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The European Banking Authority("EBA") published aconsultation paperon draftregulatory technical standards (RTS) on the disclosure of theinvestment policy by investment firms under the Investment FirmsRegulation ((EU) 2019/2033) ("IFR")(EBA/CP/2021/15).

The Financial Conduct Authority("FCA") published apolicy statement(PS21/4) onextending its annual financial crime reporting obligation.

The European Commission published apublic consultationon instantpayments.

The Financial Stability Board ("FSB")published aspeechmade by Randal Quarles,FSB Chair, that sets out details of the FSB's areas of focusfor 2021.

European Securities and Markets Authority("ESMA") published an updated version ofitsQ&As(ESMA34-32-352) on theapplication of the Alternative Investment Fund Managers Directive(EU/2011/61) ("AIFMD").

HM Treasury published astatementconcerning the firstmeeting of the Joint Committee established under the UK-USbilateral agreement on insurance and reinsurance prudentialmeasures.

ESMA published itsfinal report(dated 23 March2021) (ESMA74-362-1013) on reference data and transaction reportingobligations under the Markets in Financial Instruments Regulation(600/2014) ("MiFIR").

The FCA, Prudential Regulation Authority("PRA") and the Bank of England("BoE")publishedpolicy statements andsupervisory materials setting out their final rules and guidance onoperational resilience.

The PRA published apolicy statementon outsourcingand third party risk management (PS7/21).

The FCA publishedPrimary Market Bulletin No 33whichcovers DTR disclosures.

ESMA published afinal reportcontaining itstechnical advice to the European Commission on the application ofadministrative and criminal sanctions under the MiFID II Directive(EU/2014/65) ("MiFID II") and MiFIR(ESMA35-43-2430).

ESMA published an updated version of itsQ&Ason investor protectionand intermediaries (ESMA35-43-349) under MiFID II and MiFIR.

The FCA and the BoE published ajoint statementannouncing thatthey encourage liquidity providers in the sterling non-linearderivatives market to adopt new quoting conventions forinter-dealer trading based on SONIA instead of LIBOR from 11 May2021.

The FCA published afeedback statementon openfinance (FS21/7).

The PRA published apolicy statementon the 2021/22management expenses levy limit for the Financial ServicesCompensation Scheme (PS5/21).

The BoE published thefinancial policy summary andrecord of the meeting of its Financial PolicyCommittee on 11 March 2021.

ESMA published aconsultation paperon thelegislative review of the Regulation on money market funds(EU/2017/1131) ("MMF Regulation")(ESMA34-49-309).

The BoE and FCA published areporton liquidity managementin UK open-ended funds.

ESMA published afinal report(ESMA43-370-281) ontechnical advice submitted to the European Commission on proceduralrules for penalties imposed on benchmark administrators under theBenchmarks Regulation (EU/2016/1011)("BMR").

The European Supervisory Authorities("ESAs") (that is, the EBA, the EuropeanInsurance and Occupational Pensions Authority("EIOPA") and ESMA) published anopinionto the EuropeanCommission on the jurisdictional scope of the SecuritisationRegulation ((EU) 2017/2402).

Commission Delegated Regulation (EU)2021/527of 15 December 2020 amending CommissionDelegated Regulation (EU) 2017/565 ( "MiFID IIDelegated Regulation") as regards the thresholds forweekly position reporting under MiFID II was published.

Commission Delegated Regulation (EU)2021/529of 18 December 2020 on liquidity thresholdsand trade percentiles used to determine SSTI applicable tonon-equity instruments under MiFIR was published.

HM Treasury published apress releaseannouncing thattechnical discussions on the text of the memorandum ofunderstanding on UK-EU regulatory co-operation in financialservices have concluded.

The Joint Committee of the ESAs published a set ofQ&Ason the SecuritisationRegulation, covering questions that fall outside the scope of anyone of the three ESAs.

HM Treasury published apress releaseannouncing thepublication of HM Treasury's remits and recommendations for theFCA and the PRA for the current Parliament.

TheMoney Laundering and Terrorist Financing(Amendment) (High-Risk Countries) Regulations 2021 (SI2021/392)were published, together with anexplanatory memorandum.

