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FS Regulatory Developments - July 2017

FS Regulatory Developments - July 2017

With updates from the European regulators coming on a seemingly daily basis, in addition to this month’s issue, we will be publishing a one-off ‘summer special’ to ensure we keep you up-to-date with ongoing developments. Look out soon for news on FinTech risks, PRIIP KID, CCPs and Anti-Money Laundering.


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FS Regulatory Developments - July 2017

Looking back on this month, we’ve seen global leaders meet at this year’s G20 summit where, from a financial services perspective, existing commitments were reaffirmed with emphasis placed on safeguarding an open and resilient financial system based on agreed international standards and regarded as crucial in supporting sustainable growth.

Amidst the flurry of regulatory news, this issue we focus on a number of articles where the views and efforts of regulators look to be converging. EIOPA and ESMA look at the impact of Brexit in relation to relocation and the EU’s evolving approach to third country regimes. Under the Capital Markets Union, ESMA wants issuers, investors and advisers to work through the finer details of the new simplified ‘EU Growth’ prospectus. Also, the European Commission has unveiled its proposal for the new pan-European Personal Pension. Both share the aim of creating stronger, bigger European capital markets.

In banking, the second consultation paper on Pillar 2 liquidity has been issued, with the PRA expected to set out proposals on calibration in a third consultation paper in early 2018. The implementation of the new Pillar 2 methodologies is envisaged to commence shortly thereafter. The FSB has published its assessment on shadow banking looking at which risks have decreased, and which are on the rise. The same assessment in relation to asset management, does not identify the need for any additional regulatory action at global level, but recommends some enhancements and strengthening of data collection and oversight. Meanwhile, IOSCO has issued further papers on liquidity management in investment funds.

KPMG’s latest thought leadership paper Recovery planning. What more do banks need to do? was published this month. Although this paper focuses on banks, there is a read across to other types of financial institution – including insurance companies and asset managers – and to financial market infrastructure such as central clearing houses.

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