Included in this edition of InCredit: Mark Carney: No room for complacency, but progress has been made; BoE to provide economic impact analysis for different Brexit scenarios; The Basel Committee on Banking Supervision (BCBS) issues stress testing principles and more...


UK

PRA publishes occasional consultation paper 24/18

The Prudential Regulation Authority (PRA) has published occasional consultation paper 24/18, which sets out proposed changes to PRA Rulebook Parts, supervisory statements, statements of policy and forms. Feedback is sought by 22 November 2018 for chapter 2, and 22 January 2019 for chapters 3-7.

PRA, 22 October 2018

Mark Carney: No room for complacency, but progress has been made

In his speech Mark Carney reflects on how the global financial system has become safer, simpler and fairer over the past ten years. This new financial system, which he describes as “true finance”, is a system that can serve households and businesses in bad times as well as good. However, he warns his audience not to be complacent.

BoE, 19 October 2018

FSB RCG for Europe discusses sustainable finance

The Financial Stability Board (FSB) Regional Consultative Group (RCG) for Europe met in Vienna and discussed assessments of global and regional financial vulnerabilities including: the impact of the normalisation of interest rate policy; uncertainties around international trade policy; stresses in emerging markets; the resilience of the EU banking system and non-bank financial sector risks; and risks from foreign currency debt.

FSB, 19 October 2018

FCA hosts green innovation event and launches new FinTech challenge

The Green FinTech Challenge is aimed at firms developing green solutions that need specific regulatory support to bring their proposition to market.

FCA, 18 October 2018

BoE to provide economic impact analysis for different Brexit scenarios

Rt Hon. Nicky Morgan MP, Chair of the Treasury Committee, wrote to Mark Carney, Governor of the Bank of England, in June, as well as HM Treasury and the Financial Conduct Authority (FCA), asking them to produce and publish an analysis of the impact of the Brexit Withdrawal Agreement and future framework, once it has been negotiated.

BoE, 18 October 2018

FCA FS18/2 on digital regulatory reporting

The FCA has published feedback statement 18/2 (FS18/2) which summarises the feedback it received to its February 2018 call for input on how technology could achieve smarter regulatory reporting. The call for input outlined a 'proof of concept' developed at the FCA's November 2017 TechSprint which could potentially make it easier for firms to meet their regulatory reporting requirements and improve the quality of the data that they provide.

FCA, 17 October 2018

Worldwide

AFME letter to Valdis Dombrovskis seeks clarification and reassurance on Brexit plans

The Association for Financial Markets in Europe (AFME) has published a letter, dated 12 October 2018, from AFME’s chief executive, Simon Lewis, to the vice-president of the European Commission, Valdis Dombrovskis, requesting clarification and reassurance that steps will be taken to address the risks to financial and market instability in the event that the UK leaves the EU without a withdrawal agreement including a transition period.

AFME, 18 October 2018

The Basel Committee on Banking Supervision (BCBS) issues stress testing principles

The BCBS has issued the final version of its stress testing principles, which replace the principles for sound stress testing practices and supervision published in May 2009. The BCBS says the new principles have been updated to reflect that stress testing is now both a critical element of risk management for banks and a core tool for banking supervisors and macroprudential authorities.

BIS, 17 October 2018

Key contacts

Amanda Hulme

Amanda Hulme

Partner, Head of Financial Regulation
London

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Lorna Finlayson

Lorna Finlayson

Partner, Financial Regulation
Edinburgh

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Rosanna Bryant

Rosanna Bryant

Partner, Financial Regulation
Leeds, UK

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