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Commentary

Detailed below are the Centre’s comments on key regulatory developments and responses to consultations of importance to the European financial services industry.

MORE EMEA Centre for Regulatory Strategy commentary

  • Risk and Regulation Monthly – September 2014
    September was notable for a flurry of pre-G20 publications from international regulators, including the Financial Stability Board (FSB), the Basel Committee on Banking Supervision (BCBS), the International Association of Insurance Supervisors (IAIS), and the International Organisation of Securities Commissions (IOSCO).
  • Risk and Regulation Monthly – August 2014
    Highlights included the ECB’s manual on its Comprehensive Assessment, the PRA’s third consultation on Solvency II transposition, and the FCA’s statement that 2.5 million PPI claims needed to be reassessed.
  • Risk and Regulation Monthly – July 2014
    Ahead of the expected summer lull, regulators rushed to publish a large number of papers, most notably on the UK Senior Management and Certification regimes, recovery and resolution, financial benchmarks and EU guidelines on the supervisory review and evaluation process (SREP).
  • Risk and Regulation Monthly – June 2014
    Following the surge in legislation ahead of the European elections, June saw a number of final texts published, including the bank Recovery and Resolution Directive (RRD) and the Markets in Financial Instruments Directive and Regulation (MiFID II/MiFIR). In the UK, house prices and mortgages were in focus, with the Financial Policy Committee given new macroprudential powers.
  • Risk and Regulation Monthly - May 2014
    Key regulatory developments in May included Sir Richard Lambert’s recommendation to create the Banking Standards Review Council; ESMA’s publication of a first set of Level 2 measures for MiFID II; and the results of the FCA’s thematic reviews on clarity of fund charges and conflicts of interest in insurance intermediaries, and its policy on dealing commission for fund managers
  • Risk and Regulation Monthly – April 2014
    Ahead of the elections, April saw the approval of a major package of legislation in the European Parliament, including the bank recovery and resolution Directive (RRD) and the Markets in Financial Instruments Directive II and accompanying Regulation (MiFID II/MiFIR). EU and UK authorities also released details of the forthcoming bank stress tests, while the Single Supervisory Mechanism continued to develop.
  • Investment Management Regulatory Update, Q1 2014
    Key developments this quarter include the publication of the FCA’S 2014 Business Plan and Risk Outlook, as well as on-going developments in relation to RDR, UCITS regulation and remuneration in the financial services industry.
  • Risk and Regulation Monthly (March - 14)
    March saw a number of important developments in the area of conduct risk, with the FCA releasing several thematic reviews and market studies in the run up to the publication of its Risk Outlook, and taking over responsibility for consumer credit regulation. In the EU, Omnibus II was formally approved and political agreement on the Single Resolution Mechanism reached.
  • FCA Risk Outlook and Business Plan 2014-15 - What firms can expect from the FCA over the coming year
    On 31 March, the Financial Conduct Authority (FCA) published its Risk Outlook and Business Plan for 2014-15. Together, these two documents are a must-read for firms as they set out the FCA’s proposed action for the year ahead. This briefing note focuses on the forward-looking areas of focus in the Risk Outlook and the thematic reviews and market studies highlighted by the FCA in the Business Plan.
  • Risk and Regulation Monthly (January - 14)
    2014 began with an array of announcements. The European Commission published its long-awaited proposal for a Regulation on structural reform of banks in the EU, while the Basel Committee on Banking Supervision (BCBS) published material on its leverage and liquidity frameworks.

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