financial regulatory eventsmayto june 2017content.linklaters.com/pdfs/mkt/london/financial... ·...
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Financial Regulatory Events May to June 2017
Asset Management................................................ 1
Banking.................................................................. 1
Benchmarks........................................................... 1
Brexit...................................................................... 1
Capital Markets Union ........................................... 2
Capital requirements.............................................. 2
Commodities.......................................................... 2
Consumer credit .................................................... 2
Derivatives ............................................................. 2
European Union..................................................... 3
FCA ....................................................................... 3
Financial advice ..................................................... 3
Financial crime and Market Abuse......................... 3
Financial services .................................................. 4
Funds..................................................................... 4
Insurance ............................................................... 5
Islamic banking ...................................................... 5
MiFID II/ MiFIR .......................................................5
Payment systems and services ..............................5
Pensions.................................................................6
PRA ........................................................................6
PRIIPs ....................................................................6
Recovery and resolution .........................................7
Remuneration .........................................................7
Securities markets ..................................................7
Senior managers and certification ..........................8
Shadow banking .....................................................8
Technology .............................................................8
Whistleblowing........................................................8
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Key: UK EU International
Issue Date Jurisdiction Event
Asset Management 19 May 2017 UK Close of Investment Association consultation on enhanced disclosure of charges and transaction costs.
Banking 5 May 2017 UK Bank of England publishes indicative minimum requirement for own funds and eligible liabilities (MREL) data
for the UK’s systemically important banks and an updated webpage.
5 May 2017 UK BBA publishes an updated version of its protocol on access to banking.
11 May 2017 UK FCA launches its strategic review of retail banking business models – see FCA webpage.
15 May 2017 EU ECB publishes guide to fit and proper assessments.
16 May 2017 EU ECB publishes guidance on leveraged transactions.
17 May 2017 EU EBA publishes consultation paper (EBA/CP/2017/16) on draft recommendations on outsourcing to cloud
service providers. Consultation closes 18 August 2017.
1 June 2017 UK Close of FCA consultation (CP17/5) on reforming the availability of information in the UK equity IPO
process.
2 June 2017 EU Close of EBA consultation (CP/EBA/2017/03) on recommendations on the coverage of entities in a group
recovery plan.
30 June 2017 International Close of BCBS consultation on global systemically important banks – revised assessment framework.
Benchmarks 5 May 2017 EU European Money Markets Institute (EMMI) publishes report on EURIBOR pre-live verification program –
outcome and way forward.
Brexit 8 May 2017 UK TheCityUK publishes report on the legal impact of Brexit on the UK-based financial services sector.
10 May 2017 UK BBA publishes Brexit Quick Brief #8 on external trade policy and a UK exit from the EU – the UK’s WTO
profile and beyond.
29 May 2017 EU European Commission publishes the following two draft position papers on Article 50 negotiations:
Working paper on essential principles on citizens’ rights; and
Working paper on essential principles on financial settlement.
19 June 2017 UK Formal negotiation meetings between the EU and UK are expected to start.
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Capital Markets
Union
2 May 2017 EU ECB publishes document on contribution to the European Commission’s consultation on CMU mid-term
review 2017.
7 June 2017 EU Commission expected to publish its mid-term review of the CMU.
Capital
requirements
4 May 2017 EU EBA publishes final draft implementing technical standards (EBA/ITS/2017/02) with regard to benchmarking
under CRD.
11 May 2017 EU EBA publishes final report (EBA/GL/2017/05) on guidelines on ICT risk assessment under the Supervisory
Review and Evaluation process (SREP) required under CRD IV.
12 May 2017 EU EBA publishes final report (EBA/GL/2017/06) on credit institutions’ credit risk management practices and
accounting for expected credit losses.
23 May 2017 EU EBA publishes report on the monitoring of CET1 (common equity tier 1) instruments issued by EU
institutions.
25 May 2017 EU EBA publishes consultation paper (EBA/CP/2016/07) on the scope of the draft Guidelines on connected
clients under Article 4(1)(39) of the CRR. Consultation closes 26 June 2017.
29 May 2017 EU Close of EBA consultation (EBA-CP-2017-02) on draft RTS on the specification of the nature, severity and
duration of an economic downturn.
