UK: Regulation Round Up - May 2019

1 May

The Financial Conduct Authority ("FCA") published a call for input on its evaluation of the Retail Distribution Review and Financial Advice Markets Review.

The Prudential Regulation Authority ("PRA") published a document setting out the systemic risk buffer rates for ring-fenced banks and large building societies that will apply from 1 August 2019.

2 May

The FCA published a discussion paper (FP19/2) on intergenerational differences. The FCA noted that the way people build and use wealth is evolving and having an impact on their financial needs. Given two of its statutory objectives are to protect consumers and promote competition, the FCA considers it important to adapt its approach to the changing needs of the different groups within and between generations.

The European Banking Authority ("EBA") published a consultation paper on four draft regulatory technical standards on the standardised approach for counterparty credit risk under Article 277(5) and Article 279a(3) of the proposed Regulation amending the Capital Requirements Regulation (EU/575/2013) ("CRR II").

The FCA updated its webpage highlighting how it has changed the way in which National Private Placement Regime ("NPPR") filings are to be submitted to it. Whilst this is not a significant change to the UK's NPPR regime or the requirements arising from it, alternative investment fund managers that plan to submit NPPR notifications should be aware of the changes to the FCA's filing processes.

3 May

HM Treasury published a summary of responses to its March 2019 call for evidence on cash and digital payments in the new economy.

The European Securities and Markets Authority ("ESMA") published final reports on technical advice to the European Commission on integrating sustainability risks and factors in:

  • the UCITS Directive (2009/65/EC) and the Alternative Investment Fund Managers Directive (2011/61/EU) ("AIFMD") – ESMA34-45-688; and
  • the second Markets in Financial Instruments Directive (2014/65/EU) ("MiFID II") and the Markets in Financial Instruments Regulation (Regulation 600/2014) ("MiFIR") – ESMA 35-43-1737.

The FCA, along with its regulatory partners, launched the Financial Services Regulatory Partners Phoenixing Group. Phoenixing occurs where firms and individuals seek to avoid their liabilities towards consumers or their poor conduct history by closing down firms or resigning from senior roles and then re-emerging in different legal entities. The purpose of the working group is to provide the FCA and its regulatory partners with a formal opportunity to discuss approaches towards tackling phoenixing and how they can work together more closely in future by more effectively sharing data and intelligence on individuals and firms.

The European Insurance and Occupational Pensions Authority ("EIOPA") published the final version of its technical advice (dated 30 April 2019) on integrating sustainability risks and factors into the delegated regulations made under the Solvency II Directive (2009/138/EC) ("Solvency II") and the Insurance Distribution Directive (EU/2016/97).

7 May

The FCA published a consultation paper (CP19/17) setting out its proposals for changes to its mortgage sales requirements, the aim of which is to help give customers more choice in how they buy their mortgage.

The House of Commons Treasury Committee published the UK government's response to its report on economic crime.

The FCA published a report on buying mortgages without advice.

8 May

The UK Regulators Network ("UKRN") published a guide, "Supporting customers who do not make their own decisions", which is intended to help staff in financial services and utility companies understand what the law requires of them when dealing with different types of power of attorney and deputy court orders.

9 May

The FCA published the minutes of its board meeting on 28 March 2019. As part of this, the FCA board considered the government's proposed approach to cryptoasset regulation and supervision.

The PRA updated the section on remuneration requirements for insurance on its strengthening accountability webpage.

The UK Jurisdiction Taskforce published a consultation paper to help identify key issues of legal uncertainty concerning cryptoassets, distributed ledger technology and smart contracts.

10 May

The House of Commons Treasury Committee published its twenty-ninth report of session 2017-19 on consumers' access to financial services. The report includes recommendations, including a number that are directed at the FCA, the Payments Systems Regulator and the government, to ensure that financial inclusion is a priority for financial services providers, so that large parts of society (especially those with particular needs or characteristics) are not left behind.

14 May

The FCA updated its webpage on its July 2018 discussion paper on price discrimination in the cash savings market (DP18/6).

The Bank of England published a speech given by Nick Strange, Director, Supervisory Risk Specialists, on the Bank of England's current operational resilience work programme.

The Bank of England published a speech by David Rules, Executive Director of Insurance Supervision, on model use and misuse in the insurance sector, which considers the growing importance of model risk management.

15 May

The Financial Ombudsman Service published its annual review for 2018/19.

16 May

The Bank of England published a speech given by Sam Woods, Deputy Governor for Prudential Regulation and PRA CEO, on the style of UK financial services after Brexit.

