European Union Withdrawal (Consequential Modifications) (EU Exit) Regulations 2020 -
The European Union Withdrawal (Consequential Modifications) (EU Exit) Regulations 2020 (SI 2020/1447) have been published, together with...more
12/15/2020
/ AML/CFT ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Islamic-Compliant ,
MLD4 ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Terrorist Financing Regulations ,
UK ,
UK Brexit ,
Withdrawal Agreement
UK Future Regulatory Framework Review: consultation deadline extended -
HM Treasury has extended the deadline for responding to its Phase II consultation relating to the Future Regulatory Framework Review by one month to...more
Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 -
The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (SI 2020/1350) have been published, together with an explanatory memorandum....more
12/7/2020
/ Bank Recovery and Resolution Directive (BRRD) ,
Basel Committee on Banking Supervision (BCBS) ,
Capital Requirements Regulation (CRR) ,
Coronavirus/COVID-19 ,
CRD V ,
European Banking Authority (EBA) ,
European Central Bank ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Holding Companies ,
Infectious Diseases ,
Moratorium ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Sharia Law ,
UK ,
UK Brexit
Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 -
The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (SI...more
12/7/2020
/ EMIR ,
EU ,
European Benchmark Regulation (BMR) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
FSB ,
MiFIR ,
Over The Counter Derivatives (OTC) ,
Regulatory Agenda ,
Securities Transactions ,
Securitization ,
Sterling Overnight Index Average (SONIA) ,
UK ,
UK Brexit
On 24 November 2020, the Department of Health and Human Services (HHS) issued Notices in the Federal Register announcing two new policies related to future rulemaking procedures for all HHS agencies....more
Recent regulatory developments of interest to financial institutions and markets. Includes updates from the UK FCA, the European Supervisory Authorities and IOSCO, among others. Recent regulatory developments of interest to...more
11/30/2020
/ ACER ,
EMIR ,
EU ,
EURIBOR ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Regulatory Agenda ,
REMIT ,
RTS ,
Securitization ,
SFTR ,
UK ,
UK Brexit
Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2020 -
The Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2020 (SI 2020/1274) have been published, together with an explanatory...more
11/23/2020
/ CRR II ,
Dear CEO Letter ,
Economic Sanctions ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
FSCS ,
Gibraltar ,
National Competent Authorities (NCA) ,
Ombudsman ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Serious Fraud Office (SFO) ,
UK
Payment Services and Electronic Money (Amendment) Regulations 2020 published -
The Payment Services and Electronic Money (Amendment) Regulations 2020 (SI 2020/1275) have been published, together with an explanatory...more
UK BMR: FCA approach to orderly wind down of LIBOR and consultation on Statements of Policy -
The UK Financial Conduct Authority has published a document on the Benchmarks Regulation (UK BMR) and proposed amendments under...more
COVID-19: FCA update on business interruption insurance test case -
The UK Financial Conduct Authority (FCA) has updated its webpage on its business interruption insurance test case. Among other things, the FCA has...more
Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020 -
The Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England...more
11/23/2020
/ Coronavirus/COVID-19 ,
Debt ,
Debt Collection ,
Financial Conduct Authority (FCA) ,
Infectious Diseases ,
Mental Health ,
Moratorium ,
Mortgages ,
Regulatory Agenda ,
Relief Measures ,
UK
CRD V and BRRD II-derived UK legislation: PRA statement on application of temporary transitional power -
The UK Prudential Regulation Authority (PRA) has published a statement on the application of its temporary...more
COVID-19: FCA updates statement on CBILS and BBLS -
On 10 November 2020, the UK Financial Conduct Authority (FCA) published an updated version of its statement on the regulation of firms in relation to the UK Coronavirus...more
11/16/2020
/ Bank Recovery and Resolution Directive (BRRD) ,
Capital Requirements Regulation (CRR) ,
Coronavirus Business Interruption Loan Scheme (CBILS) ,
Deposit Guarantee Schemes Directive (DGSD) ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
FSB ,
