This week has seen the ESMA publish new Q&As on MiFID II and MiFIR investor protection topics. In other news, HM Treasury & the Department for Work and Pensions have announced their intention to set up a single financial guidance body to provide debt advice and money guidance to consumers.


REGULATORY

UK

CML - House purchase lending up 11% in August compared to 2015

The Council of Mortgage Lenders has published monthly data for August 2016 finding home-owners borrowed £12.2bn for house purchases, up 14% month-on-month and 11% year-on-year.

Council of Mortgage Lenders, 12 October 2016

PSR speech - BBA Future of Payments Conference 2016

The Payment Systems Regulator has published a speech made by Hannah Nixon, Managing Director of the PSR, held at the British Bankers' Association Future of Payments Conference on 13 October 2016.

Payment Systems Regulator, 13 October 2016

PSR responses to their final report on the ownership and competitiveness of infrastructure provision in payment systems

The Payment Systems Regulator has published the responses to its final report on the ownership and competitiveness of infrastructure provision to allow all stakeholders to view the feedback they received.

Payment Systems Regulator, 13 October 2016

New consumer financial guidance body to be set up

HM Treasury & the Department for Work and Pensions have announced their intention to set up a single financial guidance body to provide debt, money and pensions guidance to consumers.

HM Treasury & DWP, 9 October 2016

Continued growth in consumer, asset and car finance

The Finance & Leasing Association has published new figures showing 16% growth in consumer finance new business in August, compared to 2015. There has also been strong growth found in asset finance and consumer car finance.

FLA, 10 October 2016

ESMA publishes new Q&As on MiFID II and MiFIR investor protection topics

ESMA has published a new set of questions and answers on MiFID II and MiFIR investor protection topics.

ESMA, 10 October 2016

Final guidelines on corrections to modified duration for debt instruments under CRR

The EBA has published its final report on guidelines relating to corrections to the modified duration for debt instruments under Article 340 (3) of the CRR. Two approaches are proposed – the first treats the debt instrument with prepayment risk as if it were a plain vanilla bond and embedded option combined; the second calculates directly the change in value of the whole instrument subject to prepayment risk. The guidelines apply from 1 March 2017.

EBA, 11 October 2016

EU

ITS on mapping of credit assessments of ECAIs for securitisation under CRR

Commission Implementing Regulations have been published in the OJ, which lay down ITS on the mapping of credit assessments of external credit assessment institutions for securitisation in accordance with the CRR. The final draft ITS were published in February 2016 and will come into force 20 days after publication in the OJ.

Official Journal of the EU, 12 October 2016

Discussion paper and consultation from BCBS on regulatory treatment of accounting provisions

The Basel Committee on Banking Supervision has published a discussion paper and consultation document on the regulatory treatment of accounting provisions. The papers relate to the impact of the Basel III regulatory capital framework adopted by the IASB and the FASB, requiring the use of expected credit loss models. The BCBS seeks views on policy for the long term regulatory treatment of accounting provisions. The deadline for responses to both papers is 13 January 2017.

BCBS, 11 October 2016

Key contacts

Amanda Hulme

Amanda Hulme

Partner, Head of Financial Regulation
London

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Rosanna Bryant

Rosanna Bryant

Partner, Financial Regulation
Leeds, UK

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