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  • HoC PACAC: The role of Parliament in the UK constitution: the scrutiny of international treaties and other agreements

    23/07/2019
    The Committee has launched this new inquiry to examine parliamentary scrutiny of international treaties and other agreements and has requested a... call for submissions. Among the questions for comment, the Committee asks for submissions on the implications of the judgement of the Supreme Court in R (Miller) v Secretary of State for Exiting the European Union. Responses are required by 16 September 2019.
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  • FCA: Guidance for firms on the fair treatment of vulnerable customers

    23/07/2019
    FCA has launched a consultation on proposed guidance for firms on the fair treatment of vulnerable customers. This sets out... FCA’s view of what the FCA Principles require of firms to ensure that vulnerable consumers are consistently treated fairly across financial services sectors. FCA states that whilst many firms have made significant progress in how they treat vulnerable consumers, it believes that there needs to be more consistency across financial services sectors. The guidance covers FCA’s definition of vulnerable consumers, the scale of the issue, and the potential impact on consumers of being vulnerable; what the guidance includes and how FCA expects firms to use it. FCA also sets out how it will hold firms to account if they breach the Principles and how it will monitor the effectiveness of the guidance. It also considers how the guidance fits with other requirements on firms including within the current regulatory framework, and wider legislation outside of FCA’s perimeter. The guidance will be consulted on in two stages – responses for this stage are required by 4 October 2019.
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  • HoC European Scrutiny Committee: 72nd Report of Session 2017-19

    23/07/2019
    Sections 1 and 5 of the report consider whistleblowing and breaches of EU law and EU supervision of UK-based central counterparties... after Brexit respectively. The first item is still under scrutiny by the Committee. With regard to the second item, the Committee notes that there is no further scope for the Government to improve the text of the new EMIR Regulation, but adds that given the importance of the changes to EMIR for the UK’s financial services industry in the context of Brexit, it draws developments set out in the text to the attention of the Exiting the EU Committee and to the TSC.
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  • ESMA: Trading obligation for derivatives under MiFIR

    23/07/2019
    ESMA has updated the public register of those derivative contracts that are subject to the trading obligation under MiFIR.
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  • EBA: IFRS 9 roadmap

    23/07/2019
    EBA has published its IFRS 9 roadmap which provides a comprehensive overview of planned monitoring activities on IFRS 9 implementation. ... In addition, EBA has launched an IFRS 9 benchmarking exercise to analyse the different modelling practices followed by institutions and how IFRS 9 implementation impacts the amount of expected credit losses in terms of own funds and regulatory ratios.
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  • FCA: Wealth management and stockbroking supervision strategy

    23/07/2019
    This "Dear CEO" letter sets out FCA's view of the key risks of harm that wealth management and stockbroking firms pose... to their customers or the markets in which they operate and requests firms to consider if they presents these risks and their strategies for mitigating them. The main areas of FCA's supervision strategy are: best execution; fraud, investment scams and market abuse; costs and disclosures; Brexit and SMCR.
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  • EC:Guidance on the Unfair Contract Terms Directive

    23/07/2019
    The EC has published guidance on the Directive.
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  • PRA: PS14/19: Credit risk mitigation: eligibility of financial collateral

    23/07/2019
    Further to CP1/19, PRA has published feedback and an updated SS17/13 (Credit risk mitigation). Amendments to the proposals in CP1/19... have been made following feedback.
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