20 May

ESMA published the official translations of its consolidated guidelines on the application of the endorsement regime under Article 4(3) of the Credit Rating Agencies Regulation (Regulation 1060/2009).

The Legal Entity Identifier Regulatory Oversight Committee published its policy on fund relationships in the global legal entity identifier system.

The FCA published details on its website in relation to a review carried out in relation to firms operating appointed representative platforms in the investment management sector. The FCA identified significant shortcomings in firms operating such platforms.

22 May

The Cyber-Attacks (Asset Freezing) Regulations 2019 (SI 2019/956) were laid before Parliament and will enter into force on 11 June 2019.

The PRA published a consultation paper (CP11/19) on the maintenance of the transitional measure on technical provisions under the Solvency II Directive (2009/138/EC).

The PRA published a report on a framework for assessing the financial impacts of physical climate change that was written by a joint working group comprised of representatives from across the general insurance market.

The following Delegated Regulations were published in the Official Journal of the EU:

  • Commission Delegated Regulation (EU/2019/819) supplementing the European Social Entrepreneurship Funds Regulation (346/2013); and
  • Commission Delegated Regulation (EU/2019/820) supplementing the European Venture Capital Funds Regulation (345/2013).

The FCA published a statement welcoming the launch by the Cost Transparency Initiative of finalised and industry-ready templates for the disclosure of costs and charges to institutional investors.

The Payment Systems Regulator published a consultation (MR18/1.4) on its proposed approach to conducting a survey of merchants as part of its ongoing card-acquiring market review.

23 May

ESMA published a press release announcing it has established a new co-ordination network on sustainability ("CNS"). CNS will:

  • develop the co-ordination of national competent authorities' work on sustainability; and
  • be responsible for the development of policy in this area, with a strategic view on issues relating to integrating sustainability considerations into financial regulation.

ESMA published an updated version of its Q&As on the Benchmarks Regulation (EU/2016/1011).

The UK government published a letter from John Glen, Economic Secretary to HM Treasury, to Lord Boswell of Aynho, House of Lords EU Committee Chair, about remuneration and the proposed Directive amending the CRD IV Directive.

24 May

The FCA issued a press release on its website in which it confirmed the deadline for notifications for the Temporary Permissions Regime ("TPR") will be extended to the end of 30 October 2019. TPR would allow EEA-based firms passporting into the UK to continue new and existing regulated business within the scope of their current permissions in the UK for a limited period, while they seek full FCA authorisation.

ESMA published a call for evidence on position limits and position management in commodity derivatives.

ESMA published an updated version of its Q&A on the Securitisation Regulation (EU/2017/2402).

28 May

The FCA published its third "five conduct questions" report in which it sets out wholesale banking industry feedback for 2018/19.

The Financial Stability Board ("FSB") published a progress report on its work on developing effective practices for financial institutions' response to, and recovery from, a cyber incident.

Regulation EU/2019/834 was published in the Official Journal of the EU. The Regulation amends the European Market Infrastructure Regulation ("EMIR").

The FSB published a thematic review report on the implementation of the legal entity identifier.

The International Organisation of Securities Commissions ("IOSCO") published a consultation paper (CR02/2019) on regulating crypto-asset trading platforms ("CTPs").

The European Commission published a letter sent to the European Supervisory Authorities, providing guidance on the treatment of bonds under the PRIIPs Regulation (EU/1286/2014).

The European Commission adopted a Delegated Regulation relating to regulatory technical standards on the homogeneity of the underlying exposures in securitisation.

29 May

The EBA published its annual report 2018.

The FCA published a statement on share trading obligations under MiFID II.

HM Treasury published a joint statement by members of the US-UK Financial Regulatory Working Group following their second meeting, which was held on 23 May 2019.

The FCA published a call for input on a cross-sector sandbox.

ESMA published an updated version of its Q&A's on investor protection and intermediaries topics under MiFID II and MiFIR.

30 May

IOSCO published a press release following a meeting to discuss priority issues facing securities market regulators and supervisors.

Regulation Round Up - May 2019

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

Authors
Similar Articles
Relevancy Powered by MondaqAI
 
In association with
Related Topics
 
Similar Articles
Relevancy Powered by MondaqAI
Related Articles
 
Related Video
Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Mondaq Free Registration
Gain access to Mondaq global archive of over 375,000 articles covering 200 countries with a personalised News Alert and automatic login on this device.
Mondaq News Alert (some suggested topics and region)
Select Topics
Registration (please scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions

Mondaq.com (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of www.mondaq.com

To Use Mondaq.com you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.

Disclaimer

The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.

General

Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions