The Financial Conduct Authority (FCA) published Handbook Notice No. 72, which includes changes to the FCA Handbook made by the FCA board on 21 November 2019 and 12 December 2019. Feedback on the relevant consultation papers (CPs) is set out in Chapter 3 of the Handbook Notice or in separate policy statements (PSs).
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The Financial Ombudsman Service (FOS) launched a public consultation on its proposed plans and budget for 2020 and its future strategy, looking ahead to 2025 and beyond. The consultation sets out the FOS’s plans for the coming financial year, including the volumes of complaints it expects to receive and resolve, and its proposed budget and funding arrangements. The consultation closes on 31 January 2020.
The governor of the Bank of England (BoE), Mark Carney, responded to letters from the chancellor of the excheqeur, Sajid Javid, on the remits of the Prudential Regulation Committee (PRC) and the Financial Policy Committee (FPC).
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The European Commission published its proposed Commission Delegated Regulation amending the Capital Requirements Regulation (EU) 575/2013 (CRR) with regard to the alternative standardised approach for market risk. The delegated regulation sets out amendments to the revised market risk framework—which was included in the ‘banking package’ of prudential reforms published earlier in 2019—to address a number of technical issues in the framework.
The Prudential Regulation Authority (PRA) published a policy statement, PS26/19, on Pillar 2 liquidity: PRA110 reporting frequency threshold, which provides feedback to responses to its consultation paper, CP14/19, and sets out the PRA’s final policy. The policy statement amends PRA rules to introduce a further threshold of total assets of £5bn or above for the PRA110 reporting frequency and updates a related supervisory statement to reflect the new threshold. The implementation date for PS26/19 is 1 May 2020.
The European Banking Authority (EBA) launched a consultation to amend Commission Implementing Regulation (EU) 2016/2070 setting out implementing technical standards (ITS) on the benchmarking of internal models. The proposed amendments adjust the benchmarking portfolios and reporting requirements in view of the benchmarking exercise the EBA will carry out in 2021. The consultation runs until 13 February 2020.
The Basel Committee on Banking Supervision (BCBS) announced the launch of its consolidated Basel Framework. The framework brings together all of the Basel Committee's global standards for the regulation and supervision of banks.
The BCBS published a discussion paper on the design of a prudential treatment for crypto-assets.
The Single Resolution Board (SRB) announced that its procedure to assess applications to reduce eligible liabilities instruments under Article 78a of the Capital Requirements Regulation (EU) 575/2013 (CRR) will remain in place until the relevant European Banking Authority’s regulatory technical standards (RTS) come into force. To continue performing market-making and other secondary market activities as of 1 January 2020, banks must obtain a prior permission.
Decision (EU) 2019/2158 of the ECB of 5 December 2019 on the methodology and procedures for the determination and collection of data regarding fee factors used to calculate annual supervisory fees (ECB/2019/38) has been published in the Official Journal of the EU.
Regulation (EU) 2019/2155 of the ECB of 5 December 2019 amending Regulation (EU) No 1163/2014 on supervisory fees (ECB/2019/37) has been published in the Official Journal of the EU.
The Association for Financial Markets in Europe (AFME) published a report collating information on EU global systemically important banks (EU GSIBs)’ prudential capital, leverage, loss-absorption capacity and liquidity ratios, with updated information as at 30 September 2019.
The vice-president of the European Central Bank (ECB), Luis de Guindos, opened the fourth annual ECB macroprudential policy and research conference in Frankfurt am Main on 16 December 2019. In his welcoming remarks, de Guindos discussed EU economic and financial conditions, and the need to rebalance capital requirements towards releasable buffers to allow macroprudential authorities to act more effectively in a countercyclical manner, especially in adverse economic conditions.
The BoE published a discussion paper which sets out its proposed framework for the 2021 biennial exploratory scenario (BES) exercise on the financial risks from climate change. The objective of the BES is to test the resilience of the current business models of the largest banks and insurers to the physical and transition risks associated with different possible climate scenarios, and the financial system’s exposure more broadly to climate-related risk. It will therefore determine the scale of adjustment that will need to be undertaken in the coming decades for the system to remain resilient. Comments are requested by 18 March 2020.
The BoE’s Financial Policy Committee (FPC) published its Financial Stability Report, which includes the results of the 2019 annual cyclical scenario (ACS) stress test. The FPC says the UK banking system would be resilient to deep simultaneous recessions in the UK and global economies that are more severe overall than the global financial crisis, combined with large falls in asset prices and a separate stress of misconduct costs. It would ‘therefore be able to continue to meet credit demand from UK households and businesses even in the unlikely event of these highly adverse conditions’. Findings of the systemic risk survey for H2 2019 have also been announced.
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The European Systemic Risk Board (ESRB) published a report on the macroprudential policy implications of foreign branches that are relevant for financial stability. According to the ESRB, the report provides an underlying analysis of an ERSB recommendation on the exchange and collection of information for macroprudential purposes on branches of banks with a head office in another Member State or a third country that was recently published in the Official Journal.
The SRB provided details of its 9th industry dialogue on 16 December 2019 in Brussels. The dialogue brought together representatives from EU-level and national banking federations and their associates from banking union participating Member States, and representatives from National Resolution Authorities, the European Commission, European Parliament and the European Central Bank.
The FSB published its work programme for 2020, which sets out a programme of forward-looking monitoring of developments to identify, assess and address new and emerging vulnerabilities, while at the same time looking to finalise and operationalise the remaining elements of the post-crisis reforms. The FSB says it will monitor and assess the implementation of reforms, and evaluate their effects in order to ensure that they work as intended.
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The European Commission issued a press release noting that the requirements set out in Regulation (EU) 2019/518 amending the Cross-Border Payments Regulation (Regulation (EC) 924/2009) (CBPR2), as well as the Whistleblowing Directive (Directive (EU) 2019/1937), become applicable.
The Association for Financial Markets in Europe (AFME), together with law firm Simmons & Simmons, published the first in a series of papers, LIBOR transition: Managing the conduct and compliance risks, which provides practical guidance to senior managers and legal and compliance teams on managing conduct risks posed to firms engaged in the transition away from the London interbank offered rate (LIBOR) to risk free reference rates (RFRs).
The ESAs published a Final report on Joint guidelines on co-operation and information exchange for the purpose of the fourth Money Laundering Directive (Directive (EU) 2015/849) (MLD4) between competent authorities supervising credit and financial institutions—the anti-money laundering and counter terrorist financing (AML/CFT) colleges guidelines. They clarify the practical modalities of supervisory co-operation and information exchange, and create a common framework that supervisors should use to support effective oversight of cross-border groups from an AML/CFT perspective and also from a more general prudential perspective.
The European Securities and Markets Authority (ESMA) published a peer review report on how national competent authorities (NCAs) handle suspicious transactions and order reports (STORs) under the Market Abuse Regulation (MAR). The report found a significant increase in STORs and finds that national supervisors can do more to ensure all financial participants play their part in combatting market abuse. ESMA has also published details on NCAs’ issuance of sanctions and administrative measures under MAR.
The FCA, which will be the AML and CTF supervisor of UK crypto asset businesses from 10 January 2020, has updated its webpage to set out the fees applicable to firms. Following consultation on registration fees, the FCA board has agreed that the charges will be £2,000 for businesses with UK crypto asset income up to £250,000, and £10,000 for businesses with UK crypto asset income greater than £250,000.
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The trial of Dharam Prakash Gopee concluded on 11 December 2019 at Southwark Crown Court with the jury returning a guilty verdict to the charges brought by the FCA for offences under the Consumer Credit Act 1974 and the Financial Services and Markets Act 2000. The Court made a confiscation order against Dharam Prakash Gopee in the sum of £5,118,018.72, the effect of which was to confiscate all his criminal proceeds as an illegal money lender. Mr Gopee was also ordered to pay almost £230,000 in compensation to consumers.
The International Organization of Securities Commissions (IOSCO) is consulting on proposed guidance to help its members address potential conflicts of interest and associated conduct risks arising from the role of market intermediaries in the debt capital raising process. Feedback is sought by 16 February 2020.
The FCA fined Professional Personal Claims Limited (PPC) £70,000 for misleading consumers through its websites and printed materials. This decision follows the transfer of regulatory responsibility for claims management companies (CMCs) to the FCA on 1 April 2019. The FCA held that PPC’s websites and printed materials prominently used the logos of five major banks which was liable to mislead consumers into believing they were submitting redress claims for mis-sold payment protection insurance (PPI) directly to their banks, rather than engaging PPC as a CMC to pursue claims on their behalf in return for payment of a success fee.
