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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 – 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.
  • Risk and Regulation Monthly – December 2013
    There was a flurry of activity in December for supervisors and legislators, as they looked to honour their 2013 commitments before year-end, with a compromise reached on the Recovery and Resolution Directive and the Deposit Guarantee Scheme Directive in the EU, while in the UK the Banking Reform Bill received Royal Assent and the PRA published its final rules on CRD IV and recovery and resolution planning.
  • European Parliament agrees Single Supervisory Mechanism Regulation
    On Thursday 12 September the European Parliament voted in favour of the Regulation setting up a Single Supervisory Mechanism in the Eurozone. In response, the EMEA Centre for Regulatory Strategy posted an article in the Financial Services blog outlining the discussion that took place and the next steps in legislative process.
  • Money Market Funds and Shadow Banking - Cash buffers, transparency and the long road ahead
    On 4 September the EU Commission published a proposal on a Regulation for Money Market Funds (MMF) and a communication outlining its wider shadow banking work. This briefing note provides a short industry context, followed by a summary of the Commission’s key proposals.

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