Financial Regulation Weekly Bulletin - 17 September 2020

Click on the headings below to access each section:

General

• LIBOR transition - FCA publishes new webpage
• Complaints Scheme - FCA and BoE extend consultation period for Complaints Scheme to 12 October 2020
• PJSC Tatneft v Bogolyubov and others [2020] EWHC 2437 (Comm), 11 September 2020
• Online registration - Complaint against the FCA partly upheld by Commissioner

Brexit

• Trade deal - UK secures a free trade agreement with Japan
• The Sanctions (EU Exit) (Consequential Provisions) (Amendment) Regulations 2020 - The Secretary of State publishes draft statutory instrument
• Draft statutory instrument relating to consumer protection after Brexit - laid before Parliament
• AML and terrorist financing after Brexit - The Money laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 laid before Parliament
• Derivatives trading obligation after Brexit - ISDA publishes paper recommending trading venue equivalence

Banking and Finance

• UK retail payments - Pay.UK publishes consultation update
• LIBOR discontinuation - UK Finance publishes guide
• Digital Finance and crypto-assets - The European Parliament updates procedure file
• Digital finance - European Parliament calls for a boost to the EU FinTech sector and crypto-asset taxonomy
• ESG disclosure practices - EBA publishes online questionnaire for credit institutions
• COVID-19 - ECB adopts Decision excluding certain central bank exposures from leverage ratio
• Cyber resilience - ECB launches new initiative to facilitate cyber information and intelligence sharing
• Branch and ATM access - FCA publishes final guidance on closures or conversions
• Unsecured credit market - Chris Woolard will chair a review of regulation
• COVID-19 - FCA proposes the next stage of support for users of consumer credit and overdraft products
• COVID-19 mortgage guidance - FCA confirms the next stage of support for mortgage borrowers
• Market review - PSR announces provisional findings relating to card acquiring services

Securities and Markets

• Fees regime for FMI supervision 2020/21 - Bank of England publishes Policy Statement
• Prospectus Regulation - The European Commission adopts amendments to the Prospectus Regulation
• EMIR 2.2 - Commission Delegated Regulations on tiering, comparable compliance and fees for third-country CCPs approved
• Capital Markets Union - European Parliament calls for an urgent completion of the CMU
• COVID-19 - ESMA renews decision lowering reporting threshold for net short position holders
• A v B and C (Case C-738/19), 10 September 2020

Asset Management

• ELTIF Regulation - European Commission publishes inception impact assessment
• Consumer investment market - FCA launches call for input

Insurance                                                 

• Defined contribution pension schemes - DWP publishes consultation to improve outcomes
• Business interruption insurance test case judgment: Financial Conduct Authority v Arch Insurance (UK) Ltd and others [2020] EWHC 2448, 15 September 2020

Financial Crime

• Virtual assets - FATF publishes report on virtual assets red flag indicators
• MLD4 - European Commission publishes report to the European Parliament and Council on trusts and beneficial ownership

Enforcement

• London Capital & Finance plc failure - Permission for judicial review case against FSCS granted
• Market manipulation for misleading CFD orders - FCA publishes Decision Notice
• Financial Conduct Authority v Carillion plc (In liquidation) [2020] EWHC 2146 (Ch), 11 September 2020