Regulation Round-Up

The month of May saw a swathe of new financial regulations published by ESMA as well as many European National Competent Authorities. This roundup, sourced from Proskauer, will help you get to terms with the most significant of these new regulations.

1 May

The Financial Conduct Authority (“FCA“) published a call for input on its evaluation of the Retail Distribution Review and Financial Advice Markets Review.

The Prudential Regulation Authority (“PRA“) published a document setting out the systemic risk buffer rates for ring-fenced banks and large building societies that will apply from 1 August 2019.

2 May

The FCA published a discussion paper (FP19/2) on intergenerational differences. The FCA noted that the way people build and use wealth is evolving and having an impact on their financial needs. Given two of its statutory objectives are to protect consumers and promote competition, the FCA considers it important to adapt its approach to the changing needs of the different groups within and between generations.

The European Banking Authority (“EBA“) published a consultation paper on four draft regulatory technical standards on the standardised approach for counterparty credit risk under Article 277(5) and Article 279a(3) of the proposed Regulation amending the Capital Requirements Regulation (EU/575/2013) (“CRR II”).

The FCA updated its webpage highlighting how it has changed the way in which National Private Placement Regime (“NPPR“) filings are to be submitted to it. Whilst this is not a significant change to the UK’s NPPR regime or the requirements arising from it, alternative investment fund managers that plan to submit NPPR notifications should be aware of the changes to the FCA’s filing processes.

For more on this story, see here.

Sourced from Proskauer