Financial Regulation Weekly Bulletin - 09 July 2020

Click on the headings below to access each section:

General

• PRA Policy Statement PS16/20 - Regulated fees and levies: Rates for 2020/21
• PSR Minutes - Meeting of the board on 13 May 2020

Brexit

• Consultation on UK courts and tribunals’ ability to depart from retained EU case law - published by the MoJ
• Financial services regulatory regime post-Brexit - House of Lords EU Select Committee publishes oral evidence
• Outsourcing arrangements - FCA updates webpage on considerations for UK firms
• Outsourcing arrangements - FCA publishes statement on the application of EIOPA’s Guidelines on outsourcing to cloud service providers post-Brexit
• Brexit transition period - European Commission publishes updated stakeholder preparedness notices

Banking and Finance

• LIBOR transition - FSB and Basel Committee publish report on supervisory issues
• Basel III implementation - Basel Committee publishes eighteenth progress report
• Credit valuation adjustment risk framework - Basel Committee publishes revised standard
• Capital Markets Union - European Commission consults on roadmap for Action Plan
• NIS Directive - European Commission publishes consultation
• CRD V - Corrigendum published in the Official Journal
• EEA Agreement - Decisions amending Annex IX (Financial Services) published in the Official Journal
• CRR - ECB Guidelines on materiality threshold for credit obligations past due for less significant institutions published in the Official Journal
• COVID-19 - EBA publishes report on the implementation of selected prudential policies
• COVID-19 - EBA publishes statement on resolution planning
• COVID-19 - ECB publishes article on supervisory impact on EU banking business and the future shape of the sector
• RTGS renewal programme - Bank of England publishes Industry Review of CHAPS enhanced ISO 20022 messages
• PRA Policy Statement PS15/20 - Pillar 2A: Reconciling capital requirements and macroprudential buffers
• LIBOR transition - PRA publishes statement on impact on resolution rules
• PRA Consultation Paper CP20/6 - Financial Services Compensation Scheme: Temporary High Balances Coverage Extension
• COVID-19 - FCA consults on draft updated temporary guidance for motor finance and high-cost credit customers
• COVID-19 - FCA publishes finalised temporary guidance for payment firms
• Payment services and e-money firms - FCA publishes ‘Portfolio Strategy’ letter on compliance with regulatory obligations
• Mortgage prisoners - FCA call on intermediaries to help consumers
• Payday Lending Market Investigation Order 2015 - CMA publishes letter regarding breaches
• Complaints - BBRS publishes report on live pilot
• SCA implementation - UK Finance publishes article on planned implementation and compliance under PSRs 2017
• COVID-19 - IFSB publishes statements on the impact on Islamic banking and capital markets
• Davis v Lloyds Bank plc, [2020] EWHC 1758 (Ch), 3 July 2020

Securities and Markets

• MiFIR - Notice of information on the postponement of open access provisions published in Official Journal
• MiFIR - ESMA updates Q&As on data reporting
• CSDR - ESMA updates Q&As on implementation
• EMIR - ESMA updates Q&As on implementation
• SFTR - ESMA consults on draft Guidelines on the calculation of SFT positions by TRs
• MMF Regulation - ESMA publishes statement on external support in light of COVID-19 measures
• CSDR settlement discipline penalties - AFME publishes market practice guidance on bilateral claims
• CSDR settlement discipline framework - updated version published by EACH
• MiFIR - FCA updates statement on the application of the open access regime                                           

Asset Management

• The role of investment managers in the post-COVID-19 recovery - speech by Christopher Woolard, Interim Chief Executive of the FCA

Insurance                                                        

• Corporate and risk governance - IAIS publishes report on its peer review of supervisors’ observance with ICPs
• LIBOR transition - IAIS publishes report addressing supervisory and risks
• COVID-19 - European Parliament publishes written answer on its impact on the 2020 Solvency II review
• COVID-19 - EIOPA publishes statement clarifying its expectations on product oversight and governance requirements
• COVID-19 - PRA publishes statement on the application of the matching adjustment
• COVID-19 - FCA updates webpage on its High Court BI insurance test case with Reply to defences
• Pensions Dashboard Programme - PDP publishes call for input on data standards

Financial Crime

• FATF standards on virtual assets and VASPs - FATF publishes report on stablecoins and 12 month review
• AML/CTF - European Parliament to consider European Commission Action Plan
• Global Human Rights Sanctions Regulations 2020 and accompanying OFSI guidance

Enforcement

• Market abuse - FCA publishes Decision Notice imposing a prohibition order and fining a former director of a financial spread-betting firm
• FCA handling of whistleblowing cases, complaints and deferral process, authorisation and controlled function applications - Complaints Commissioner publishes final reports
• Payment Protection Insurance Market Investigation Order 2011 - CMA issues directions and publishes letters regarding non-compliance