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.
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 ArticleBundesbank Publishes Plausibility Checks for Bank Reporting
Next ArticleECB Updates List of Supervised Entities in EU
EBA issued a revised list of validation rules with respect to the implementing technical standards on supervisory reporting.
EBA published its response to the call for advice of EC on ways to strengthen the EU legal framework on anti-money laundering and countering the financing of terrorism (AML/CFT).
NGFS published a paper on the overview of environmental risk analysis by financial institutions and an occasional paper on the case studies on environmental risk analysis methodologies.
MAS published the guidelines on individual accountability and conduct at financial institutions.
APRA published final versions of the prudential standard APS 220 on credit quality and the reporting standard ARS 923.2 on repayment deferrals.
SRB published two articles, with one article discussing the framework in place to safeguard financial stability amid crisis and the other article outlining the path to a harmonized and predictable liquidation regime.
FSB hosted a virtual workshop as part of the consultation process for its evaluation of the too-big-to-fail reforms.
ECB updated the list of supervised entities in EU, with the number of significant supervised entities being 115.
OSFI published the key findings of a study on third-party risk management.
FSB is extending the implementation timeline, by one year, for the minimum haircut standards for non-centrally cleared securities financing transactions or SFTs.