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