ESMA announces new methodology for peer reviews
ESMA News, 5 Jun 2020
Peer reviews contribute significantly to supervisory
convergence, and ESMAR aims at increasing the independence of the peer review
process and its outcome, giving more weight to recommendations to NCAs and
introducing mandatory and time-bound follow-up to peer reviews. The ESMA
Strategic Orientation 2020-22 also stresses the key role that peer reviews
plays in achieving convergence across all EU supervisors.
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ESMA provides guidance on the compliance function under
MiFID II
ESMA News, 5 Jun 2020
These guidelines replace the ESMA guidelines on the same
topic issued in 2012 and include updates that enhance clarity and foster
greater convergence in the implementation, and supervision, of the new MiFID II
compliance function requirements.
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FCA sets out next steps to improve defined benefit
pension transfer market
FCA News, 5 Jun 2020
The Financial Conduct Authority (FCA) has today set out a
package of measures designed to address weaknesses across the defined benefit
(DB) transfer market. It includes steps to reduce conflicts of interest by
banning contingent charging, as well as help for advisers who want to do the
right thing and provide good quality advice to their customers.
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MAS' Response to Queries on Fund Flows
MAS News, 7 Jun 2020
The Monetary Authority of Singapore (MAS) said today that
media reports suggesting that there were large flows of deposits from Hong Kong
to Singapore were incorrect. While foreign currency deposits in Singapore have
grown substantially since the beginning of this year, the order of magnitude is
much less than cited in some media reports. The growth in foreign currency
deposits has come from diverse sources and for varied reasons.
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Reply to Parliamentary Question on convertible bonds
MAS News, 5 Jun 2020
Issuers have introduced non-conventional convertible bonds
with features that retail investors may not be familiar with. For example,
certain bonds may not have a fixed maturity date or may be converted to equity
upon the occurrence of certain trigger events which are beyond the investor’s
control. MAS is therefore reviewing the classification of these products and other
hybrid securities. MAS expects to issue a public consultation paper by the end
of the year.
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Consultation Paper on Proposed Revisions to the Exemption
Framework for Cross-Border Business Arrangements of Capital Markets
Intermediaries
MAS News, 5 Jun 2020
On 4 December 2018, MAS issued a consultation paper to seek
comments on the proposal to streamline the exemption framework for business
arrangements between financial institutions in Singapore and their foreign
related corporations (the “FRC Framework”), by moving from the current ex-ante
approval approach, to an ex-post notification approach, for such business
arrangements. The consultation period closed on 31 January 2019. Comments that
are of wider interest, together with MAS’ responses, are set out in this paper.