HM Treasury published adraft versionof the CapitalRequirements Regulation (Amendment) (EU Exit) Regulations 2021,together with adraft explanatorymemorandum.

The BoE published theminutesof the February 2021meeting of the working group on sterling risk-free referencerates.

The FCA published apress releaseannouncing thelaunch of a?campaign to encourage individuals to reportwrongdoing.

The PRA published apolicy statement(PS4/21) ondepositor protection identity verification.

HM Treasury updated itsadvisory notice on money laundering andterrorist financing controls in overseasjurisdictions.

ESMA published astatement(ESMA34-43-880)reporting on the results of the 2020 common supervisory action onthe supervision of UCITS managers' liquidity riskmanagement.

The FICC Markets Standards Board published a draftstandardon the use of TermSONIA reference rates.

ESMA published aconsultationpaper(ESMA74-362-1864) on simplification andharmonisation of trade repositories' fees.

The FCA published astatementon the use of itstemporary transitional power to modify the UK's derivativestrading obligation.

ESMA published anupdated statement(dated 9 March2021) (ESMA80-187-881) on the application of key provisions in theBMR in the light of Brexit.

The European Commission published aconsultation paperon instantpayments, together with itsstrategyfor the initiative oninstant payments in the EU.

The House of Commons Treasury Committee published theBoEwritten responseto thecommittee's inquiry into the future of financial services inthe UK after Brexit.

The FCA published astatementproposing to extendthe timetable for implementing changes relating to its consultationpaper on Handbook changes following its general insurance marketstudy (CP20/19).

The FCA haspublished Handbook Notice 86, whichsets out changes to the FCA Handbook made by the FCA board on 25March 2021.

The European Parliament's Economic and Monetary AffairsCommittee ("ECON") published adraft report(dated 18 March2021) (PE689.790v01-00) setting out amendments to the proposedDirective amending Directives 2006/43/EC, 2009/65/EC, 2009/138/EU,2011/61/EU, 2013/36/EU, 2014/65/EU, (EU) 2015/2366 and (EU)2016/2341 (2020/0268(COD)).

The Financial Markets Law Committee (FMLC) published itsresponseto HM Treasury'sconsultation paper on the UK regulatory approach to stablecoins anda call for evidence on cryptoassets used for investment and thebroader use of distributed ledger technology in financialmarkets.

The Single Resolution Board published acommunicationon its approach toliabilities governed by UK law without a contractual bail-inrecognition clause in the light of Brexit.

The Financial Action Task Force (FATF) published, forconsultation,draft updated guidanceon therisk-based approach to virtual assets (also known as cryptoassets)and virtual asset service providers("VASPs").

The Financial Markets Law Committee and the European FinancialMarkets Lawyers Group published a jointletter(dated 19 March 2021) toKatharine Braddick, HM Treasury Director of General FinancialServices, on LIBOR transition.

The International Islamic Financial Market published awhite paperon IBOR transitionfor industry awareness and development.

The Council of the EU published apress releaseannouncing that ithas adopted conclusions relating to the European Commission'sRetail Payments Strategy.

The FCA published astatementannouncing furtherextension to a temporary COVID-19 measure applying supervisoryflexibility over 10% depreciation notifications and RTS 27reports.

The European Commission published the EU platform on sustainablefinance'sreport on transitionfinance.

The ESAs published a set ofjoint Q&Ason bilateralmargin requirements under EMIR (648/2012).

ECON published adraft reportdated 17 March 2021(PE689.801v01-00) setting out recommendations to the EuropeanCommission on the proposed Regulation on digital operationalresilience for the financial sector (2020/0266 (COD)). TheRegulation is sometimes referred to as the Digital OperationalResilience Act ("DORA").

The European Central Bank("ECB") published apaperon best practices appliedby financial market infrastructures in their business continuityplans during the COVID-19 pandemic.

ESMA published astatement(ESMA70-154-2365)relating to its supervisory approach to position limits forcommodity derivatives under MiFID II.

The FCA published itsRegulation round-upfor March2021.

The International Regulatory Strategy Group published areporton promoting regulatorycoherence in financial services for pandemic recovery.

