Tag Archives: Commission
FCA updates on motor finance
FCA has updated on its work reviewing the motor finance sector. So far, it has drawn several comforting conclusions, including around general default rates. But the 3% of customers who have the lowest credit ratings have higher arrears and default rates. It also notes that commission arrangements could lead to dealers arranging more expensive than […]
Commission finalises own funds adjustment RTS
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 […]
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 […]
Commission starts reporting fitness check
The European Commission has invited feedback on whether supervisory reporting requirements in financial services legislation are fit for purpose. It has published a roadmap on which it asks for views by 14 November. The roadmap looks at the work the Commission has done to date and comments it has received, but it says does not prejudge […]
EU plans CMU reforms
The Commission has proposed a package of reforms to further develop the CMU. The package comprises: EU-wide supervisory priorities set by the ESAs, which will also take a greater role in supervising the work of national regulators – in particular in checking how they allow market participants to outsource functions to third countries direct capital […]
Commission clarifies Systematic Internaliser rules
The Commission is urgently making an amendment to clarify the scope of the MiFID 2 systematic internaliser category. It has noted certain technological developments which risk undermining what should be a clear separation between bilateral own account trading when executing client orders and multilateral trading. The Commission stresses that a systematic internaliser is not allowed to engage, […]
Commission consults on bank account registry impact
The European Commission has published for comment an inception impact assessment on broadening the access of centralised bank account registries under the MLD5 proposals. It asks for comments by 6 September.
Commission publishes PRIIPs KID guidelines
The Commission has published draft guidelines on the PRIIPs KID. The guidelines aim to promote consistency by smoothing out areas of potential divergences in interpretation. Questions the guidelines address (although not in much detail), are on the derogation for the need for a single KIDfor a multi-option product, the scope of the Regulation and territorial […]
Commission seeks views on cross-border payments
The European Commission is seeking views on the impact of extending the cross-border payments Regulation to cover all non-euro currencies in the EU. The period for comments is 4 weeks