Regulation Round Up - October 2019

Author:Mr Andrew Wingfield, Richard Bull, John Verwey, Jade-Alexandra Fearns and Amar Unadkat
Profession:Proskauer Rose LLP

1 October

The European Central Bank ("ECB") published the consolidated version of its guide to internal models under the single supervisory mechanism.

The European Securities and Markets Authority ("ESMA") published its work programme for 2020.

ESMA published its final guidelines on risk factors under the new Prospectus Regulation.

2 October

The Prudential Regulation Authority ("PRA") published a Dear CFO Letter providing formal thematic feedback to firms and auditors from the PRA's review of written auditor reports received in 2019.

The Financial Conduct Authority ("FCA") published a policy statement (PS19/25) on overdraft pricing and competition remedies.

The Joint Committee of the European Supervisory Authorities ("ESAs") published its work programme for 2020. The Joint Committee will focus on a number of matters, including guidance on the PRIIPs Regulation (1286/2014/EU).

ESMA published an updated version of its Q&As on the implementation of Regulation 648/2012/EU ("EMIR").

3 October

ESMA published a consultation paper on the Market Abuse Regulation (596/2014/EU) ("MAR") review report.

ESMA published a consultation paper on draft technical advice to the European Commission on commercial terms for providing clearing services under EMIR.

ESMA published an updated version of its Q&As on investor protection and intermediaries topics under Directive 2014/65/EU ("MiFID II") and Regulation 600/2014/EU ("MiFIR").

4 October

The Joint Committee of ESAs published an opinion on the risks of money laundering and terrorist financing in the EU financial services sector. The ESAs identified that the main cross-sectoral risks arise from Brexit, new technologies, virtual currencies, legislative divergence and divergent supervisory practices, weaknesses in internal controls, terrorist financing, and de-risking. To mitigate these risks, potential actions for competent authorities are set out in the opinion.

The FCA published an evaluation paper on its general insurance renewal transparency intervention (EP19/1).

The FCA published the interim report of its market study into the pricing of home and motor insurance (MS18/1.2).

The PRA published a policy statement (PS23/19) and a final version of its enforcement statement of policy.

ESMA published a consultation paper on the alignment of MiFID with the EMIR Refit Regulation (2019/834/EU).

The FCA published a statement setting out information concerning the obligations of self-invested pension plan ("SIPP")...

To continue reading