In a final report dated 21 November 2019, the Complaints Commissioner rejected a complaint against the FCA, but in doing so invited the FCA to consider whether there is a case for allowing the publication or disclosure of information about regulated firms’ professional indemnity insurance (PII) in the future (Complaint number FCA00664).
John Swift QC, the independent reviewer of the Financial Services Authority (FSA)/FCA's supervisory intervention on interest rate hedging products (IRHPs), is inviting submissions from interested parties. Swift said anyone affected by or involved with the FSA/FCA's IRHP redress scheme should send representations, or views in relation to the issues raised in the terms of reference, by 31 January 2020.
The Financial Services Compensation Scheme (FSCS) announced that Gibraltar-based Elite Insurance Company Ltd was placed in administration on 11 December 2019 and is no longer paying claims. The FSCS will protect the majority of policies that Elite sold in the UK to individuals and small businesses, and is working with Elite’s administrator, PwC LLP, and the Gibraltar Financial Services Commission on the matter.
The FSCS is to protect the members of North Airdrie Credit Union Ltd, which has stopped trading and is now in default. The FSCS says it will compensate the vast majority of the 1,494 members of the North Lanarkshire credit union within seven days, sending payments to them automatically.
The FSCS published the latest issue of its industry newsletter, Outlook, containing details of claims worked on, news and a levy update. In her inaugural introduction to the issue, CEO Caroline Rainbird provides an update of FSCS vision for the 2020s— ‘Protecting the Future’—including work with regulatory colleagues to tackle phoenixing, one of the areas of focus of its ‘Prevent’ pillar.
UK Finance published a blog on the Information Commissioner’s proposals to extend its enforcement powers, including allowing it to recover profits from the criminal misuse of data under the Proceeds of Crime Act (2002) (POCA). The authors note that such an extension is likely to be of interest to organisations that hold large volumes of data, such as banks, and is a further example of wider trends of regulators extending their enforcement powers, using dual-track criminal and regulatory investigations, and seeking parallel redress from individuals and corporates.
ESMA issued a public statement on pending authorisation/registration applications by EU-based administrators under the Regulation (EU) 2016/1011 (the Benchmarks Regulation).
AFME, together with law firm Simmons & Simmons, have published the first in a series of papers, LIBOR transition: Managing the conduct and compliance risks, which provides practical guidance to senior managers and legal and compliance teams on managing conduct risks posed to firms engaged in the transition away from the London interbank offered rate (LIBOR) to risk free reference rates (RFRs).
Regulation (EU) 2019/2115 of 27 November 2019 amending MiFID II (which created a new type of trading venue, the small and medium-sized enterprise (SME) growth market, a subcategory of multilateral trading facilities (MTFs)), the Market Abuse Regulation (EU) 596/2014, and Regulation (EU) 2017/1129 (Prospectus Regulation) as regards the promotion of the use of SME growth markets has been published in the Official Journal of the EU. The amendments form part of the Capital Markets Union initiative which seeks to reduce dependence on bank lending, diversify market-based sources of financing for all SMEs and promote the issuance of bonds and shares by SMEs on public markets.
ESMA published its annual report providing an overview of the establishment and application of accepted market practices (AMPs) after Regulation (EU) 596/2014 (the Market Abuse Regulation) became applicable. This includes the AMPs established under the Market Abuse Directive (Directive 2003/6/EC) that remained applicable afterwards.
ESMA published the responses received to its 3 October 2019 consultation on the review of the Market Abuse Regulation (MAR).
ESMA published a peer review report on how national competent authorities (NCAs) handle suspicious transactions and order reports (STORs) under the Market Abuse Regulation. The report found a significant increase in STORs and finds that national supervisors can do more to ensure all financial participants play their part in combatting market abuse. ESMA has also published details on NCAs’ issuance of sanctions and administrative measures under MAR.
ESMA launched a consultation on future procedural rules regarding penalties for third-country central counterparties (TC-CCPs), trade repositories (TRs) and credit rating agencies (CRAs). The consultation deals with specific aspects of the procedural rules for imposing fines and penalties on TC-CCPs, TRs and CRAs, with the aim of aligning the three sets of rules. The consultation closes on 18 January 2020.