31 May 2017 UK Close of PRA consultation (CP3/17) on refining the PRA’s pillar 2A capital framework.
26 June 2017 EU Close of EBA consultation (EBA/CP/2016/07) on the scope of the draft Guidelines on connected clients
under Article 4(1)(39) of the CRR.
Commodities 25 May 2017 UK London Bullion Market Association (LBMA) publishes the first Global Precious Metals Code, together with
an explanatory note.
Consumer credit 23 May 2017 EU European Commission publishes report (COM(2017) 259 final) on the application of the Consumer Rights
Directive, together with an executive summary of the evaluation.
Derivatives 4 May 2017 EU European Commission adopts legislative proposal to amend EMIR (Regulation 648/2012) (COM(2017) 208
final).
5 May 2017 International Close of FSB consultation on proposed governance arrangements for the unique transaction identifier (UTI).
19 May 2017 EU Commission Delegated Regulation (EU) 2017/751 of 16 March 2017 regarding the deadline for compliance
with clearing obligations under EMIR for certain counterparties dealing with OTC derivatives comes into
force.
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1 June 2017 EU ESMA publishes consultation paper (ESMA70-151-291) on guidelines on CCP conflicts of interest
management. Consultation closes 24 August 2017.
European Union 16 May 2017 EU Close of European Commission consultation on the operations of the European Supervisory Authorities.
FCA 3 May 2017 UK Close of FCA quarterly consultation paper No. 16 (CP17/6). (Chapter 5 Q1, concerning amendments to the
prospectus rules sourcebook closed on 3 April 2017.)
5 May 2017 UK FCA publishes policy development update for May 2017.
9 May 2017 UK FCA publishes policy statement (PS17/11) on the review of the FCA’s appropriate qualification exam
standards.
26 May 2017 UK FCA publishes Handbook Notice 44.
19 June 2017 UK Close of FCA consultation (CP17/12) on regulated fees and levies – rates proposals 2017/18.
Financial advice 18 May 2017 UK FCA publishes results of the assessing suitability review.
23 May 2017 UK Close of chapter 4 on non-advised services of FCA guidance consultation (GC17/4): Financial Advice
Market Review (FAMR): Implementation part 1.
Financial crime and
Market Abuse
2 May 2017 UK European Union Financial Sanctions (Enhanced Penalties) Regulations 2017 (SI 2017/560) come into force.
5 May 2017 EU Close of ESAs consultation (HC 2017 08) on joint draft RTS on the criteria for determining the
circumstances in which the appointment of a central contact point pursuant to Article 45(9) of MLD4 is
appropriate and the functions of the central contact point.
5 May 2017 EU Financial Markets Law Committee publishes discussion paper on issues of legal uncertainty arising in the
context of MAR.
9 May 2017 UK Joint Money Laundering Steering Group publishes for consultation revised Part II and Part III of its risk-
based guidance on the prevention of money laundering and the financing of terrorism for the UK financial
services industry. Consultation closes on 26 May 2017.
13 May 2017 UK FCA publishes statement providing advice on national cyber-attack.
18 May 2017 UK FCA publishes a new webpage on cyber resilience.
23 May 2017 International Wolfsberg Group publishes guidance on politically exposed persons (PEPs), along with a publication
statement.
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26 May 2017 UK Close of Joint Money Laundering Steering Group consultation on its revised Part II and Part III of its risk-
based guidance on the prevention of money laundering and the financing of terrorism for the UK financial
services industry.
31 May 2017 EU ESAs publish consultation paper (JC 2017/25) on draft RTS under Article 45(6) MLD4 on the measures
credit institutions and financial institutions shall take to mitigate the risk of money laundering and terrorist
financing where a third country’s law does not permit the application of group-wide policies and procedures.
Consultation closes 11 July 2017.
1 June 2017 EU ESMA publishes final report (ESMA70-145-100) on draft ITS on forms and procedures for cooperation
between competent authorities under MAR.
5 June 2017 EU Close of ESAs consultation (JC/GL/2017/16) on draft joint guidelines under Article 25 of the Wire Transfer
Regulation on the measures payment service providers should take to detect missing or incomplete
information on the payer or the payee, and the procedures they should put in place to manage a transfer of
funds lacking the required information.
