FinBrief

FCA publishes FS20/10 feedback statement and additional guidance for payment and e-money firms

Posted by Michael McKee, Chris Whittaker and Erna Soljanin on 10 July 2020

On 9 July 2020, the Financial Conduct Authority (FCA) published Feedback Statement 20/10 (FS 20/10), summarising and responding to feedback received from a previous consultation. On the same date, the FCA also released additional finalised guidance for payment and e-money firms.

The FCA hopes to conduct a further consultation later in 2020 or in early 2021 on changes to the FCA Approach Document on Payment Services and Electronic Money, which will likely include a proposal to incorporate the latest FCA guidance on safeguarding and prudential risk management.

New law on capital markets and organised commodities markets adopted: Part 2

Posted by Oleksandr Kurdydyk, Dmytro Pshenychniuk and Viktoriia Luganska on 6 July 2020

On 19 June 2020, the Ukrainian Parliament adopted law (draft law No. 2284) aimed at introducing sweeping new changes to regulation of financial instruments (the Law). The Law has also paved the way for a wide range of new financial instruments such as derivatives, green bonds, loan notes, and other structured finance products. Part 1 focused on new design of financial market and infrastructure matters. This Part 2 will provide an overview of new financial products which will be available for Ukrainian banks and corporates with particular regard given to close out netting and insolvency matters. 

eSignature and ePayment News and Trends - July 2020

Posted by Margo H. K. Tank on 3 July 2020

A fact of business today is that customers – both consumers and other businesses – and employees expect to transact digitally. To remain competitive, companies find themselves increasing their efforts to digitally transform their businesses.

Successfully implementing this transformation requires careful planning to ensure regulatory compliance, a smooth integration with existing business technology and a positive customer experience. In this issue we provide updates on recent regulatory and court decisions affecting the bank partnership model. In addition, this edition includes reports on other recently enacted federal and state laws, federal and state regulatory activities, fresh judicial precedent and other important news.

Latest Climate Financial Risk Forum guide released

Posted by Steven Gray on 2 July 2020

On 29 June 2020, the Climate Financial Risk Forum (CFRF) published their guide to climate-related financial risk management.

Climate-related risks will impact the financial position of entities and will have a significant impact on the financial services sector. Climate change will prevent assets from delivering services, impact the value of assets, the cost and availability of insurance and the creditworthiness of borrowers.

New law on capital markets and organised commodities markets adopted: Part 1

Posted by Oleksandr Kurdydyk, Dmytro Pshenychniuk and Viktoriia Luganska on 1 July 2020

On 19 June 2020, the Ukrainian Parliament adopted law (draft law No. 2284) aimed at creating a new design of financial markets in Ukraine and introducing sweeping new changes to regulation of financial instruments (the Law). The Law has also paved the way for a wide range of new financial instruments such as derivatives, green bonds, loan notes, and other structured finance products. In terms of harmonisation efforts, this Law is based on the key provisions and standards of the EU regulation (MiFID II, MiFIR, and EMIR).

FCA publishes findings from cryptoasset consumer research

Posted by Zoë Jensen on 1 July 2020

On 30 June 2020, the Financial Conduct Authority (FCA) published a research note on cryptoassets consumer behaviour. The note is based on the results of quantitative research, commissioned by the FCA, to ensure its understanding of consumer behaviour and the areas of potential harm is accurate. It builds on the results of the FCA’s qualitative research, published in March 2019, and forms part of the wider project of work being undertaken by the UK Cryptoasset Taskforce.

EBA thematic report on the impact of COVID-19 on the EU banking sector

Posted by Michael McKee, Chris Whittaker and Marina Troullinou on 24 June 2020

On 25 May 2020, the European Banking Authority (EBA) published a Thematic Note setting out its preliminary analysis on the impact of the COVID-19 pandemic on the EU banking sector (Thematic Note). The EBA’s assessment is mainly based on supervisory reporting data (particularly Q4 2019 data) submitted by a sample of EU banks, excluding UK banks.

ESMA Guidelines on Compliance Function under MiFID II

Posted by Michael McKee, Chris Whittaker and Erna Soljanin on 23 June 2020

On 5 June 2020, the European Securities and Markets Authority (ESMA) published new guidelines for the Compliance Function under the second Markets in Financial Instruments Directive 2014/65/EU (MiFID II), replacing the previous ESMA guidelines on the same topic issued in 2012.