FCA Proposes Handbook Changes in Line with Securitization Regulations
FCA published the consultation paper CP19/11, which sets out changes to the Decision Procedure and Penalties Manual (DEPP) and the Enforcement Guide (EG) that reflect new responsibilities of FCA over securitization repositories. Comments are requested by April 08, 2019. FCA intends to publish responses and the final rules by mid-June 2019.
FCA is also consulting on certain minor amendments to DEPP and EG resulting from the new enforcement powers granted to FCA under the Securitization Regulations 2018. This follows consultation in CP18/30 and policy statement in PS18/25, in which FCA consulted on and laid out rules in respect of the draft Statutory Instrument. These amendments are to reflect the further changes made by the Securitization Regulations 2018 and describe the enforcement powers and processes for securitization repositories. Recently, FCA issued CP19/1, which set out the fees structure to be established for securitization repositories when responsibility for their regulation passes to FCA from ESMA, after UK leaves EU on March 29, 2019.
Securitization repositories in EU are currently regulated by ESMA. The Treasury intends to transfer responsibility for regulating securitization repositories to FCA when UK leaves EU on March 29, 2019. To do so the Treasury has laid before Parliament the Securitization (Amendment) (EU Exit) Regulations 2019 (draft Statutory Instrument). FCA proposed to apply its existing supervisory and enforcement processes as necessary to enable to fulfill the new roles effectively.
Related Links
Comment Due Date: April 08, 2019
Keywords: Europe, UK, Banking, Securities, Securitization Regulation, Securitization Repositories, CP 19/11, Brexit, Statutory Instrument, EU, ESMA, FCA
Previous Article
Bundesbank Publishes Plausibility Checks for Bank ReportingNext Article
ECB Updates List of Supervised Entities in EURelated Articles
FED Proposes to Extend Data Collection Under Stress Testing Guidance
FED proposed three-year extension, without revision, of the information collection FR 4202, titled "Recordkeeping Provisions Associated with Stress Testing Guidance."
FCA Proposes Updates to Guidance on Mortgage Repossessions
FCA updated the draft guidance for firms to ensure that mortgage customers whose homes may be repossessed are treated fairly and appropriately, particularly where there are risks of harm to customers who are vulnerable as a result of the COVID-19 pandemic.
FCA Announces Cessation Timeline for Certain LIBOR Benchmark Settings
FCA issued a statement on the cessation or loss of representativeness of the 35 LIBOR benchmark settings published by ICE Benchmark Administration or IBA.
EBA Publishes Reporting and Disclosures Framework for Investment Firms
EBA published a package that includes the final draft implementing technical standards on supervisory reporting and disclosures of investment firms.
BIS Examines Use of Big Data and Machine Learning at Central Banks
BIS published a paper that provides an overview on the use of big data and machine learning in the central bank community.
APRA Finalizes Reporting Standard for Operational Risk Requirements
APRA finalized the reporting standard ARS 115.0 on capital adequacy with respect to the standardized measurement approach to operational risk for authorized deposit-taking institutions in Australia.
ECB Publishes Guide for Determining Penalties for Regulatory Breaches
ECB published a guide that outlines the principles and methods for calculating the penalties for regulatory breaches of prudential requirements by banks.
MAS Sets Out Good Practices to Manage Operational Risks Amid COVID
MAS and The Association of Banks in Singapore (ABS) jointly issued a paper that sets out good practices for the management of operational and other risks stemming from new work arrangements adopted by financial institutions amid the COVID-19 pandemic.
ACPR Announces New Data Collection Application for Banks and Insurers
ACPR announced that a new data collection application, called DLPP (Datalake for Prudential), for collecting banking and insurance prudential data will go into production on April 12, 2021.
BCB Maintains CCyB at 0%, Initiates First Cycle of Regulatory Sandbox
BCB announced that the Financial Stability Committee decided to maintain the countercyclical capital buffer (CCyB) for Brazil at 0%, at least until the end of 2021.
