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<br /> FINANCIAL SERVICES REGULATION<br /> Exchange – International Newsletter<br /> Issue 27 – September 2015<br /> www.dlapiper.com | 01<br /> INTRODUCTION<br /> WELCOME<br /> DLA Piper’s Financial Services International Regulatory team welcomes you to the twenty-seventh edition of<br /> ‘Exchange – International’ – an international newsletter designed to keep you informed of regulatory developments in<br /> the financial services sector.<br /> This issue includes updates from the EUROPEAN UNION, as well as contributions from AUSTRIA, CHINA,<br /> the NETHERLANDS, SPAIN, the UK and the USA.<br /> In this edition, “In Focus” looks at the Senior Managers Regime and Certification Regime, which aim to enhance<br /> accountability in the banking sector, making senior individuals who hold key roles in relevant firms more accountable<br /> for their actions and broadening the range of individuals in the Certification Regime, as compared to the approved<br /> persons regim<a title="2994240_Exchange_Issue_27_October_2015_FINAL page 1" href="http://viewer.zmags.com/publication/cc46c139?page=1"> FINANCIAL SERVICES REGULATION Exchange – Internat</a> <a title="2994240_Exchange_Issue_27_October_2015_FINAL page 2" href="http://viewer.zmags.com/publication/cc46c139?page=2"> INTRODUCTION WELCOME DLA Piper’s Financial S</a> <a title="2994240_Exchange_Issue_27_October_2015_FINAL page 3" href="http://viewer.zmags.com/publication/cc46c139?page=3"> EUROPEAN UNION ESMA RECOMMENDS CHANGES TO EM</a> <a title="2994240_Exchange_Issue_27_October_2015_FINAL page 4" href="http://viewer.zmags.com/publication/cc46c139?page=4"> collateral and haircuts, coupled with a requireme</a> <a title="2994240_Exchange_Issue_27_October_2015_FINAL page 5" href="http://viewer.zmags.com/publication/cc46c139?page=5"> Furthermore, ESMA recommends waiving the obligati</a> <a title="2994240_Exchange_Issue_27_October_2015_FINAL page 6" href="http://viewer.zmags.com/publication/cc46c139?page=6"> Switzerland should wait until it has given positi</a> <a title="2994240_Exchange_Issue_27_October_2015_FINAL page 7" href="http://viewer.zmags.com/publication/cc46c139?page=7"> The proposed EBA guidelines: ■ specify the object</a> <a title="2994240_Exchange_Issue_27_October_2015_FINAL page 8" href="http://viewer.zmags.com/publication/cc46c139?page=8"> AUSTRIA THE APPLICATION OF THE bANK RECOVERY</a> <a title="2994240_Exchange_Issue_27_October_2015_FINAL page 9" href="http://viewer.zmags.com/publication/cc46c139?page=9"> Does Heta Asset Resolution AG fall within the sco</a> <a title="2994240_Exchange_Issue_27_October_2015_FINAL page 10" href="http://viewer.zmags.com/publication/cc46c139?page=10"> In addition, from the perspective of Austrian law</a> <a title="2994240_Exchange_Issue_27_October_2015_FINAL page 11" href="http://viewer.zmags.com/publication/cc46c139?page=11"> uninterrupted flow of liquidity funding and conti</a> <a title="2994240_Exchange_Issue_27_October_2015_FINAL page 12" href="http://viewer.zmags.com/publication/cc46c139?page=12"> CHINA POTENTIAL GAME CHANGERS: ROUND-UP OF L</a> <a title="2994240_Exchange_Issue_27_October_2015_FINAL page 13" href="http://viewer.zmags.com/publication/cc46c139?page=13"> STRINGENT NEW CONTROLS ON INTERNET PAYMENTS INDUS</a> <a title="2994240_Exchange_Issue_27_October_2015_FINAL page 14" href="http://viewer.zmags.com/publication/cc46c139?page=14"> Ban on provision of financial services: The Draft</a> <a title="2994240_Exchange_Issue_27_October_2015_FINAL page 15" href="http://viewer.zmags.com/publication/cc46c139?page=15"> THE NETHERLANDS EXTENSION OF SUITAbILITY AND</a> <a title="2994240_Exchange_Issue_27_October_2015_FINAL page 16" href="http://viewer.zmags.com/publication/cc46c139?page=16"> DNB will subsequently inform the bank or insuranc</a> <a