Following the possible departure of the UK from the EU, the Financial Conduct Authority (FCA) would favour a regulatory approach that focuses on the same outcomes, but with a lower regulatory burden on firms.
Europe
ECB consults on supervisory fees
The European Central Bank (ECB) is seeking feedback on proposed changes to its supervisory fees and levies on covered banks and the timing of their collection.
ESAs gain more powers, but European Commission disappointed
The three European Supervisory Authorities have gained more power, but not as much as the European Commission asked for, while reactions from industry are mixed.
Euroclear France authorised by AMF
France’s markets regulator, Autorité des marchés financiers (AMF), has given French central securities repository, Euroclear France, authorisation for central securities depositories, placing it under the European regulatory framework.
FCA shift in focus on culture regulation creating unintended consequences
Culture in financial services became a key regulatory and political issue following the financial crisis with regulators exploring new approaches around interpreting conduct, but this could create some unintended consequences. By Polly James, Adam Jamieson and Daren Kemp at Bryan Cave Leighton Paisner
New reform proposal to relaunch the French blocking statute raises concerns
In France, a proposed measure to modernise laws designed to protect domestic companies from being subjected to legal discovery procedures abroad has resurfaced. However, it could see French banks, in particular, confronted with conflicting legal obligations under certain circumstances
EU stands firm on relocation policy while UK seeks flexibility on equivalence
UK-located banks are under pressure from EU regulators to continue shifting operations and capital to the union to serve customers there, while UK regulators are seeking more flexibility on access to the single market post-Brexit.
Industry calls for tweaks to EU market abuse regulation
The EU’s market abuse regulation is over two years old and many in the industry believe it is high time that it is reviewed given it has a number of wrinkles that not only make compliance difficult, but risks seeing firms potentially miss some market abuses
EU banking package could restrict AT1 capital payouts
The recently agreed EU risk reduction banking package could make it harder for global systemically important institutions (G-SIIs) to make payouts on their additional tier 1 (AT1) securities due to a leverage ratio buffer requirement, said Scope Ratings in a report.
AFME CEO and founder to step down
Simon Lewis who founded the Association for Financial Markets in Europe (AFME) in 2010 is stepping down this October when his term expires.
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