The FCA published aspeechby Senior Adviser to theFCA on the Public Sector Equality Duty, considering diversity,inclusion and the FCA's Public Sector Equality Duty.

The ECB published ablog postby Luis de Guindos,ECB Vice-President, summarising the preliminary results of theECB's first economy-wide climate stress test.

The Financial Action Task Force (FATF) published apress releaseannouncing that,in February 2021, it launched a new project to study and mitigatethe unintended consequences resulting from the incorrectimplementation of its anti-money laundering and counter-terroristfinancing standards.

The PRA published apolicy statement(PS2/21)setting out its expectations and guidance relating to auditors'work on the matching adjustment under the UK Solvency IIregime.

The Working Group on Sterling Risk-Free Reference Ratespublished a revised version of its best practiceguidefor GBP loans.

The FCA published aspeechby the FCA ChiefExecutive, on why diversity and inclusion are regulatoryissues.

The PRA published apolicy statementand final ruleson holding company regulatory transaction fees (PS3/21).

The European Banking Authority("EBA") published aconsultationpaper(EBA/CP/2021/11) on proposed changes to theguidelines on the risk-based supervision of credit and financialinstitutions' compliance with anti-money laundering andcounter-terrorist financing obligations, produced under Article48(10) of the Fourth Money Laundering Directive (EU/2015/849)("MLD4").

The ESAs published ajoint consultation paper(JC2021 22) on draft regulatory technical standards regarding thecontent and presentation of sustainability disclosures underArticles 8(4), 9(6) and 11(5) of the Sustainable Finance DisclosureRegulation ((EU) 2019/2088)("SFDR"or "Disclosure Regulation").

The PRA published aspeechby BoE Deputy Governorfor Prudential Regulation and PRA CEO, in which he considers theways in which regulation of the UK insurance sector is set tochange and also comments on the UK government's Solvency IIregime review.

The European Commission published aspeechby Mairead McGuinness,European Commissioner for Financial Services, Financial Stability,and Capital Markets Union ("CMU"), inwhich she considers progress in relation to the CMU and the impactof Brexit on the EU, particularly in relation to clearing andderivatives.

The European Commission published for consultation a draftDelegated Regulation (Ares(2021)1890322) extending the transitionalperiod under Article 89(1) of EMIR (648/2012). The draftDelegated Regulation is accessible via a dedicatedwebpage.

The FCA published aspeechby Edwin SchoolingLatter, Director of Markets and Wholesale Policy, about regulationof the UK's wholesale financial markets.

The FCA updated its dedicatedwebpagerelating to its April2019 feedback statement on a duty of care and potential alternativeapproaches (FS19/2) to indicate it is aiming to consult on optionsfor change in May 2021.

ESMA published apress releaseannouncing it hasdecided not to renew its decision to require holders of net shortpositions in shares traded on an EU regulated market to notify therelevant national competent authority (NCA) if the positionreaches, exceeds or falls below 0.1% of the issued sharecapital.

The European Commission published aconsultation paperon supervisoryconvergence and the single rulebook.

The EBA published two consultation papers on draft regulatorytechnical standardson gross jump-to-defaultamounts (EBA/CP/2021/09) andon residual risk add-on under Fundamental Reviewof Trading Book (FRTB)(EBA/CP/2021/10).

The European Commission published acall for evidenceon thefeasibility assessment for a potential EU bank referral scheme forsmall and medium-sized enterprises.

Decision (EU) 2021/432of theECB, amending Decision (EU) 2017/1198 on the reporting of fundingplans of credit institutions by national competent authorities tothe ECB, was published (ECB/2021/7).

The FCA published alistof business interruptioninsurance policies capable of responding to the COVID-19 pandemicfollowing the test case.

The Council of the EU published an"I/A" itemnote(7014/21) from the Council's GeneralSecretariat to its Permanent Representatives Committee relating toconclusions on a Retail Payments Strategy for the EU.

ECON published adraft reportdated 9 March 2021(PE689.571v01-00) setting out recommendations to the EuropeanCommission on the proposal for a Regulation on a pilot regime formarket infrastructures based on distributed ledger technology("DLT") (2020/0267(COD)).