The FCA published the 26th edition of the Primary Markets Bulletin, the FCA newsletter for primary market participants. The edition focuses on the first stages of updates to technical and procedural notes in the FCA’s Knowledge Base to reflect changes driven by the Prospectus Regulation (EU) 2017/1129).
Commission Delegated Regulation (EU) 2019/2100 of 30 September 2019 amending Delegated Regulation (EU) 2019/815 with regard to updates of the taxonomy to be used for the European Single Electronic Format (ESEF) has been published in the Official Journal of the EU.
ISDA, together with the Global Financial Markets Association (GFMA), have issued a response to the Legal Entity Identifier (LEI) Regulatory Oversight Committee’s (ROC) consultative document: LEI eligibility for general government entities. Broadly speaking, ISDA/GFMA members support the LEI ROC’s initiatives towards improving the quality of information for general government entities within the global LEI system (GLEIS).
The European Commission published opening remarks by executive vice-president Valdis Dombrovskis at a press conference following the last Economic and Financial Affairs Council (ECOFIN) meeting under the Finnish presidency. He said the meeting had involved many discussions related to tackling climate change and to finding the best solutions to finance the transition to the climate-neutral economy, including green budgeting, carbon pricing and green taxation.
The European Commission published a Commission Delegated Regulation (C (2019) 8886 final) supplementing the European Markets Infrastructure Regulation (Regulation (EU) 648/2012) (EMIR) with regard to regulatory technical standards 9RTS) on the specification of criteria for establishing the arrangements to adequately mitigate counterparty credit risk associated with covered bonds and securitisations, and amending Delegated Regulations (EU) 2015/2205 and (EU) 2016/1178.
Regulation (EU) 2019/2099 of 23 October 2019 (EMIR 2.2) amending EMIR as regards the procedures and authorities involved for the authorisation of CCPs and requirements for the recognition of third-country CCPs has been published in the Official Journal of the EU.
ESMA published the responses it received to its consultation on its draft technical advice on commercial terms for providing clearing services under the European Market Infrastructure Regulation (EMIR), also known as the FRANDT consultation—fair, reasonable, non-discriminatory and transparent.
ESMA issued its second annual report on sanctions (penalties and measures) imposed by national competent authorities (NCAs) under the Directive (2009/65/EU) on Undertakings for Collective Investments in Transferable Securities (UCITS) Directive (covering the year 2018).
The FCA published policy statement PS19/29, Making transfers simpler—feedback to CP19/12 and final rules. PS19/29 summarises the feedback received by the FCA on CP19/12—the consultation on investment platforms market study remedies, published in March 2019, and sets out the FCA’s final policy position and final rules.
In its Financial Stability Report published on 16 December 2019, the Financial Policy Committee (FPC) set out the initial findings of a joint review by the Financial Conduct Authority (FCA) and the Bank of England (BoE) on open-ended investment funds and the risks posed by their liquidity mismatch. The FPC has reviewed the progress of the work and made a number of suggestions for achieving greater consistency between the liquidity of a fund’s assets and its redemption terms. The review will now consider how these principles could be implemented in a proportionate and effective manner.
IOSCO announced a framework designed to facilitate monitoring of leverage in investment funds that could potentially pose risks to financial stability. It aims to achieve a balance between precise leverage measures and simple, robust metrics that regulators can apply consistently to the wide range of funds offered in different jurisdictions.
Decision (EU) 2019/2158 of the European Central Bank of 5 December 2019 on the methodology and procedures for the determination and collection of data regarding fee factors used to calculate annual supervisory fees (ECB/2019/38) has been published in the Official Journal.
The FCA launched a call for input (CfI) on the opportunities presented by so-called ‘open finance’, which builds on the principles of open banking: the sharing of data which provides new ways for customers and businesses to make the most of their money. Feedback to the CfI is sought by 17 March 2020.
The ECB published an opinion of 16 December 2019 on draft legislative proposals from the Lithuanian Parliament relating to taxes on assets of certain financial market participants and additional corporate income taxes on certain credit institutions. The ECB decided to deliver an own initiative opinion on the draft laws as it had not been formally consulted by the Lithuanian authorities.
A report on the linkages between commercial banks’ financial performance and material sustainability issues has found evidence that strategic focus on environmental, social and governance (ESG) issues can lead to financial outperformance. The report, ‘Do sustainable banks outperform? Driving value creation through ESG practices’, was initiated by the Global Alliance for Banking on Values following exchanges with the European Investment Bank (EIB) about the links between financial performance and sustainability focus.