23 June 2017 UK Close of Government consultation on the UK’s future legal framework for imposing and implementing
sanctions.
26 June 2017 UK FCA guidance on treatment of politically exposed persons (PEPs) under the Money Laundering, Terrorist
Financing and Transfer of Funds (Information on the Payer) Regulations 2017 comes into force. (The
finalised guidance is yet to be published.)
26 June 2017 EU Transposition date of the Fourth Money Laundering Directive (MLD4) – see UK government timetable.
Financial services 11 May 2017 International Close of FSB consultation document on main elements on the proposed framework for post-implementation
evaluation of the effects of the G20 financial regulatory reforms.
23 May 2017 International FSB publishes a report on stocktake of efforts to strengthen governance frameworks to mitigate misconduct
risks.
1 June 2017 EU ECON publishes draft report on the European Commission’s Action Plan on Retail Financial Services.
Funds 8 May 2017 UK Close of FCA discussion paper (DP17/1) on illiquid assets and open-ended investment funds.
16 May 2017 EU Council of the EU adopts Money Market Funds regulation – see press release.
24 May 2017 EU ESMA publishes consultation paper (ESMA34-49-82) on draft technical advice, ITS and guidelines under
the Money Market Funds Regulation.
29 June 2017 UK FCA Alternative Investment Fund Managers Directive (Reporting) Instrument 2017 (FCA 2017/3) comes into
force.
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Insurance 15 May 2017 UK FCA publishes guidance consultation (GC17/5) on proposed guidance on the FCA’s approach to the review
of Part VII insurance business transfers.
19 May 2017 EU Commission Implementing Regulation (EU) 2017/812 of 15 May 2017 laying down technical information for
the calculation of technical provisions and basic own funds for reporting with reference dates from 31 March
until 29 June 2107 in accordance with Solvency II enters into force.
22 May 2017 UK Close of HM Treasury consultation paper on the transposition of the Insurance Distribution Directive.
Consultation closes on 15 August 2017.
23 May 2017 EU EIOPA publishes final report (EIOPA-BoS-17/122) on consultation paper no.16/003 on the methodology to
derive the ultimate forward rate and its implementation under Solvency II.
31 May 2017 EU EIOPA’s guidelines on facilitating an effective dialogue between competent authorities supervising
insurance undertakings and statutory auditor(s) and the audit firm(s) carrying out the statutory audit of those
undertakings apply, as published in final report (EIOPA-16/858).
5 June 2017 UK Close of FCA consultation paper I (CP17/7) on Insurance Distribution Directive implementation.
Islamic banking 23 May 2017 UK Close of Bank of England consultation on Shari’ah compliant liquidity facilities: establishing a fund based
deposit facility.
MiFID II/ MiFIR 3 May 2017 UK FCA publishes document on reporting instructions for trading venues and investment firms submitting
position reports under MiFID II.
12 May 2017 UK Close of FCA consultation paper V (CP17/8) on the implementation of MiFID II, except for comments on the
proposals regarding occupational pension scheme firms, which closes on 23 June 2017.
18 May 2017 EU ESMA publishes follow-up report (ESMA42-113-627) to the peer review on MiFID conduct of business rules
relating to fair, clear and not misleading information.
22 May 2017 EU ESMA publishes clarification on the meaning of "traded on a trading venue" (ToTV), in the form of an ESMA
opinion.
1 June 2017 UK Waiver applications for bonds and derivatives must be submitted to the FCA – see FCA MiFID II webpage.
Payment systems
and services
4 May 2017 UK Payment System Operator Delivery Group publishes final report on new payment system operator.
5 May 2017 EU EBA publishes consultation paper (EBA/CP/2017/04) on draft guidelines on the security measures for
operational and security risks of payment services under PSD2. Consultation closes 7 August 2017.
5 May 2017 EU EBA publishes final report (EBA/RTS/2017/04 / EBA/ITS/2017/03 and 04) containing draft RTS and ITS on
standardised terminology and disclosure documents under the Payment Accounts Directive.
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9 May 2017 UK Bank of England publishes report for a blueprint for a new Real-Time Gross Settlement (RTGS) service for
the United Kingdom.
