Tag Archives: European Reform

Solvency II Trilogue discussions conclude – so what happens now?

Earlier today, it was announced that yesterday’s trilogue discussions on the Omnibus II Directive (Omnibus II) had finished in agreement.  The announcement puts to rest recent uncertainty about the future of the Solvency II Directive and sets in train a timetable … Continue reading

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Filed under EU, Europe, European Guidance, Insurance, PRA

EU democracy in action: MEPs criticise both the Council for lack of progress, and the Commission for delay in the adoption of certain proposals

This week, the European Parliament passed a resolution raising concerns about the uncertainty caused by delays in financial services sector reform, which, it says, is in turn holding up sustainable economic growth and job creation.  The vote followed a debate at … Continue reading

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Filed under EU, Europe, European Regulation

New EU Directive: Reporting by Extractive Companies on Government Payments

The European Parliament and Council of Ministers have agreed the final form of the new EU rules for the disclosure, on a project by project basis, of payments to governments by companies operating in the extractive  industries. The EU’s agreement … Continue reading

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Filed under Bribery and Corruption, Corporate Crime, Europe, European Regulation, Regulatory Reform, Sanctions and Money Laundering, UK

EU: indicative dates for EP’s first readings of various legislative initiatives put back

The European Parliament (EP)’s procedure files for various European legislative initiatives have been amended today, pushing back the indicative plenary sitting dates for the first reading/single reading of various legislative initiatives as follows:

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Filed under EU, Europe

AIFMD: Back to basics on scope and marketing following the Commission’s Q&A and the FCA’S CP13/9

In some ways it is surprising that four years on from the first appearance of the draft of the Alternative Investment Fund Managers Directive (the “Directive”) and only weeks away from its national transposition across EU member states, we find ourselves … Continue reading

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Filed under Asset management, EU, Europe, European Regulation, Funds

European Commission extends time for ESMA’s technical advice on equivalence of EMIR and third country legal/supervisory frameworks

The European Commission has written to Steven Maijoor, the Chair of the European Securities and Markets Authority (ESMA) to extend the deadline for ESMA to provide its technical advice on the equivalence between certain third country legal and supervisory frameworks and … Continue reading

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Filed under EU, Europe, European Regulation

EU democracy in action: European Parliament withdraws objection to EMIR technical standards

Pursuant to a compromise proposed by the European Commission on 7 February, the European Parliament has withdrawn its objection to two of the delegated acts adopted by the Commission relating to technical standards supplementing Regulation EU No 648/2012 (EMIR) on OTC … Continue reading

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Filed under EU, Europe, Uncategorized

EBA Guidelines on assessment of the suitability of members of management bodies of credit institutions and their key function holders

The European Banking Authority (EBA) has today published Guidelines on the assessment of the suitability of members of the management body and key function holders, setting out the process, criteria and minimum requirements for assessing the suitability of those persons.  The … Continue reading

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Filed under Banking, EU, Europe, European Regulation, Retail Banks

Product intervention: some thoughts on the FCA’s interactions with Europe

As regulatory rules are increasingly made in Europe, within the UK, the new Financial Conduct Authority (FCA) will move to becoming – as Hector Sants put it – a “supervisory arm” of Europe in relation to conduct issues.  But has … Continue reading

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Filed under Draft Legislation, Europe, European Regulation, FCA, FSA Guidance, JURISDICTIONS, Regulatory Reform, UK, UK Legislation

MiFID II: a greater step away from the RDR?

Key recommendations by the Rapporteur on the investor protection elements of the proposed MiFID II Directive, contain some potentially significant concessions for firms.  However, the recommendations are at odds with the UK’s Retail Distribution Review (RDR) rules.  If the Rapporteur’s … Continue reading

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Filed under Europe, European Regulation, FSA Rules, JURISDICTIONS, Regulatory Reform, Spain, UK