Proprietary trading review: PRA report -
The UK Prudential Regulation Authority (PRA) has published a report on the outcome of its proprietary trading review. The review was required under section 9 of the Financial...more
9/29/2020
/ Capital Requirements Regulation (CRR) ,
Coronavirus/COVID-19 ,
CRD IV Directive ,
EU ,
European Banking Authority (EBA) ,
European Central Bank ,
Financial Regulatory Reform ,
Financial Services Industry ,
Infectious Diseases ,
Proprietary Trading ,
Prudential Regulation Authority (PRA) ,
UK
We have published the September 2020 edition of our Global Payments Newsletter. Key developments of interest over the last month include:
United Kingdom: the Payment Systems Regulator (PSR) has published its interim report...more
Card-acquiring services: PSR interim report -
The Payment Systems Regulator (PSR) has published its interim report on the supply of card-acquiring services. The PSR's market review follows concerns that the supply of...more
Branch and ATM closures or conversions: FCA FG20/3 -
Following consultation, the UK Financial Conduct (FCA) has published finalised guidance, FG20/3, on branch and ATM closures or conversions. The guidance applies to...more
PSR annual report and accounts 2019 to 2020 -
The Payment Systems Regulator (PSR) annual report and accounts 2019 to 2020 has been published...more
Credit unions: PRA 2020 annual assessment of category 5 credit unions -
The UK Prudential Regulation Authority (PRA) has updated its webpage on credit unions to publish letters sent to directors of category 5 credit...more
9/15/2020
/ Banks ,
Consumer Financial Products ,
Credit Unions ,
EU ,
Financial Services Industry ,
Leveraged Loans ,
Libor ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Supervisory Guidance ,
UK
SMCR extension: SI extending implementation date made -
The Bank of England and Financial Services Act 2016 (Commencement No. 6 and Transitional Provisions) (Amendment) Regulations 2020 (SI 2020/929) have been made....more
9/8/2020
/ AML/CFT ,
Artificial Intelligence ,
Bank of England ,
Digital Currency ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Initial Coin Offering (ICOs) ,
Innovation ,
Popular ,
Prudential Regulation Authority (PRA) ,
RegTech ,
RTS ,
Sandbox ,
SMCR ,
UK
COVID-19: IAIS extends deadline for consultation on impact of COVID-19 -
On 12 August 2020, the International Association of Insurance Supervisors (IAIS) updated its current consultations webpage to announce an extension...more
ISO 20022: BoE confirms go-live in April 2022 will be on like-for-like basis -
The Bank of England (BoE) has confirmed that it plans to go-live with the new messaging standard for UK payments, ISO 20022, in April 2022 on...more
High-cost credit: FCA review into relending -
The UK Financial Conduct Authority (FCA) has published its findings following a review, which was carried out before the coronavirus pandemic, into relending by firms offering...more
APP scams: PSR call for improvements -
The Payment Systems Regulator (PSR) has published a document in which Genevieve Marjoribanks, PSR Head of Policy, sets out how the PSR wants to see improvements relating to...more
COVID-19: FCA statement on non-damage BI settlements and deductions relating to government support -
The UK Financial Conduct Authority (FCA) has published a statement on non-damage business insurance (BI) settlements and...more
COVID-19: FCA guidance consultation on cancellations and refunds -
On 31 July 2020, the UK Financial Conduct Authority (FCA) published a guidance consultation on cancellation (for example, of holidays and events) and...more
8/4/2020
/ Coronavirus/COVID-19 ,
Cryptoassets ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Prudential Regulation Authority (PRA) ,
UK ,
UK Brexit
BigTech: International Banking Federation report -
The House of Lords EU Services Sub-Committee has published the letter it has sent to John Glen, Economic Secretary and City Minister, on the UK-EU negotiations in...more
EU Regulation on cross-border payments: European Commission adopts legislative proposal.
Australia: Open banking launches with the initiation of the Consumer Data Right. Customers of Australia's four major banks can choose...more
Draft Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 -
HM Treasury has published draft Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020, together with a draft...more
7/21/2020
/ Coronavirus/COVID-19 ,
CRD V ,
EU ,
European Economic Area (EEA) ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
Financial Services Industry ,
FSB ,
Libor ,
Money Laundering ,
SMCR ,
UK
COVID-19: FCA consults on updated temporary guidance for motor finance and HCSTC agreements -
On 3 July 2020, the UK Financial Conduct Authority (FCA) published for consultation updated temporary guidance for firms, which...more
7/15/2020
/ Automotive Loans ,
Coronavirus/COVID-19 ,
E-Money ,
Finance Lender ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Pawnbrokers ,
Payment Services Directive ,
Regulatory Agenda ,
RTO ,
UK
CHAPS enhanced ISO 20022 messages: BoE industry review -
The Bank of England (BoE) has published an industry review of the CHAPS enhanced ISO 20022 messages....more
Recent regulatory development focussing on banking and finance. Includes updates relating to COVID-19 regulatory response, CRR, and more....more
7/9/2020
/ Anti-Money Laundering ,
Bank Recovery and Resolution Directive (BRRD) ,
Banking Sector ,
Capital Requirements Regulation (CRR) ,
Coronavirus Business Interruption Loan Scheme (CBILS) ,
Coronavirus/COVID-19 ,
EU ,
European Central Bank ,
Financial Institutions ,
Financial Regulatory Agencies ,
Financial Services Industry ,
Prudential Regulation Authority (PRA) ,
Too Big to Fail ,
UK
Recent regulatory developments of interest to all financial institutions. Includes COVID-19 and Brexit-related updates, and more.
...more
7/9/2020
/ Banking Sector ,
Climate Change ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Agencies ,
Financial Services Industry ,
Mutual Recognition Agreement ,
Prudential Regulation Authority (PRA) ,
SMCR ,
Taxonomy ,
UK ,
UK Brexit
The UK Financial Conduct Authority (FCA) has extended the deadline for solo-regulated firms to undertake their first assessment of the fitness and propriety of their certified persons under the senior managers and...more
Recent regulatory developments of interest to all financial institutions. Includes COVID-19 and Brexit-related updates, amendments to the list of high-risk third countries in MLD4, and more....more
7/2/2020
/ Coronavirus/COVID-19 ,
Cryptoassets ,
Data Collection ,
EU ,
European Banking Authority (EBA) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
FPC ,
IOSCO ,
MLD4 ,
UK ,
UK Brexit
Recent regulatory developments of interest to financial institutions with focus on consumer finance. This week reports on the European Commission's review of the Consumer Credit Directive....more
Recent regulatory developments of interest to insurers and their intermediaries. Includes FCA update on the COVID-19 BI insurance test case and EIOPA discussion paper on methodological principles of insurance stress testing. ...more
Financial system to support recovery: FCA speech -
The UK Financial Conduct Authority (FCA) has published a speech given by Charles Randell, FCA Chair, on having a financial system to support recovery following COVID-19....more