title="2994240_Exchange_Issue_27_October_2015_FINAL page 17" href="http://viewer.zmags.com/publication/cc46c139?page=17"> SPAIN RECENT DEVELOPMENTS ON THE AMENDMENT O</a> <a title="2994240_Exchange_Issue_27_October_2015_FINAL page 18" href="http://viewer.zmags.com/publication/cc46c139?page=18"> securities, than for other securities. In relatio</a> <a title="2994240_Exchange_Issue_27_October_2015_FINAL page 19" href="http://viewer.zmags.com/publication/cc46c139?page=19"> UNITED KINGDOM UK REGULATORY DEVELOPMENTS F</a> <a title="2994240_Exchange_Issue_27_October_2015_FINAL page 20" href="http://viewer.zmags.com/publication/cc46c139?page=20"> Part II of the consultation paper sets out propos</a> <a title="2994240_Exchange_Issue_27_October_2015_FINAL page 21" href="http://viewer.zmags.com/publication/cc46c139?page=21"> FCA THEMATIC REVIEW ON EARLY ARREARS MANAGEMENT I</a> <a title="2994240_Exchange_Issue_27_October_2015_FINAL page 22" href="http://viewer.zmags.com/publication/cc46c139?page=22"> PRA PUbLISHES NEW APPROACH TO PILLAR 2 REQUIREMEN</a> <a title="2994240_Exchange_Issue_27_October_2015_FINAL page 23" href="http://viewer.zmags.com/publication/cc46c139?page=23"> ■ barriers to the provision of effective advice o</a> <a title="2994240_Exchange_Issue_27_October_2015_FINAL page 24" href="http://viewer.zmags.com/publication/cc46c139?page=24"> has reviewed the changes that firms have made to </a> <a title="2994240_Exchange_Issue_27_October_2015_FINAL page 25" href="http://viewer.zmags.com/publication/cc46c139?page=25"> The BoE‘s intention is that from early 2017, some</a> <a title="2994240_Exchange_Issue_27_October_2015_FINAL page 26" href="http://viewer.zmags.com/publication/cc46c139?page=26"> The conviction follows recent FCA final notices i</a> <a title="2994240_Exchange_Issue_27_October_2015_FINAL page 27" href="http://viewer.zmags.com/publication/cc46c139?page=27"> The ICO considered that the loss of unencrypted p</a> <a title="2994240_Exchange_Issue_27_October_2015_FINAL page 28" href="http://viewer.zmags.com/publication/cc46c139?page=28"> USA FINCEN PROPOSES RULES APPLYING bANK SECR</a> <a title="2994240_Exchange_Issue_27_October_2015_FINAL page 29" href="http://viewer.zmags.com/publication/cc46c139?page=29"> requirements, the minimum requirements for AML pr</a> <a title="2994240_Exchange_Issue_27_October_2015_FINAL page 30" href="http://viewer.zmags.com/publication/cc46c139?page=30"> volatility moves should not receive much, if any,</a> <a title="2994240_Exchange_Issue_27_October_2015_FINAL page 31" href="http://viewer.zmags.com/publication/cc46c139?page=31"> INTERNATIONAL FSb CONDUCTS PEER REVIEW ON SH</a> <a title="2994240_Exchange_Issue_27_October_2015_FINAL page 32" href="http://viewer.zmags.com/publication/cc46c139?page=32"> IN FOCUS FCA AND PRA PUbLISH (NEAR) FINAL RU</a> <a title="2994240_Exchange_Issue_27_October_2015_FINAL page 33" href="http://viewer.zmags.com/publication/cc46c139?page=33"> The PRA also published two further documents on 7</a> <a title="2994240_Exchange_Issue_27_October_2015_FINAL page 34" href="http://viewer.zmags.com/publication/cc46c139?page=34"> ■ senior management responsibility regarding whis</a> <a title="2994240_Exchange_Issue_27_October_2015_FINAL page 35" href="http://viewer.zmags.com/publication/cc46c139?page=35"> CONTACT US For further information, please conta</a> <a title="2994240_Exchange_Issue_27_October_2015_FINAL page 36" href="http://viewer.zmags.com/publication/cc46c139?page=36"> SPAIN Ignacio Gomez-Sancha Partner T +34 91 788 </a> <a title="2994240_Exchange_Issue_27_October_2015_FINAL page 37" href="http://viewer.zmags.com/publication/cc46c139?page=37"> FINANCIAL SERVICES TEAM DLA Piper’s dedicated Fin</a> <a title="2994240_Exchange_Issue_27_October_2015_FINAL page 38" href="http://viewer.zmags.com/publication/cc46c139?page=38"> If you have finished with this document, please p</a>