Included in this issue: Delegated Regulation on ex ante contributions to resolution financing arrangements under BRRD; FCA Quarterly Consultation No. 14; Survey of foreign exchange and OTC interest rate derivatives from BoE and more...


REGULATORY

Delegated Regulation on ex ante contributions to resolution financing arrangements under BRRD

Commission Delegated Regulation ((EU) 2016/1434) correcting Delegated Regulation (EU) 2015/63 supplementing the Bank Recovery and Resolution Directive with regard to ex ante contributions to resolution financing arrangements has been published in the Official Journal.

Official Journal of the European Union, 30 August 2016

UK

FCA Quarterly Consultation No. 14

The FCA has published its 14th quarterly consultation paper (CP16/21) in which it proposes a number of changes to the Handbook including on APR assumptions for consumer credit agreements. Comments by 3 October 2016.

FCA, 2 September 2016

FOS technical notes - Interest-only Mortgages and Valuations and Surveys

The Financial Ombudsman Service has published technical notes in relation to interest-only mortgages and valuations and surveys.

FOS, September 2016

Update for firms on conduct rule breach reporting under SM&CR from FCA

The FCA has updated information on its website relating to firms' obligations to report conduct rule breaches under the SM&CR. This reminds firms that the reporting window is open between 1 September and 31 October 2016 and firms should use Form H to report breaches during period 7 March to 31 August 2016, and this is mandatory, even for nil returns.

FCA, 1 September 2016

Survey of foreign exchange and OTC interest rate derivatives from BoE

The Bank of England has published the results of its latest survey of turnover in the markets for foreign exchange and OTC interest rate derivatives which is co-ordinated by the BIS and takes place every three years. Headline results from the survey include:

  • Average daily turnover in foreign exchange from $2,426 billion during April 2016
  • Average daily turnover in OTC interest rate derivatives was $1,181 billion during April 2016

Bank of England, 1 September 2016

Inquiry into Brexit and financial services launched by House of Lords EU sub-committee

A webpage has been published by the House of Lords EU Sub-committee on Financial Affairs announcing the launch of an enquiry into Brexit and financial services in the UK. Questions are likely to be answered on the following topics:

  • The reaction of financial services firms to the outcome of the EU referendum result
  • The possibility of relocation of financial services firms from the UK
  • Critical priorities for the UK financial services sector in both the withdrawal negotiations and in negotiating a future relationship for the UK with the EU
  • "Equivalence" rights to access the EU Single Market for the UK
  • Financial regulatory cooperation between the UK and the EU under different models of EU membership
  • A potential free trade agreement and the UK's financial sector
  • Potential transitional arrangements
  • The importance of the financial passport for firms operating in the UK
  • Risks for retail customers and investors
  • Considerations for non-EU firms wishing to gain access to the EU via the EU's equivalence regime

House of Lords, 31 August 2016

Key contacts

Amanda Hulme

Amanda Hulme

Partner, Head of Financial Regulation
London

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Rosanna Bryant

Rosanna Bryant

Partner, Financial Regulation
United Kingdom

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