The European Insurance and Occupational Pensions Authority (EIOPA) launched a consultation on guidelines on information and communication technology (ICT) security and governance. The consultation is focussed in operational risks set in Solvency II, , in the Commission's Delegated and EIOPA Guidance set out in EIOPA's Guidelines on System of Governance. The consultation welcomes responses until 13 March 2020.
EIOPA published a report on insurers' asset and liability management in relation to the illiquidity of their liabilities. The report supplements information provided in EIOPA's annual reports on long-term guarantee measures and is published in response to a request from the European Commission in the context of the 2020 Review of Solvency II.
EIOPA published its annual report on the use of capital add-ons by national competent authorities (NCAs) under Directive 2009/138/EC (Solvency II).
EIOPA published its fourth annual analysis on the use and impact of long-term guarantees measures (LTG) and measures on equity risk. The analysis carried out by EIOPA in the report will serve as a basis for its opinion on the 2020 review of Solvency II (Directive 2009/138/EC).
EIOPA published updated representative portfolios that will be used for the calculation of the volatility adjustments (VA) to the relevant risk-free interest rate term structures for Solvency II (Directive 2009/138/EC). EIOPA will start using these updated representative portfolios for the calculation of the VA at the end of March 2020, which will be published at the beginning of April 2020.
The International Association of Insurance Supervisors (IAIS) published a speech by its secretary general, Jonathan Dixon, on fintech developments, delivered at the Asia Insurance Forum 2019 in Hong Kong on 10 December 2019. Dixon said policymakers, supervisors and firms are all confronted with the same question: how to strike an appropriate balance between risk and benefit—disruption and dividend—considering the scale and pace of technological innovation.
The BoE published further information on the adoption of ISO 20022 messaging in CHAPS for CHAPS Direct Participants (DPs). The BoE has published the final ‘like-for-like’ message set for the Introductory Phase of the ISO 20022 CHAPS migration. This includes information on the BoE’s migration approach, including updates on the use of enhanced data messages, testing and work to ensure participant readiness. The BoE has also published a separate update to explain the impact of these changes on other real-time gross settlement (RTGS) account holders, in addition to a joint publication by the BoE and Pay.UK on their priorities on ISO 20022 payment messages for 2020.
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After the publication of the ‘Mobile initiated (instant) credit transfer interoperability guidance’ (MSCT IG), the European Payment Council (EPC)’s ad-hoc multi-stakeholder group on MSCTs has published a new document, ‘Technical interoperability for MSCTs based on payee-presented data’, for public consultation. It focuses on the functions to be supported by MSCT service provider back-ends for interconnectivity as well as on the minimum data set to be exchanged between payee and payer to enable the initiation of an MSCT. Feedback is sought by 14 February 2020.
The European Payments Council (EPC) published the first in a series of articles on the views of stakeholders on the implementation of the revised Payment Services Directive (PSD2), including remaining challenges. This article covers the views of an Account Servicing Payment Service Provider (ASPSP) representative.
The FCA, which will be the anti-money laundering (AML) and counter-terrorist financing (CTF) supervisor of UK crypto asset businesses from 10 January 2020, has updated its webpage to set out the fees applicable to firms. Following consultation on registration fees, the FCA board has agreed that the charges will be £2,000 for businesses with UK crypto asset income up to £250,000, and £10,000 for businesses with UK crypto asset income greater than £250,000.
A new report by the Committee on Payments and Market Infrastructures (CPMI) sets out a list of criteria for developers and market participants to consider when designing digital tokens for use in wholesale transactions. The ‘Wholesale digital tokens’ report describes the potential innovations and design questions associated with digital tokens that could be used to settle wholesale, or large-value, payments, made possible by new technologies such as blockchain, or distributed ledger technology.
Intercontinental Exchange, Inc. announced the first block trade of Bakkt Bitcoin (USD) Monthly Options submitted to ICE Futures US, a US federally-regulated market. Bakkt Bitcoin Options settle into the underlying Bakkt Bitcoin (USD) Monthly Futures contract two days prior to expiry. Price discovery for the contract occurs completely within a federally-regulated market and has no exposure to unregulated bitcoin spot markets.
