Month: November 2016

UK Government & Regulators consult on new ILS regime for the UK

The Chancellor of the Exchequer only mentioned insurance twice, when he delivered his Autumn Statement to Parliament on 23 November 2016: “Insurance premium tax … will rise from 10% … to 12% … next June“; and ” … the government [will] legislate next year to end the compensation culture surrounding whiplash claims – a major area […]

AIFMD: ESMA Updates Q&As

The European Securities & Markets Authority has updated its questions and answers on the application of the Alternative Investment Fund Managers Directive. The latest update includes 4 new questions:

#Brexit: some legal, constitutional & financial unknowns, according to the House of Commons Library

The House of Commons Library has published a short Briefing Paper: “Brexit Unknowns“. The paper includes a series of questions and answers. For example: Can an Article 50 notification be withdrawn?

5th Anti-money Laundering Directive: 2nd Presidency Compromise Text published

The Council of the European Union has published the 2nd Presidency Compromise Text version of the 5th Anti-money Laundering Directive. The text has been marked up to show how the 1st Compromise Text has been change to create the 2nd. The differences include:

PRA consultation: Supervisory Statement on affirmative & silent cyber underwriting risk

The PRA has published a Consultation Paper, which proposes the adoption of a new Supervisory Statement on affirmative and silent cyber underwriting risk. The consultation closes on 14 February 2017. For these purposes, “cyber underwriting risk” means “the … prudential risks emanating from underwriting insurance contracts that are exposed to losses resulting […]

PSD2: The European Parliament as a friend of account information & payment initiation service providers

The European Banking Authority (EBA) has published a letter from the European Parliament’s PSD2 negotiating team. The team describes itself as “concerned” about the risk that the EBA’s draft Regulatory Technical Standards (RTS) on “strong customer authentication and … secure communications” will allow the banks to “exclude or limit direct access” by […]