Financial Regulation Weekly Bulletin - 02 July 2020

Click on the headings below to access each section:

General

• Complaints - Treasury Committee letter raises concerns over the FCA’s handling of complaints and FCA responds
• COVID-19 - FCA publishes statement on its expectations regarding the APR for benchmark administrators and firms using Appointed Representative arrangements
• COVID-19 - FCA extends assessment deadline for solo-regulated firms under the SMCR
• FCA Policy Statement PS20/7: FCA regulated fees and levies 2020/21
• Corporate Insolvency and Governance Bill 2019-21 - receives Royal Assent
• COVID-19 - AFME publishes paper addressing key considerations under the SMCR
• Digital advertising in financial services - FSCP publishes Discussion Paper

Brexit

• Taxonomy Regulation - House of Commons European Scrutiny Committee publishes letter to HM Treasury on UK alignment post-Brexit
• COVID-19 - HM Treasury publishes letter outlining its approach to proposed Regulation amending the CRR
• UK-Swiss financial services relationship - HM Treasury publishes statement on mutual recognition
• EEA CSDs - Bank of England publishes information on recognition applications
• UK SFTR - FCA updates trade repository registration arrangements
• Temporary permissions regime - FCA to re-open notifications window
• Draft Equivalence Determinations for Financial Services (Amendment etc.) (EU Exit) Regulations 2020 - laid before Parliament
• The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020 (SI 2020/646)
• The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020 (SI 2020/628)
• Draft Alternative Dispute Resolution for Consumer Disputes (Extension of Time Limits for Legal Proceedings) (Amendment etc.) (EU Exit) Regulations 2020 - laid before Parliament
• Brexit negotiations - speech by Michel Barnier, Head of Task Force for Relations with the UK at the European Commission

Banking and Finance

• Evaluation of too-big-to-fail reforms - FSB publishes consultation
• COVID-19 - FSB publishes statement on impact on global benchmark reform
• EU digital finance strategy - ESAs publish responses to European Commission consultation
• Interchange Fee Regulation - European Commission publishes report on its impact on card-based payment transactions
• Consumer Credit Directive - European Commission publishes consultation
• COVID-19 - CRR Amending Regulation published in the Official Journal
• CRD IV - Corrigendum published in the Official Journal
• Macroprudential policy measures - ESRB Recommendation published in the Official Journal
• BRRD - EBA publishes Discussion Paper on the application of early intervention measures
• CRR - EBA publishes Guidelines on the treatment of structural FX positions
• Single Supervisory Mechanism - ECB consults on supervisory approach to consolidation
• COVID-19 - PRA publishes statement on regulatory reporting and Pillar 3 disclosure requirements
• COVID-19 - PRA updates statement on the regulatory treatment of guarantees provided under CBILS and CLBILS
• CRR Amending Regulation - PRA publishes statement on amendments
• Climate-related financial risk - PRA publishes ‘Dear CEO’ letter setting out its expectations of firms
• COVID-19 - FCA updates webpage on regulatory reporting
• COVID-19 - FCA publishes updated temporary guidance for consumer credit customers and overdraft measures
• COVID-19 - FCA and PRA publish further information on managing access to cash
• SME banking behavioural undertakings - CMA publishes annual report on compliance
• Cyber resilience - UK Finance publishes report on incident management
• Climate Financial Risk Forum - CFRF publishes guide on climate-related financial risks
• Climate Contract Playbook Edition 2 - published by TCLP
• Case C-459/19 HMRC v Wellcome Trust Ltd, Opinion of Advocate General Hogan, 25 June 2020
• Lamesa Investments Limited v Cynergy Bank Limited, [2020] EWCA Civ 821, 30 June 2020

Securities and Markets

• CCP default management auctions - CPMI and IOSCO publish report on issues for consideration
• Processes for deference - IOSCO publishes good practice guidance
• EMIR - ESRB publishes Opinion on ESMA’s consultation on central clearing solutions for PSAs
• EMIR Refit - ESRB publishes Opinion on ESMA’s consultation on post-trade risk reduction services
• ESMA FIRDS User Guidance 2020 - published by UK Finance
• REMIT - ACER publishes updated guidance documentation

Insurance                                                        

• Liquidity risk management - IAIS publishes application paper on ICPs
• Solvency II - European Commission publishes consultation
• Pension Schemes Bill 2019-21 - report stage in the House of Lords
• PRA Consultation Paper CP5/20 - Solvency II technical information: The PRA’s proposed approach to the publication at the end of the transition period
• COVID-19 - FCA publishes its expectations of travel insurance firms when handling consumer complaints and refund requests
• COVID-19 - FCA updates webpage on its High Court BI insurance test case
• COVID-19 - FCA updates its webpage for general insurance firms regarding MOT extensions and expiry dates
• Joint appeal against decision in Re Prudential Assurance Company Ltd, [2019] EWHC 2245 (Ch)

Financial Crime

• AML/CTF - Basel Committee publishes updated Guidelines on risk management
• 4MLD - European Commission commences infringement proceedings against nine member states
• Wirecard - FCA allows resumption of regulated activities having imposed restrictions on authorisation

Enforcement

• Market abuse - FCA censures AIM-listed company and commences criminal proceedings against three individuals
• Unauthorised pension introducers - FCA succeeds in civil action