The European Commission today issued a Communication summarising the actions taken to restore trust in transatlantic data flows since the 2013 surveillance revelations. The European Commission has finalised the reform of EU Data protection rules, which apply to all companies providing services on the EU market. The Commission negotiated the EU-U.S. Umbrella Agreement ensuring high …
European Commission unveils EU-U.S. Privacy Shield Read More »
The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have notified the European Banking Authority (EBA) that the regulators will comply with all aspects of the EBA Guidelines on Sound Remuneration Policies, except for the provision that the limit on awarding variable remuneration to 100% of fixed remuneration, or 200% with shareholder approval (the …
UK regulators publish statement on compliance with Sound Remuneration Policies Read More »
With less than three weeks and the effective date for the UCITS V Directive edging closer, it might be a good time to brush up on what it means and the changes it is going to bring. “UCITS” or “undertakings for the collective investment in transferable securities” are investment funds regulated at European Union level. …
The Financial Stability Board (FSB) today published a letter from Mark Carney, Chair of the FSB, which was sent to G20 Finance Ministers and Central Bank Governors in advance of their meeting in Shanghai on 26‑27 February. In the letter, the FSB Chair notes that more difficult economic and financial conditions since the start of …
The Financial Industry Regulatory Authority’s Board of Governors today approved a proposal designed to help retail customers understand and compare transaction costs in fixed-income securities. The proposal, subject to the approval of the Securities and Exchange Commission, would require member firms to disclose on retail customer confirmations the “mark-up” or “mark-down” for most transactions in …
FINRA Approves Enhanced Price Disclosure to Retail Investors in Fixed-Income Securities Read More »
The report sets out the findings of Review of the implementation of IOSCO’s Principles for Financial Benchmarks by the administrators of the EURIBOR, LIBOR and TIBOR. This report provides an overview of findings, background to the review, details of how the review was conducted, as well as more detailed findings in respect of each individual administrator. …
IOSCO issues Second Review of Implementation of Principles by IBOR Administrators Read More »
The Prudential Regulation Authority (PRA) has issued the following publications: PRA Rulebook: Fees Part and response to CP40/15 – PS7/16 Internal governance of third country branches and response to CP3/16 – PS8/16 Fees: PRA approach and application – SS3/16 Internal governance of third country branches – SS4/16 Guidelines for completing regulatory reports – SS34/15 UPDATE …
The FCA has published a statement on its work with the Bank of England, at the request of the Financial Policy Committee (FPC), to assess risks posed by open-ended investment funds investing in the fixed income sector. As part of this work the FCA has engaged with a number of large investment management firms to understand …
FCA publishes good practice for liquidity management for investment firms Read More »
The Italian regulator, Consob has approved the reform of regulations on equity crowdfunding, the collection of risk capital through online portals. The changes, introduced following two consultation stages with the market (see “Consob Informs” nos. 24/2015 and 46/2015), simplify the regulation, aiming to reduce collection costs and to broaden the range of subjects who can …
Italian regulator issues update on crowdfunding regulation Read More »
The National Audit Office (NAO) has today (24 February 2016) published its report on financial services mis-selling: regulation and redress. The report looks at the roles of the Financial Conduct Authority (FCA), the Financial Ombudsman Service (FOS), the Financial Services Compensation Scheme (FSCS) and HM Treasury in the management of mis-selling cases, addressing both the …
NAO publishes report on financial services mis-selling Read More »
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