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EBA publishes final guidelines on the remuneration of sales staff

The European Banking Authority (EBA) published today its final Guidelines on remuneration policies and practices related to the provision and sale of retail banking products and services. The EBA had previously identified poor remuneration policies and practices as a key driver of miss-selling of financial products and services. The Guidelines aim, therefore, to protect consumers …

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EBA harmonises the definition of default across the EU

The European Banking Authority (EBA) published today its final Guidelines specifying the application of the definition of default across the EU and its final draft Regulatory Technical Standards (RTS) on the materiality threshold of past due credit obligations. The EBA also released the results of a quantitative and qualitative impact study (QIS) aimed at assessing …

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FATF asks Singapore to step up efforts in fight against money laundering and terrorist financing

The FATF and Asia/Pacific Group on Money Laundering (APG) conducted an assessment of Singapore’s anti-money laundering and counter-terrorist financing (AML/CFT) system, based on the 2012 FATF Recommendations, and using the 2013 Methodology. The assessment is a comprehensive review of the effectiveness of Singapore’s AML/CFT system and its level of compliance with the FATF Recommendations. Singapore …

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EBA consults on Guidelines on professional indemnity insurance or comparable guarantee for payment initiation and account information services providers

The European Banking Authority (EBA) launched today a consultation on its draft Guidelines on the criteria Competent Authorities should consider when stipulating the minimum monetary amount of the professional indemnity insurance (PII) or comparable guarantee for payment initiation and account information service providers under the revised Payment Service Directive (PSD2). The consultation runs until 30 …

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EBA consults on technical standards on fee terminology and disclosure documents under the Payment Accounts Directive

The European Banking Authority (EBA) published today a consultation paper on draft technical standards setting out the standardised terminology for services linked to a payment account, the standardised format and common symbol of both the fee information document (FID) and the statement of fees (SoF). These technical standards are aimed at enhancing the comparability of …

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ESMA consults on trading obligation for derivatives

The European Securities and Markets Authority (ESMA) has published today a discussion paper regarding the trading obligation under the Markets in Financial Instruments Regulation (MiFIR). The trading obligation will move over-the-counter (OTC) trading in liquid derivatives onto organised venues thus increasing market transparency and integrity alike. MiFIR, which implements parts of the MiFID II framework, …

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The disruption of Wealth Management or what are Robo-Advisors?

It must be tough to be in wealth management these days: first, the fund industry came under a lot of pressure from Exchange-Traded Funds (ETF) that are significantly cheaper than traditional investment funds who in turn often struggled to even generate better returns for the extra charge than the ETF’s that simply track an index. …

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Upsides outweigh delays in Dark Pools says FCA report

There is evidence that major UK dark pools sometimes experience delays in receiving prices, but overall, the costs associated with inferior reference prices are small, and do not outweigh the useful service dark pools provide, according to new analysis by FCA economists Matteo Aquilina and Peter O’Neill and academics Sean Foley and Thomas Ruf. Dark …

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US House of Representatives votes in favour of Blockchain

The US House of Representatives has voted in favour of resolution H. Res. 835. Expressing the sense of the House of Representatives that the United States should adopt a national policy for technology to promote consumers’ access to financial tools and online commerce to promote economic growth and consumer empowerment, under suspension of the rules. …

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