What's new on FIN. from Bond Dickinson this week: 29 September 2017

Posted on September 29, 2017
Archive : September 2017
Category : What's new on FIN. from Bond Dickinson

Financial Institutions News

News and updates for our financial institutions and insurance sector clients.

 

 

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New for all firms

 

The ESAs report on current risks and vulnerabilities in the financial sector highlights Brexit and Fintech as the two key areas of risk.

 

FPC's update on financial stability notes no key new risks.

 

New in insurance

 

FCA and the Hong Kong Insurance Authority have signed a MoU to supplement existing MoUs between FCA and other Hong Kong Sectoral authorities.

 

FCA has published some near final rules with an additional consultation on IDD implementation.

 

The EU and US have reached agreement on prudential supervision co-operation.

 

The European Commission has published two delegated Regulations under the IDD – on information and COB requirements and on product oversight and governance.

 

New for lenders

 

The Law Commission has published the draft Goods Services Bill, to replace the existing Bills of Sale Acts.

 

A revised draft of regulations addressing the practice of preventing assignment of receivables has been laid before Parliament.

 

New in financial crime

 

The ESAs have published guidelines under the revised Wire Transfer Regulation on information PSPs must provide.

 

The CFA failure to prevent facilitation of tax evasion offence takes effect from 30 September, and we have written an article on the HMRC expectations on relevant bodies.

 

Brexit news

 

Sam Woods says PRA is expecting around 130 applications from EU firms so they can continue to operate in the UK post-Brexit.

 

New in fintech and payments

 

PSR has updated on its work on authorised push payment scams.

 

FCA has looked at how PSD2 and open banking continue to create new opportunities.

 

New in MiFID 2

 

ESMA and the NCAs have published a joint work plan for opinions on transparency and position limits.

 

New in retail

 

FCA has published its finalised guidance on streamlined advice, and has consolidated it with other guidance.

 

FCA and the Pensions Regulator have published a guide for employers and trustees on providing support outside the need for regulation.

 

 

 

Keep up to date with all our regulatory developments in the financial institution and insurance sectors.

 

We welcome your thoughts and comments:

Email us at FIN.BD@bonddickinson.com