Global Systemically Important Banks (G-SIBs) ,
Popular ,
Regulatory Agenda ,
Single Resolution Mechanism Regulation (SRMR) ,
UK
Approach to assessing resolvability: BoE consultation -
The Bank of England (BoE) and the Prudential Regulation Authority (PRA) are consulting in parallel on a package of proposals relating to their policies for...more
11/10/2020
/ Bank of England ,
Bank Recovery and Resolution Directive (BRRD) ,
Basel Committee on Banking Supervision (BCBS) ,
Basel III ,
CRD IV Directive ,
European Banking Authority (EBA) ,
Financial Conduct Authority (FCA) ,
Libor ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Small and Medium-Sized Enterprises (SMEs)
Payments landscape review: FMLC response to HM Treasury call for evidence -
The Financial Markets Law Committee (FMLC) has published response to HM Treasury's call for evidence, launched in July 2020 as part of the payments...more
Implementation of CRD V: PRA CP17/20 -
The UK Prudential Regulation Authority (PRA) has published a consultation paper, CP17/20, setting out proposed changes to its rules, supervisory statements (SS) and statements of...more
10/26/2020
/ Capital Requirements Regulation (CRR) ,
CRD V ,
European Banking Authority (EBA) ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
Financial Regulatory Reform ,
Financial Services Industry ,
Money Laundering ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
UK
Brexit: HM Treasury update on financial services Brexit statutory instruments
HM Treasury has published an update on its work relating to statutory instruments (SIs) laid, or to be laid, under the European Union (Withdrawal)...more
10/20/2020
/ Big Tech ,
Coronavirus/COVID-19 ,
Dear CEO Letter ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Financial Transactions ,
FSB ,
Infectious Diseases ,
Office of Financial Sanctions Implementation (OFSI) ,
Prudential Regulation Authority (PRA) ,
RegTech ,
Regulatory Agenda ,
Securitization ,
Stablecoins ,
UK ,
UK Brexit
Building guarantee policies: PRA PS21/20 on extending policyholder protection -
The UK Prudential Regulation Authority (PRA) has published a policy statement, PS21/20, which contains a rule change to increase protection...more
10/20/2020
/ Consumer Insurance Products ,
Coronavirus/COVID-19 ,
EIOPA ,
IAIS ,
Infectious Diseases ,
Insurance Regulations ,
Lloyds of London ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Solvency II ,
UK
ISDA 2020 IBOR Fallbacks Protocol to be launched on 23 October 2020 -
The International Swaps and Derivatives Association, Inc. (ISDA) has announced that the ISDA 2020 IBOR Fallbacks Protocol, which is designed to assist...more
10/20/2020
/ Crowdfunding ,
EU ,
Financial Markets ,
Inter-Bank Offered Rates (IBORs) ,
ISDA ,
MiFID II ,
Ofgem ,
Regulatory Agenda ,
REMIT ,
Securities Regulation ,
UK
COVID-19: PRA letter to credit unions and direction modifying minimum provisioning requirements -
On 7 October 2020, the UK Prudential Regulation Authority (PRA) published a letter to directors of credit unions on...more
10/13/2020
/ Banks ,
Capital Requirements ,
Coronavirus/COVID-19 ,
CRD IV Directive ,
Credit Unions ,
EU ,
European Banking Authority (EBA) ,
Infectious Diseases ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Regulatory Requirements ,
Systemic Risk Buffer ,
UK
Future strategy review: PSR requests input on three themes -
The UK Payment Systems Regulator (PSR) is working on defining its future strategy. It has published webpages requesting input on three themes...more
COVID-19: FCA and PRA update information on key workers and working from home -
On 24 September 2020, the UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) published updated information about...more
9/29/2020
/ ECON ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
FinCEN ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Remote Working ,
SFDR ,
UK ,
UK Brexit
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
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
PRA PS20/20: response to CP3/20 occasional paper -
Following its March 2020 occasional consultation paper (CP3/20), the UK Prudential Regulation Authority (PRA) has published a policy statement, PS20/20, setting out its...more
9/15/2020
/ AML/CFT ,
Coronavirus/COVID-19 ,
EU ,
European Banking Authority (EBA) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Markets ,
FinCEN ,
Infectious Diseases ,
Policy Statement ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Securities Financing Transactions (SFTs) ,
UK