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  • FCA: MiFID II applications received after 3 July 2017

    25/07/2017
    FCA’s press release advises firms that it expects any firms who have not submitted a complete application by 3 July 2017... to do so without further delay and that although it will determine complete applications received after 3 July 2017 within six months, it cannot guarantee to do so by 3 January 2018. Firms will therefore also need to have contingency plans in the event that by 3 January 2018 they do not have the required permissions.
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  • FCA: CP17/24: Information about current account services

    25/07/2017
    In this CP, FCA sets out proposals to require firms who offer personal current accounts and business current accounts to publish... certain service information, including how long it takes to open an account and have features of the account working; how long it takes to replace lost/stolen/stopped debit cards and the number and type of major operational or security incidents. It is proposed that performance should be measured quarterly and published within six weeks of the end of the quarter, and that standing information about service availability should be published and kept up to date. Dependent on the outcome of this consultation, the FCA will aim for the first publication of the information in mid-August 2018. Responses are required by 25 September 2017. FCA has also published a commissioned report on customer views on current account service indicators (second link below).
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  • FCA: PS17/18: CASS 7A & the Special Administration Regime Review

    25/07/2017
    Further to CP17/2, FCA has published this PS containing feedback and final rules. The PS is described as also forming... the conclusion of FCA’s review of the distribution regime under CASS. It is noted that FCA is not proceeding with the proposals consulted on the EMIR and MiFIR regulatory technical standards at present because the standards are still in draft form. Rules come into force on 26 July 2017.
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  • FCA: Annual Public Meeting

    25/07/2017
    FCA has published the transcript of the annual public meeting, which took place on 18 July 2017, which includes discussion of... FCA’s forthcoming work and Q&As on various topics, including Brexit, MiFID, fintech and SMR/leadership culture.
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  • EC: Transparency and fees in cross-border transactions in the EU

    25/07/2017
    The EC has published this consultation on transaction fees on cross-border payments. Responses are required by 30 October 2017.
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  • EIOPA: Regulation Q&As

    25/07/2017
    EIOPA has published new sets of Q&As with regard to the templates for the submission of information to the supervisory authorities... and on own funds in relation to Solvency II.
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  • BoE: Speech by Alex Brazier: “Debt strikes back” or “The return of the regulator”?

    25/07/2017
    Text of this speech, given on 24 July 2017, follows, in which Alex Brazier discusses consumer credit and mortgage issues and... steps taken by FPC to address these.
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  • HoL EU Financial Affairs Sub-Committee: Financial regulation and supervision following Brexit

    24/07/2017
    The Committee has published a call for evidence for this new inquiry which will consider: the scope for the UK to... adapt its own regime to new circumstances post-Brexit and foster innovation, while still maintaining market access; whether equivalence is the best means to achieve continued cooperation, and what other forms of alignment could exist; differences between the UK, EU and international regimes in financial regulation and where gaps exist; whether there are areas in which it could be beneficial for the UK to deviate from the EU’s current framework in future and how any regulatory divergence, and shared supervisory concerns, can best be managed, including mechanisms for dispute resolution. Responses are required by 29 September 2017.
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  • FCA: GC17/7: Proposed guidance on a sourcebook for professional body supervisors on anti-money laundering supervision

    24/07/2017
    Further to HMT's recent announcement, FCA is now consulting proposed text for a specialist sourcebook for professional body supervisors, that sets... out expectations in relation to AML supervision. FCA has also sent a have sent a letter to relevant professional bodies that includes a description of the supervisory approach FCA intends OPBAS to adopt once it is operational. Responses are required by 23 October 2017.
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  • EBA: EBA electronic central register under PSD2

    24/07/2017
    EBA has published a consultation on draft regulatory and implementing technical standards on its electronic central register under PSD2. Responses... are required by 18 September 2017.http://www.eba.europa.eu/documents/10180/1911083/Consultation+Paper+on+the+draft+RTS+and+ITS+on+the+EBA+Register+under+PSD2+%28EBA-CP-2017-12%29.pdf
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