The EBA published adiscussionpaper(EBA/DP/2021/01) on a feasibility study of anintegrated reporting system under Article 430c of the CapitalRequirements Regulation (EU/575/2013)("CRR").

The EBA published aconsultationpaper(EBA/CP/2021/08) on draft revised guidelines onstress tests conducted by national deposit guarantee schemes underthe Deposit Guarantee Schemes Directive (2014/49/EU)("DGSD").

Commission Delegated Regulation (EU)2021/424amending the CRR with regard to thealternative standardised approach for market risk waspublished.

The European Commission published a consultation on DelegatedRegulation supplementing EMIR on FRANDT commercial terms forclearing services for OTC derivatives. The draft DelegatedRegulation and accompanying draft Annex are accessible via adedicatedwebpage.

The European Commission published aconsultationon a roadmap on anEU-wide instant payments scheme.

The Financial Services Bill 2019-21completedits committee stage in theHouse of Lords, following the fourth sitting of the committee forthe Bill.

The EBA published adiscussionpaper(EBA/DP/2021/01) on a feasibility study of anintegrated reporting system under Article 430c of the CRR.

The EBA published aconsultationpaper(EBA/CP/2021/07) on draft guidelines on acommon assessment methodology for granting authorisation as acredit institution under Article 8(5) of the CRD IV Directive(2013/36/EU).

ECON published adraft reportdated 25 February2021 (PE663.215v01-00) setting out recommendations to the EuropeanCommission on the proposed Regulation on markets in cryptoassetsand amending Directive (EU) 2019/1937("MiCA") (2020/0265(COD)).

Arevised draft versionof theRecognised Auction Platforms (Amendment and MiscellaneousProvisions) Regulations 2021 was published together with arevised draft explanatorymemorandum.

The FCA published apress releaseannouncing that ithas made available its annual transparency calculations for UKequity and equity-like financial instruments that will apply from 1April 2021.

The PRA and FCA published ajoint consultation paperonmargin requirements for non-centrally cleared derivatives, amendingthe binding technical standards in the UK onshored version ofCommission Delegated Regulation (EU) 2016/2251 (PRA CP6/21, FCACP21/7).

The National Crime Agency published updatedguidanceto anti-moneylaundering supervisors, including those overseen by the Office forProfessional Body Anti-Money Laundering Supervision, directed atimproving the quality of suspicious activity reports.

The European Commission published animpact inceptionassessment(Ares(2021)1700448-08/03/2021) (referredto as a roadmap) on a review of the EU rules on central securitiesdepositories under the Central Securities Depositories Regulation(909/2014) ("CSDR").

The FCA published aspeechby FCA Executive Directorof Enforcement and Market Oversight, on the FCA's recent workto tackle market abuse.

The FCA published aconsultation paperon itsproposals to regulate bidding for emissions allowances on the UKauction platform under the UK Emissions Trading Scheme (CP21/6).The UK ETS replaced the UK's participation in the EU ETS from 1January 2021.

The FCA published its 31stquarterly consultationpaper(CP21/5).

IOSCO published apress releaseannouncing workstreams onliquidity risk management for collective investment schemes.

The FCA updated its website outlining its approach to reportingreferences to LIBOR inOTC derivatives contractsandsecurities financing transactions.

The FCA published astatementannouncing the datesthat panel bank submissions for all LIBOR settings will cease,after which representative LIBOR rates will no longer beavailable.

ISDA published astatementresponding to theFCA's announcement, of the same date, setting out the dates onwhich all LIBOR settings will either cease to be provided by anyadministrator or no longer be representative.

The ICE BenchmarkAdministration("IBA") issuedapress releaseannouncing thepublication of a feedback statement on its consultation onIBA's intention to cease publication of all tenors of LIBORsettings.

The EBA published afinal reporton draftimplementing technical standards ("ITS")on reporting and disclosure requirements for investment firms underthe IFR (EU/2019/2033)(EBA/ITS/2021/02). The annexes to theITS are available on the EBAwebsite.

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Regulation Round Up - Finance and Banking - European Union - Mondaq News Alerts