Financial Regulation Weekly Bulletin - 30 July 2020

Click on the headings below to access each section:

General

• Decarbonisation of the UK economy and green finance - Treasury Committee relaunches inquiry to account for COVID-19
• Supervisory correspondence - FCA publishes new webpage
• Financial Services Register - new version launched by the FCA
• FCA Guidance Consultation GC20/3: Guidance for firms on the fair treatment of vulnerable customers

Brexit

• Brexit transition period - EBA calls on financial institutions to finalise preparations

Banking and Finance

• BMR - European Commission proposes amending Regulation concerning the cessation of benchmarks
• COVID-19 - European Commission announces Capital Markets Recovery Package
• EU crowdfunding legislative proposals - European Commission endorses the Council of the EU’s adoption of Regulation and Directive
• BRRD - EBA consults on draft RTS and ITS on the impracticability of contractual recognition of bail-in
• BRRD - EBA consults on draft RTS specifying the methodology used to estimate Pillar 2 and capital buffer requirements for setting MREL
• BRRD - EBA consults on draft ITS on the reporting of MREL decisions
• BRRD - EBA consults on draft RTS on the indirect subscription of MREL instruments within groups
• 2021 EU-wide stress test - EBA announces details
• Transition from EONIA to €STR - ECB consults on the publication of compounded term rates using €STR
• TARGET2 and TARGET2-Securities - ECB postpones consolidation project in light of COVID-19
• COVID-19 - ECB publishes results of analysis on banks’ vulnerability
• COVID-19 - ECB publishes updated Recommendation on dividend distributions
• Operational guidance on continuity in resolution and FMI contingency plans - published by the SRB
• Payments Landscape Review - HM Treasury publishes call for evidence
• PRA Policy Statement PS18/20: Asset encumbrance
• COVID-19 - PRA publishes updated statement on the implementation of the EBA Guidelines on the reporting and disclosure of exposures subject to COVID-19 measures
• COVID-19 - PRA publishes statement on dividend payments and share buybacks beyond 2020
• FCA Policy Statement PS20/8: Motor finance discretionary commission models and consumer credit commission disclosure
• FCA Consultation Paper CP20/13 - Consultation on mortgages: Removing barriers to intra-group switching and helping borrowers with maturing interest-only and part-and-part mortgages
• Employer Salary Advance Schemes - FCA publishes statement on risks and benefits
• Future strategy - PSR launches call for input on development

Securities and Markets

• Taxonomy Regulation - European Commission publishes roadmap on a Delegated Regulation on taxonomy-related disclosures by undertakings reporting non-financial information
• COVID-19 - ESMA Decision renewing its temporary requirement lowering the notification threshold for net short positions published in the Official Journal
• CSDR - ESMA prepares for further postponing the entry into force of RTS on settlement discipline
• MiFID II/MiFIR - ESMA publishes updated transparency information on third-country trading venues
• Wholesale financial markets - FCA publishes ‘Dear CEO’ letter to brokerage firms
• IBOR fallback rates - ISDA publishes statement on adoption of its Protocol

Insurance                                                        

• COVID-19 - IAIS publishes request for feedback on its impact on the insurance sector
• COVID-19 - EIOPA publishes statement on supervisory reporting under Solvency II
• PRA Consultation Paper CP11/20 – Solvency II: The PRA’s expectations for the work of external auditors on the matching adjustment
• COVID-19 - FCA publishes update on its High Court BI insurance test case
• COVID-19 - FCA publishes draft updated guidance for insurance and premium finance firms

Financial Crime

• 4MLD - European Ombudsman publishes report on accessing basic banking services
• AML and CTF - JMLSG publishes sectoral guidance on pooled client accounts, cryptoasset exchanges and custodian wallet providers