IAIS published a speech by its secretary general, Jonathan Dixon, on fintech developments, delivered at the Asia Insurance Forum 2019 in Hong Kong on 10 December 2019. Dixon said policymakers, supervisors and firms are all confronted with the same question: how to strike an appropriate balance between risk and benefit—disruption and dividend—considering the scale and pace of technological innovation.
Innovate Finance said it looks forward to continuing dialogue with the new UK government on fintech, to ensure the sector ‘continues to drive growth and innovation in financial services’. It called for answers to ‘pressing immigration questions’, saying the government should consider a scale-up visa, that allows scale-up and high-growth companies to fast-track essential hires from overseas during times of rapid expansion, as well as supporting tech companies with retaining talent.
The vice president of the ECB, Luis de Guindos, has delivered a speech on financial innovation for inclusive growth: a European approach, in which he discussed the potential for stablecoin to increase financial inclusion and lower the global average cost of cross-border remittances. De Guindos said for retail stablecoins to work, they must successfully address outstanding issues such as high costs, a cash-in/cash-out infrastructure, identification and know-your-customer requirements. They must also be designed and implemented so that they do not compromise other public objectives such as anti-money laundering and consumer protection.
The Expert Group on Regulatory Obstacles to Financial Innovation, set up by the European Commission in June 2018, has published a report setting out 30 recommendations on how to create an accommodative framework for fintech.
The European Parliament reached an agreement with the Council of the EU on the proposed Taxonomy Regulation, which is intended to provide clarity for investors on which activities are considered environmentally and socially sustainable. The agreement will now need to be approved by the two committees involved and by a plenary vote.
The European Commission published ‘The European Green Deal’, described as ‘a roadmap for making the EU's economy sustainable by turning climate and environmental challenges into opportunities across all policy areas and making the transition just and inclusive for all’. Initiatives include labels for green retail investment products and an EU green bond standard.
The Council of the Islamic Financial Services Board (IFSB) approved the adoption of two new standards at its 35th meeting of the IFSB Council in Dhaka, Bangladesh. The two new standards are a technical note on financial inclusion and Islamic finance (TN-3), and a guidance note on Sharī`ah-compliant lender-of-last-resort facilities (GN-7).
27 December 2019
Regulation of insurance
The for feedback to the PRA consultation paper (CP23/19): Solvency II: Income producing real estate loans and internal credit assessments for illiquid, unrated assets is 27 December 2019.
A small group of payment services providers (PSPs) that are signatories to the Authorised Push Payment (APP) Scams Steering Group’s of good practice, will fund the reimbursement victims of ‘no blame’ APP scams until 31 December 2019 (a long term funding mechanism is expected to be implemented in January 2020).
Date by which the European Commission is expected to review Regulation (EU) 1286/2014 (the PRIIPs Regulation). It decided to defer the review deadline of 31 December 2018 as the application date of the PRIIPs Regulation was deferred by one year.
The implementation date for the PRA’s changes to SS3/17 will not be before 31 December 2019. For further information, see: .
EIOPA to issue final guidelines in relation to outsourcing to cloud service providers in the insurance market by the end of 2019.
EIOPA to publish the results and conclusions of its biennial stress test of the European occupational pension sector, by the end of 2019.
The International Swaps and Derivatives Association (ISDA) to implement interest rate benchmark fallbacks for derivatives contracts that reference certain interbank offered rates by end 2019.
ESMA must to a formal request it received for technical advice on the report to be submitted by the European Commission under Article 38 of Regulation (EU) 596/2014 (the Market Abuse Regulation), by 31 December 2019.
The implementation date for the PRA’s changes to will not be 31 December 2019. For further information, see: .
From 31 December 2019, Directed PSPs (members of the six largest banking groups in the UK, who are involved in around 90% of bank transfers) must to confirmation of payee requests.
The EPC stakeholders to submit change requests relating to the SCT and SDD rulebooks by 31 December 2019.
The EBA’s final on disclosure of non- performing and forborne exposures which intend to give market participants and stakeholders a better picture of the quality of banks' assets, the main features of their non-performing and forborne exposures, and, in the case of more troubled banks, the distribution of the problematic assets and the value of the collateral backing those assets apply from 31 December 2019.
The EBA is due to its final guidelines for determining weighted average maturity of contractual payments due under the tranche of a securitisation transaction under CRR by 31 December 2019.
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