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Reports, news and data relating to the Banking & Finance sector.
Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation (1286/2014) has been adopted but is not yet in force. The European Commission has delayed the entry into force by one year (previously expected to enter into force 31 December 2016). The PRIIPs Regulation and Delegated Regulations apply as of 1 January 2018.
The proposals in the UK Prime Minister’s speech on 17th January and the White Paper on 2nd February will require a new construct for cross-border regulatory coordination between the EU and the UK, which will operate in a complex legal and regulatory environment (outside the EU/EEA single market). CMS and ...
Systems and control FCA-authorised firms must have appropriate systems and controls in place taking into account the nature, scale, and complexity of the business. This creates numerous obligations, primarily relating to:
Suitability assessment obligations An online advice platform will need to consider whether an investment is suitable for a client when providing investment advice.
The purpose of the Shareholders Rights Directive II (“SRD II”) is to encourage long-term shareholder engagement and transparency between traded companies and investors. These changes came into force on 10 June 2019 and Member States have transposed the SRD II's provisions into national law. These require UK companies with shares admitted to trading on a regulated market in the UK or EU to have safeguards...
Regulatory permissions Under the Financial Services and Markets Act 2000 (“FSMA”) a person cannot carry on any “regulated activities” unless they are authorised by the FCA, or unless it falls within an exemption or exclusion. Any contravention of this prohibition is a criminal offence.
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Exit date is:
Following PRA's policy statement (PS10/17) - operational continuity firms are expected to submit the template (PRA109) 45 business days after the first reporting period ending 31 December.
The date by which all references to CRA ratings in laws and regulations relating to banks are to be removed. This will be done by the Commission based on technical advice from ESMA. EIOPA will be responsible for implementation.
The proposed stringent treatment for banks and erring bankers presents quite a challenge to the regulators. Both the PRA and FCA have a mixed-bag of insurers, banks and other institutions, and there would be a sharp contrast between the regime for banks and for the rest. This was not of course a dichotomy envisaged when the new regulatory structure was planned. Paul Edmondson, 20 June 2013
The proposed stringent treatment for banks and erring bankers presents quite a challenge to the regulators. Both the PRA and FCA have a mixed-bag of insurers, banks and other institutions, and there would be a sharp contrast between the regime for banks and for the rest. This was not of course a dichotomy envisaged when the new regulatory structure was planned.
Paul Edmondson, 20 June 2013
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