenarios in their KID are too optimistic, it may provide explanatory materials to put […]
The Commission’s Delegated Regulation adding Ethiopia to its list of high risk countries under MLD4 has been published in the OJEU.
The joint committee of the ESAs has published an opinion on the use of innovative solutions towards CDD. The opinion forms part of wider work on the “responsible and effective” use of innovation to enhance AML/CFT controls. The opinion looks at the balance between making controls more efficient against potentially weakening AML/CFT safeguards. The ESAs’ […]
We have written an article on the final countdown to GDPR compliance.
We have written an article on the current status of MLD5.
The European Insurance and Occupational Pensions Authority (EIOPA) has published official translations of guidelines under the IDD relating to insurance-based investment products (IBIPs) which incorporate a structure that makes it difficult for the customer to understand the risks involved. In so doing, the guidelines seek to minimise risks of consumer detriment arising from mis-sold IBIPs. […]
The new regulator for anti-money laundering, the Office for Professional Body Anti-Money Laundering Supervision (OPBAS), was launched on 18 January 2018 thereby strengthening the UK’s anti-money laundering (AML) supervisory regime. OPBAS is housed within the FCA and will facilitate collaboration and information sharing between the professional body AML supervisors, statutory supervisors, and law enforcement agencies. In addition, the […]
FCA has published its third policy statement on IDD implementation, responding to feedback received on various consultations and providing near-final rules. In relation to life insurance distribution business, it covers requirements relating to: Inducements; Suitability and appropriateness; and Information and product disclosure. In relation to all insurance distribution business, it covers requirements relating to: Conflicts […]
The European Securities and Markets Authority (ESMA) has published an extended version of MiFID II/MiFIR transitional transparency calculations (TTC) for equity and bond instruments. ESMA has added the applicable TTC for: equity instruments, traded for the first time on a trading venue between 13 September 2017 and 2 January 2018 (included); and bond instruments (except ETCs […]
The Joint Committee of the European Supervisory Authorities (ESA) has published its final guidelines under the Wire Transfer Regulation (Regulation (EU) 2015/847) in each of the official languages of the EU. The guidelines were first published in September 2017 and include measures that payment service providers should take to detect missing or incomplete information on the […]
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 […]
We have written an article for Compliance Monitor summarising the key changes PSD2 brings to UK law.
Theresa May has chaired a meeting of senior executives from a number of financial institutions to discuss the opportunities and challenges Brexit presents. She noted the UK’s aim of agreeing an implementation period by the end of March, while Philip Hammond said the Government is prioritising the needs of consumers and tax payers. For their […]
The EP’s Legislative Observatory has been updated to indicate: a date of 16 April for a hearing on MLD5; and a date of 28 February for a hearing on the IDD extension.
The EP’s legislative observatory has opened a file for the debate on delay of the implementation date for the IDD, but as at 9 January no date had been set for debate.
AFME has published a revised post-trade due diligence questionnaire to help global custodians. The new version harmonises and simplifies the DD process and now includes 20 additional questions to the original 2016 questionnaire.
ESMA has published several lists of documents and information relating to MiFID 2. It has published: a public register of derivative contracts subject to the MiFIR trading obligation a list of trading venues temporarily exempted from open access under MiFIR and a first set of position management controls for commodity derivatives. It has also decided […]
The EU has added to its list of designated persons in relation to North Korea to align its list with UN measures. The EU has already autonomously listed several others. The Council now intends to ensure swift transposition of the changes.
MiFID 2 implementation date has finally arrived. We have written an article to remind firms of the key changes and action points. FCA has also published a series of updates covering: transitional arrangements for trading venues, which confirms FCA has agreed a transitional arrangement for ICE Futures Europe and LME, such that the open access […]
The Commission has ruled the Swiss Exchange AG and BX Swiss AG as equivalent to regulated markets under MiFID 2.
FMLC has published a paper exploring the basis of UK trade with the EU following Brexit, and the interplay this will have with World Trade Organization (WTO) principles. As many commentators have noted, the basis of UK-EU trade could take the form of the UK’s continued EEA membership, a transitional arrangement, a new bespoke treaty, […]
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 […]
In advance of the implementation date for MiFID II on 3 January 2018, ESMA has issued a public statement that provides a form of 6 month transitional period for certain trading venues and certain legal persons, to support the introduction of Legal Entity Identifier (LEI) requirements. This includes provision that trading venues whose non-EEA issuer […]
The European Commission is proposing an overhaul of the prudential requirements for investment firms by bringing in a two track system. The largest, more systemically important firms will be subject to the same rules and requirements as banks; the other firms will be relieved from these more onerous requirements. The changes will be introduced by […]
The European Blanking authority (EBA) has published an opinion (EBA/Op/2017/16) on the transition from the Payment Services Directive (2007/64/EC) (PSD) to the revised Directive on payment services in the internal market ((EU) 2015/2366) (PSD2), which will apply from 13 January 2018. The EBA clarifies a number of issues identified by market participants and competent authorities, including: […]
The European Commission has today published a legislative proposal to push back the application date of IDD until 1 October 2018, at the request of the European Parliament and Member States. Member states will still be required to transpose IDD into national legislation by the current implementation date of 23 February 2018. The European Parliament […]
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 […]
In response to the European Banking Authority (EBA) Guidelines on Operational and Security Risks under PSD2, published on 12 December 2017, the FCA published a statement on its website reminding payment service providers that they will be expected to comply with the Guidelines from 13 January 2018 in addition to the requirements set out in Regulation […]
The European Securities and Markets Authority (ESMA) has today published updated versions on its Questions and Answers (Q&As) relating to topics under the MiFID II Directive (2014/65/EU) and the Markets in Financial Instruments Regulation (Regulation 600/2014) (MiFIR). ESMA has added new Q&As covering: transparency and market structures; MiFID II and MiFIR investor protection and intermediaries […]
The European Parliament and the Council has announced they have reached a political agreement on the EU Commission’s proposal to further strengthen EU rules on anti-money laundering and counter terrorist financing. This revision of the Fourth Anti-Money Laundering Directive, aims at: increasing transparency on who really owns companies and trusts by establishing beneficial ownership registers; […]
UK Finance has published guidance for firms on product governance and retail costs and charges under MiFID 2. The guidelines on product governance look at the “target market” criteria, which include recommendations on information exchange between manufacturers and distributors. UK Finance notes that MiFID 2 will have the effect of creating industry-wide renegotiations and has […]
The Commission has recognised a number of trading venues in the US, Australia and Hong Kong as equivalent for the purposes of the MiFID 2/ MiFIR share trading obligation. This follows publication in the OJEU of the decision of equivalence in relation to certain US swaps markets.
The European Securities and Markets Authority has published 2 new questions relating to the prohibition on dealings by persons discharging managerial responsibilities during a closed period in its updated MAR Questions and Answers. Please read our briefing for more.
EBA has published its final guidelines on security measures for operational and security risks of payment services required by PSD2. The guidelines require PSPs to have in place: an effective operational and security risk management framework processes to detect, prevent and monitor potential security breaches and threats risk assessment procedures regular testing processes to raise […]
EIOPA and the European Commission have developed an editable version of the IPID template. Under the IDD, the IPID is required to be provided for non-life insurance products to enable the customer to make a more informed decision. FCA has proposed for the IPID requirement to only apply to retail customers rather than commercial customers. The […]