12 May 2017 UK Close of PSR consultation (CP17/9) on regulatory fees 2017/18.
16 May 2017 EU Close of EBA consultation (EBA/CP/2017/01) on draft guidelines on procedures for complaints of alleged
infringements of the PSD2.
31 May 2017 EU EBA publishes a letter from the European Commission regarding its intention to amend the draft RTS on
strong customer authentication and common and secure open standards of communication under Article
98(4) of PSD2.
8 June 2017 UK Close of FCA consultation (CP17/11) on the implementation of the revised Payment Services Directive
(PSD2): draft approach document and draft Handbook changes.
8 June 2017 UK Close of PSR consultation on the PSR’s proposed approach to monitoring and enforcing the revised
Payment Services Directive (PSD2).
Pensions 18 May 2017 UK FCA publishes results of the assessing suitability review.
26 May 2017 UK FCA publishes policy statement (PS17/12) on implementing information prompts in the annuity market.
10 June 2017 UK Close of FCA guidance consultation (GC17/1) on changes to the way firms calculate redress for unsuitable
defined benefit pensions transfers.
PRA 16 May 2017 UK Close of PRA occasional consultation paper (CP2/17) with proposed amendments to parts of the PRA
Rulebook and supervisory statements. (Administration instrument (Appendix 9) closed on 2 March 2017.)
24 May 2017 UK Close of PRA consultation (CP4/17) on regulated fees and levies: rates proposals 2017/18.
28 June 2017 UK Close of PRA consultation (CP5/17) on Internal Ratings Based (IRB) approach: clarifying PRA expectations.
PRIIPs 2 May 2017 EU Commission Delegated Regulation (EU) 2017/653 of 8 March 2017 supplementing the Regulation on key
information documents (KIDs) for packaged retail and insurance-based investment products (PRIIPs) by
laying down RTS with regard to the presentation, content, review and revision of key information documents
and the conditions for fulfilling the requirement to provide such documents.
2 May 2017 UK FCA publishes policy statement (PS17/6) on disclosure rules following application of PRIIPs Regulation –
feedback to CP16/18 and final rules. Firms must comply with the rules from 1 January 2018.
3 May 2017 UK FCA publishes policy statement (PS17/6) on disclosure rules following application of PRIIPs Regulation. The
rules will apply from 1 January 2018.
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12 May 2017 UK FCA updates its PRIIPs disclosure: key information documents webpage with lists of products that fall within
and outside the PRIIPs definition.
Recovery and
resolution
8 May 2017 EU EBA publishes consultation paper (EBA/CP/2017/05) on draft RTS on simplified obligations under Article
4(6) of BRRD. Consultation closes 8 August 2017.
19 May 2017 EU Commission Delegated Regulation (EU) 2017/747 of 17 December 2015 supplementing the Regulation for
the Single Resolution Mechanism with regards to the criteria relating to the calculation of ex ante
contributions, and on the circumstances and conditions under which the payment of extraordinary ex post
contributions may be partially or entirely deferred enters into force.
24 May 2017 EU EBA publishes final draft RTS (EBA/RTS/2017/05) and (EBA/RTS/2017/06) on valuation before and after
resolution under the BRRD.
9 June 2017 EU Commission Delegated Regulation (EU) 2017/867 of 7 February 2017 on classes of arrangements to be
protected in a partial property transfer under Article 76 of BRRD enters into force.
Remuneration 3 May 2017 UK FCA publishes policy statement (PS17/10) on remuneration in CRD IV firms: final guidance and changes to
Handbook.
Securities markets 9 May 2017 International LEI ROC publishes press release announcing launch of the data collection on parent entities in the Global
LEI System.
14 May 2017 UK Close of FCA discussion paper (DP17/2) Review of the Effectiveness of Primary Markets: The UK Primary
Markets Landscape and consultation paper (CP17/4) on Review of the Effectiveness of Primary Markets:
Enhancements to the Listing Regime.
25 May 2017 International Global Foreign Exchange Committee (GFXC) launches new FX Global Code – a set of global principles of
good practice in the foreign exchange market. The code is accompanied by a report on adherence to the FX
Global Code.
