Financial Regulation Weekly Bulletin - 23 July 2020

Click on the headings below to access each section:

General

• FinTech Strategic Review - HM Treasury announces launch
• FCA authorisation - HM Treasury publishes Policy Statement on changes to the FCA’s cancellation process
• Regulatory framework for approval of financial promotions - HM Treasury publishes consultation
• Crypoasset promotions - HM Treasury publishes consultation on expanding the scope of the financial promotions regime
• Joint FCA, PRA and Bank of England Consultation Paper: Complaints against the Regulators (The FCA, the PRA and the Bank of England)
• FCA Consultation Paper CP20/10: Extending implementation deadlines for the Certification Regime and Conduct Rules
• COVID-19 - FCA highlights difficulties caused by firms using cheques
• FCA Feedback Statement FS20/12: Intergenerational differences
• Financial Services Register - FCA publishes statement on fake website
• Remuneration practices - FCA publishes 2020/21 remuneration round letter
• Regulatory sandbox - FCA announces sixth cohort

Brexit

• Financial services post-Brexit - House of Lords EU Services Sub-Committee publishes letter requesting further clarifications
• UK BMR - HM Treasury publishes Policy Statement extending transitional period for third-country benchmarks
• Brexit transition period - FCA publishes statement on MoUs with ESMA and EU securities regulators
• Electronic Commerce Directive – FCA publishes information on changes and availability of exclusion at the end of the Brexit transition period
• Brexit FAQs - updated by ISDA
• Part VII transfer - Lloyd’s delays scheme effective date
• UK-Australia future financial services relationship - CLC publishes report analysing market access for financial services firms
• Draft Greenhouse Gas Emissions Trading Scheme Order 2020 - laid before Parliament

Banking and Finance

• Climate-related financial risks - FSB publishes stocktake report of financial authorities’ financial stability monitoring
• Cross-border payments - European Commission adopts legislative proposal for a new Regulation
• BMR - European Commission adopts Delegated Regulations on EU climate transition benchmarks
• EU crowdfunding legislative proposals - Council of the EU adopts Regulation and Directive
• CRR - EBA consults on draft Guidelines specifying conditions for the application of the alternative treatment of institutions’ tri-party repurchase agreement exposures
• CRR - EBA consults on draft RTS on estimating default probabilities and losses given default
• Benchmarking of remuneration practices - EBA publishes report
• CRR - EBA calls for more information for its study on the cost of compliance with supervisory reporting
• CRR - EBA consults on draft RTS on the determination of indirect exposures to underlying clients of derivatives and credit default derivatives
• COVID-19 - EBA publishes Guidelines on the 2020 SREP
• Benchmark rate reforms - ECB publishes report on banks’ preparations
• EEA Agreement - Decisions amending Annex IX (Financial Services) published in the Official Journal
• COVID-19-related amendments to CRR - HM Treasury publishes statement on the applicability of the CRR Amending Regulation
• UK-Singapore financial dialogue - HM Treasury and MAS publish joint communiqué
• PRA Policy Statement PS17/20 - Securitisation: Updates to Significant Risk Transfer
• PRA Consultation Paper CP9/20 - Non-systemic UK banks: The PRA’s approach to new and growing banks
• PRA Consultation Paper CP10/20: Simplified Obligations for recovery planning
• Debt advice firms - FCA publishes portfolio letter to firms
• Technology and financial services - IBF and Oliver Wyman publish report on future regulatory challenges
• The Co-operative and Community Benefit Societies and Credit Unions (Arrangements, Reconstructions and Administration) (Amendment) and Consequential Amendments Order 2020 (SI 2020/744)
• Case T-203/18 VQ v European Central Bank
• Case C-686/18 OC e.a. and others v Banca d’Italia and others
• Case C-452/18 XZ v Ibercaja Banco SA

Securities and Markets

• PRIIPs Delegated Regulation - ESAs publish outcome of review
• MiFIR - ESMA publishes Opinion on the assessment of pre-trade transparency waivers for equity and non-equity instruments
• MiFIR - ESMA publishes final report on the transparency regime for non-equity instruments
• FCA Consultation Paper CP20/12: Delay to the implementation of the European Single Electronic Format
• IBOR fallback rates - ISDA announces publication of adjusted rates by Bloomberg

Insurance                                                        

• COVID-19 - EIOPA publishes supervisory statement on the recognition of schemes based on reinsurance under Solvency II
• COVID-19 - FCA publishes update on its High Court BI insurance test case
• Case C-427/19 Bulstrad Vienna Insurance Group AD v Olympic Insurance Company Ltd, Opinion of Advocate General Hogan

Financial Crime

• Economic crime levy - HM Treasury publishes consultation
• Transposition of 5MLD - HM Treasury and HMRC publish outcome of its consultation on extending the Trust Registration Service
• Case C-549/18 European Commission v Romania and Case C-550/18 European Commission v Ireland

Enforcement

• Enforcement Decision Making Committee - Bank of England publishes annual report for 2019/20
• Fraud Act 2006 – SFO receives final approval in for DPA with G4S Care & Justice Services (UK) Ltd