Financial Regulation Weekly Bulletin - 22 October 2020

Click on the headings below to access each section:

General

• European Commission 2021 work programme – published alongside annexes and factsheets
• Financial Services Bill 2019-21 – text and explanatory notes published
• Financial Services Future Regulatory Framework Review - Phase II consultation published
• Firm handling of complaints during coronavirus: Updated FCA webpage
• Improving diversity objectively – FCA publishes insight article

Brexit

• Departure from retained EU case law by UK courts and tribunals – Government publishes consultation response
• Alternative Dispute Resolution for Consumer Disputes (Extension of Time Limits for Legal Proceedings) (Amendment etc.) (EU Exit) Regulations 2020
• The draft Financial Holding Companies (Approval etc.) and Capital Requirements (Capital Buffers and Macro-prudential Measures) (Amendment) (EU Exit) Regulations 2020
• Financial Services EU Exit Statutory Instruments – update published by HM Treasury
• Brexit - PRA and FCA publish Dear CEO letter on final preparations for the end of the transition period

Banking and Finance

• Global Transition Roadmap for LIBOR – published by FSB
• Final Report: Effective Practices for Cyber Incident Response and Recovery – published by the FSB
• Crowdfunding service providers: EU Directive and Regulation published in the Official Journal
• CRR – EBA publishes opinion on treatment of legacy instruments
• LIBOR transition – HM Treasury publishes policy statement on amending Benchmarks Regulation
• CRD V implementation – second consultation paper published by the PRA
• Occasional Paper: Understanding consumer financial wellbeing through banking data (No. 58) – published by the FCA
• Breathing Space Regulations – FCA consults on changes to Handbook
• Payments Services Landscape Review – FMLC responds to HM Treasury’s Call for Evidence

Securities and Markets

• COVID-19 – Council Presidency compromise text of proposed Directive amending MiFID II Directive
• Capital Markets Recovery Package – Council agrees its position
• Identification of legal entities - ESRB publishes recommendations
• EMIR - ESMA publishes consultation paper on draft RTS relating to the extension of a CCP’s initial authorisation
• CSDR: Interactive Single Rulebook - updated by ESMA
• Capital Markets Union – Steven Maijoor delivers speech
• Supervision of Cross-Border Clearing Organisations - CFTC and BoE Sign New MOU

Asset Management

• Review of EU rules on long-term investment funds – Commission launches consultation
• Capital Markets Union – Commission launches public consultation on the EU’s Alternative Investment Fund market

Insurance   

• EU Solvency II review consultation – ESRB publishes letter
• Insurance supervision – EIPOA launches program of targeted training
• Pension Schemes Bill 2019-21 – UK Government proposes amendments reversing House of Lords changes
• Policy Paper: Solvency II Review: Call for Evidence – published by HM Treasury
• Draft guidance: Coronavirus and customers in financial difficulty: additional guidance for insurance and premium finance firms
• COVID-19 – FCA updates webpage on BI insurance test case

Financial Crime

• Money laundering regulations – FCA updates webpage
• Whistleblowing – FCA publishes new webpages

Enforcement

• Airline Services Limited – SFO reaches a DPA
• Judicial Review of London Capital & Finance plc decision – FSCS updates webpage on availability of claim documents