March 2016

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EBA consults on draft Guidelines on corrections to modified duration for debt instruments

The European Banking Authority (EBA) launched today a public consultation on draft Guidelines on corrections to modified duration for debt instruments. These Guidelines aim to establish what type of adjustments to the modified duration (MD) – as defined according to the formulas in the Capital Requirements Regulation (CRR) – have to be performed in order …

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ESMA responds to Commission rejection of MiFID RTS

The European Securities and Markets Authority (ESMA) has written to the European Commission regarding its draft RTS on MiFID II. ESMA has published the three letters it has sent separately to the Commission regarding the suggested amendments of the Regulatory Technical Standards on the subjects of Position Limits, Ancillary Activity and Non-Equity Transparency. Each letter …

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ESMA publishes responses to the Discussion Paper on validation and review of CRAs’ methodologies

The European Securities and Markets Authority (ESMA) has published the responses received to the Discussion Paper on validation and review of Credit Rating Agencies’ methodologies. ESMA had originally published its Discussion Paper on the validation and review of Credit Rating Agencies’ (CRAs) methodologies on 20 November 2015 (see related post here) and held an open …

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FCA publishes Handbook changes for crowdfunding and P2P lending

The FCA today published the policy statement “PS16/8: FCA Handbook changes regarding the segregation of client money on loan-based crowdfunding platforms, the Innovative Finance ISA, and the regulated activity of advising on peer-to-peer agreements”. This policy statement summarises and gives the FCA’s response to feedback to CP16/4: Loan-based crowdfunding platforms and segregation of client money …

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EBA responds to the European Commission's Green Paper on Retail Financial Services

The EBA submitted on Friday its response to the European Commission’s Green Paper on Retail Financial Services. In the response, the EBA conveys the views of its member authorities on a subset of the questions asked in the Green Paper, with a particular focus on the risks and opportunities of digital services in the banking …

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The 7 Deadly Sins of Market Abuse (Part I): Insider Dealing

As described in our introductory article on Market Abuse (“What is Market Abuse?”) and the regulatory framework in the UK, the behaviour that constitutes Market Abuse can be classified in two categories, abuse of information or market manipulation. These in turn have three respectively four sub-categories of behaviour, making it 7 categories, or better, the …

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FCA outlines future regulatory treatment of CCA regulated first charge mortgages

The FCA today published PS16/7: Future regulatory treatment of CCA regulated first charge mortgages. In this Policy Statement, the FCA reports on the main issues arising from Consultation Paper CP15/36 (Future regulatory treatment of CCA regulated first charge mortgages) and publishes the final rules. The regulator issues this paper, since in November 2015 it consulted on …

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FCA consults on amendments to Handbook

The FCA has today published its quarterly consultation paper CP16/8. This paper is on in a series of quarterly consultations where the FCA seeks comments on miscellaneous amendments to its Handbook. Though these tend to be minor changes, the regulator wants to get feedback from firms on the proposals. This quarter the FCA is consulting on the following …

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Commission rejects ESMA proposal for fixed income transparency rules

The European Commission has rejected certain parts of the European Securities and Markets Authority’s (ESMA) proposal for Regulatory Technical Standards ESMA had submitted in its final report to the European Commission on 28 September 2015 (2015-ESMA-1464). This emerged today from information from the Commission passed to the European Parliament, according to a statement published by Markus …

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