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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 ...
SWISS- EU RELATIONS: SWITZERLAND LOSES STOCKMARKET EQUIVALENCE The EU failed to renew its trading venue equivalence decision for Switzerland under MiFID/MiFIR. The previous short term decision expired at the end of June. The Swiss Federal Department of Finance (FDF) responded with measures announced in their press release here. The Financial Times reported on market reaction in its article of 30...
PRA:PS5/19 THE BANK OF ENGLAND'S AMENDMENTS TO FINANCIAL SERVICES LEGISLATION UNDER THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 An updated version of this PS has been published. The updated version can be found here.
On 26 June 2019, the Council for the European Union published a compromise proposal in relation to the European Commission’s draft framework to regulate crowdfunding platforms in the EU (the "Crowdfunding Regulation"). The proposed regulation is part of the Council’s efforts to improve access by investors and businesses to new financing sources. The compromise proposal published follows the European...
On 12 June 2019 the PRA published a new ‘Dear CEO’ letter summarising the regulator’s findings from a review of 20 non-systemic deposit taking firms that it has undertaken over the past year. The firms reviewed are mostly growing faster than the market as a whole, so the PRA refers ...
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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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