25 May 2017 International GFXC publishes a request for feedback on “last look” practices in the foreign exchange market.
1 June 2017 EU ESMA publishes the following two guidelines on the implementation of the Central Securities Depositories
Regulation (CSDR):
Guidelines on the process for the calculation of the indicators to determine the most relevant
currencies in which settlement takes place (ESMA70-708036281-66) and
Guidelines on the process for the calculation of the indicators to determine the substantial
importance of a CSD for a host Member State (ESMA70-708036281-67).
1 June 2017 UK Close of FCA consultation (CP17/5) on reforming the availability of information in UK equity IPO process.
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Senior managers
and certification
3 May 2017 UK FCA publishes policy statement (PS17/8) on applying conduct rules to non-executive directors in the
banking and insurance sectors.
3 May 2017 UK FCA publishes policy statement (PS17/9) on guidance on the duty of responsibility: final amendments
(including feedback on CP16/26) to the Decision Procedure and Penalties Manual.
12 May 2017 UK PRA publishes policy statement (PS12/17) on strengthening individual accountability in banking and
insurance: amendments and optimisations.
Shadow banking 10 May 2017 International FSB publishes global shadow banking monitoring report 2016.
15 May 2017 International Close of BCBS consultation on guidelines for identification and management of step-in risk.
29 May 2017 EU ESRB publishes report on EU shadow banking monitor (no. 2).
Technology 3 May 2017 EU ECON publishes report on FinTech: the influence of technology on the future of the financial sector.
12 May 2017 UK FCA and the Securities and Futures Commission in Hong Kong enter into FinTech co-operation agreement.
19 May 2017 UK Bank of England publishes Frequently Asked Questions on FinTech Accelerator.
22 May 2017 International FSB and CGFS publish report on FinTech credit: Market structure, business models and financial stability
implications.
30 May 2017 International Financial Action Task Force (FATF) publishes summary of its FinTech and RegTech Forum, held on 25-26
May 2017.
15 June 2017 EU Close of European Commission consultation on FinTech: a more competitive and innovative European
financial sector.
Whistleblowing 3 May 2017 UK FCA publishes policy statement (PS17/7) on whistleblowing in UK branches of foreign banks.
29 May 2017 EU Close of European Commission consultation on whistleblower protection.
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For further information please contact:
London
Michael KentPartner, Financial Regulation Group(44 20) 7456 [email protected]
Peter BevanPartner, Financial Regulation Group(44 20) 7456 [email protected]
Martyn HopperPartner, Financial Regulation Group(44 20) 7456 [email protected]
Nadia SwannPartner, Financial Regulation Group(44 20) 7456 [email protected]
Carl FernandesPartner, Financial Regulation Group(44 20) 7456 [email protected]
Sarah ParkhousePartner, Financial Regulation Group(44 20) 7456 [email protected]
Harry EddisPartner, Financial Regulation Group(44 20) 7456 [email protected]
Nikunj KiriPartner, Financial Regulation Group(44 20) 7456 [email protected]
AmsterdamPim Horsten Partner, Financial Regulation Group(31 20) 799 [email protected]
Brussels
Etienne DessyPartner, Banking and Capital Markets(32 2) 501 90 [email protected]
FrankfurtAndreas SteckPartner, Financial Regulation Group(49 69) 710 03 [email protected]
Frederik WinterPartner, Financial Regulation Group(49 69) 710 03 [email protected]
Andreas DehioPartner, Financial Regulation Group(49 69) 710 03 [email protected]
LuxembourgHermann BeythanPartner, Financial Regulation Group(352) 2608 [email protected]
New YorkJacques SchillaciCounsel, Financial Regulation Group(001) 917 331 [email protected]
MadridPaloma FierroPartner, Financial Regulation Group(34 91) 399 [email protected]
Hong KongAnnabella Fu Van BijnenPartner, Financial Regulation Group(852) 2901 [email protected]
Sumit IndwarPartner, Financial Regulation Group(852) 2901 [email protected]
Milan
Dario LongoPartner, Capital Markets(39 02) 88 393 [email protected]
ParisMarc PerronePartner, Financial Regulation Group(33 1) 56 43 58 [email protected]
Author: Various
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