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  • Insurance Distribution Directive: Proposal to postpone application date

    17/11/2017
    The Insurance Distribution Directive (the “IDD”) came into force on 22 February 2016; the current deadline for transposition by member states is 23 February 2018. Recently, the European Parliament’s Economic and Monetary Affairs Committee (“ECON”) recommended that the application date of the IDD is postponed until 1 October 2018. On ...
  • Germany: Qualifying infrastructure - and everything is cheaper?

    DE
    14/11/2017
    Background On 14 September 2017, Commission Delegated Regulation (EU) 2017/1542 of 8 June 2017 was published in the Official Journal of the European Union and came into force one day later ("QI-Update-Regulation"). This Regulation amends the Delegated Regulation (EU) 2015/35 concerning the calculation of regulatory capital requirements for certain categories ...
  • Romanian FSA brings clarity over MTPL insurance

    10/11/2017
    Last week, in an effort to support a more consumer-oriented approach to the recent regulatory changes on compulsory motor third party liability (“MTPL”) insurance, the Romanian Financial Supervisory Authority (“FSA”) provided a number of clarifications. The FSA clarified that when an insured sells a vehicle, the MTPL insurer, upon receipt ...
  • FCA regulatory sandbox: lessons learned from the first year in operation

    31/10/2017
    The FCA has published the findings from the regulatory sandbox’s first year in operation. Background The FCA’s regulatory sandbox (sandbox) allows firms to test new products, services and business models in a live market environment whilst maintaining appropriate consumer safeguards. The sandbox was established to support the FCA’s objectives of ...
  • German financial regulator provides clarity on real estate fund downstream investments

    26/10/2017
    The German financial regulator ("BaFin" – Bundesanstalt für Finanzdienstleistungsaufsicht) has recently issued the long-awaited draft guidance (ref.: WA 42-QB 4100-2016/0005, Erwerbbarkeit von Immobilien-Gesellschaften für Immobilien-Sondervermögen, "Guidance") on what structures can be used by international and German real estate funds for downstream investments whereby such investments still continue to satisfy the ...
  • Kidnap and ransom insurance in Germany: German Regulator allows conjunction with cyber insurance

    20/10/2017
    The German Federal Insurance Supervisory Authority (BaFin) has decided recently to allow the conjunction of kidnap and ransom insurance cover with cyber insurance cover in one contract and has published this decision on 15th September 2017 on its website. While allowing the conjunction of kidnap and ransom and cyber insurance, ...
  • Public Input on Taxing the Digital Economy

    19/10/2017
    The OECD opened a consultation on taxing the digital economy (here). The deadline for comments from the public was 13 October 2017 and all comments received will be made publicly available. A public consultation meeting will be held on 1 November 2017 at the University of California, Berkeley. Action 1 ...
  • MiFID II for buy-side firms: getting to the starting line

    13/10/2017

    CMS UK held a seminar on 6 October on "MiFID II for buy-side firms: getting to the starting line", led by Ash Saluja, Karagh Gilliatt, and Aidan Campbell.

    The seminar gave an overview of MiFID II, EU and UK implementation, and potential impact areas.

    The seminar slides are available to view/download via the link in the title.

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  • Hungary: first MTF opened by Budapest Stock Exchange

    13/10/2017
    In September 2017, the Budapest Stock Exchange (BSE) opened Xtend, its first multilateral trading facility. Xtend is designed for medium-sized companies that plan substantial business growth, seek external funding to finance this expansion, and are able to fulfill certain transparency requirements. In Hungary, external funding for small and medium-sized enterprises ...
  • Romanian Competition Council may investigate banking sector

    12/10/2017
    The head of the Romanian Competition Council, Mr. Bogdan Chiritoiu, has recently announced that if they find signs that the recent increase in the ROBOR (Romanian Interbank Offer Rate) is a result of collusion between banks, they will consider launching an investigation. ROBOR is calculated daily by the National Bank ...