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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 (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.
  • Investment Management Regulatory Update, Q3 2013
    Key developments this quarter include speeches setting out the FCA’s areas of focus for 2014 as well as their views on the future of the asset management industry. The update also considers on-going developments in relation to AIFMD and RDR.
  • 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.
  • EIOPA consults on Guidelines for Solvency II interim measures
    Shortly before Easter, the European Insurance and Occupational Pensions Authority (EIOPA) opened consultation on four sets of Guidelines which seek to bring forward the implementation of certain Solvency II requirements to 1 January 2014. This briefing provides an overview of each of the Guidelines.
  • The changing role of custodian banks
    The world of the depositary bank is changing due to increased regulation. One of the key areas where legislation seeks either to change or clarify and harmonise existing practices is within the realm of the Depositary Bank and its close cousin the Custodian.
  • The UK’s new regulatory structure
    On 1 April 2013 the Financial Services Act 2012 came into force, removing the Financial Services Authority (FSA) from the scene and delivering a new regulatory structure for the UK, comprising the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).This briefing note, published on 28 March 2013, explores some of the unanswered questions about how the new regulators might operate.

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