Month: September 2016

#Brexit: Can a minister decide to give the UK’s notice to quit the EU, or is that Parliament’s job? High Court papers published (Part II)

On 13 and 17 October 2016, the High Court will be asked to determine whether a minister can “decide” to give the UK’s article 50 notice to quit the European Union without being authorised by an Act of Parliament. There are a number of parties to the High Court action: the Claimants ((1) […]

#Brexit: Can a minister decide to give the UK’s notice to quit, or is that Parliament’s job? High Court papers published

On 13 and 17 October 2016, the High Court will be asked to decide whether a UK government minister can decide to give the UK’s (so called) article 50 notice to quit the European Union, without being authorised to make the decision and/or give that notice by an Act of Parliament. Until […]

Amending the European Venture Capital & Social Entrepreneurship Funds Regulations to increase investment in SMEs

In July 2016, the European Commission published proposals to amend the European Venture Capital and Social Entrepreneurship Funds Regulations; and submitted them to the Parliament and Council for possible adoption under the co-decision procedure. The aim of the proposals was to boost investment in small and medium sized innovative companies by (a) making it easier […]

The FCA’s approach to cyber security in financial services firms

Nausicaa Delfas, the FCA’s Director of Specialist Supervision has delivered a speech at the FT’s Cyber Security Summit, about the FCA’s approach to cyber security in financial services firms. There are 3 short takeaways:

HM Treasury consults on a new definition of “financial advice”

Consumers ask for advice or guidance on financial matters at different times and for different reasons. Some want to make their own investment decisions, and guidance would help. Some need limited advice on a particular issue, and others need advice that covers all of their financial arrangements. This can create practical difficulties for advisors and […]

PSD2: EBA consults on PII Guidelines for payment initiation & account information service providers

The European Banking Authority (EBA) has published its draft Guidelines on professional indemnity insurance (PII) and comparable guarantees for payment initiation and account information service providers (PISPs and AISPs respectively), under the second Payment Services Directive (PSD2).  The draft Guidelines include criteria, indicators, calculation methods and a formula for national regulators  to use when […]

PRA Consultation: Dealing with a market turning event in the general insurance sector

The UK’s Prudential Regulation Authority (PRA) has published a Consultation Paper (CP) “CP32/16 Dealing with a market turning event in the general insurance sector“.  The CP attaches a draft Supervisory Statement (SS), which sets out the PRA’s expectations “in relation to significant general insurance loss events which might affect firms’ solvency and future business plans“. […]