| 1 | An overview of the EU financial services supervisory ... This practice note provides an overview of the EU financial services supervisory framework that formally came into effect on 1 January 2011. The framework is known as the European System of Financial Supervision (ESFS). It consists of: The European Systemic Risk Board (ESRB). The European Supervisory Authorities (ESAs) (which have replaced the previous level 3 "Lamfalussy" committees): the European Banking Authority (EBA); the European Securities and Markets Authority (ESMA); and the European Insurance and Occupational Pensions Authority (EIOPA). The Joint Committee of the ESAs. The 27 EU member state national supervisors. For a quick guide to the ESFS, see Quick guide, EU financial services supervisory framework. The reform of the EU financial services supervisory framework, which resulted in the ESFS, was tracked in Reform of the EU financial services supervisory framework: key developments tracker. This tracker includes key source materials, together with related PLC Financial Services coverage. | Practice note: overview | Maintained |
| 2 | Banking Act 2009: an overview An overview of the key provisions of the Banking Act 2009. The Banking Act was intended to improve the resilience of the UK financial systems, and support financial stability by strengthening depositor protection and providing mechanisms for dealing with banks in financial difficulties. For information on the development of the Banking Act, and the statutory instruments that have been made under the Act, see Legislative tracker: Banking Act 2009. | Practice note: overview | Maintained |
| 3 | Banking Bill: an overview An overview of the key provisions of the Banking Bill. The Bill was designed to improve the resilience of the UK financial systems, and support financial stability by strengthening depositor protection and providing mechanisms for dealing with banks in financial difficulties. The Bill was introduced in the House of Commons and received its first reading on 7 October 2008. It was rushed through Parliament and received Royal Assent on 12 February 2009. For information on the Banking Act 2009, see Practice note, The Banking Act 2009: an overview and Legislation tracker: the Banking Act 2009. | Practice note: overview | 12-Feb-2009 |
| 4 | FCA Banking Conduct Regime: overview An overview of the Banking Conduct Regime introduced by the FSA on 1 November 2009. | Practice note: overview | Maintained |
| 5 | Hot topics: EMIR This practice note provides a high level overview of the key regulatory developments at an EU level relating to EMIR (the Regulation on OTC derivative transactions, central counterparties and trade repositories (Regulation 648/2012)). The key primary source material table in this note contains links to key primary source material and related PLC Financial Services Legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. For information on the EMIR clearing requirement for OTC derivative contracts, see Practice note, EMIR: reqirement to clear OTC derivative contracts through a CCP. | Practice note: overview | Maintained |
| 6 | Reform of European financial supervisory framework: key ... This resources document contains links to key primary source material and related PLC Financial Services legal updates relating to the reform of the EU financial services supervisory framework up to the 1 January 2011. This is the date that the new framework, known as the European System of Financial Supervision (ESFS), became operational. This resources document is not intended to be an exhaustive list of all relevant material. | Practice note: overview | 01-Jan-2011 |
| 7 | An introduction to CREST An introduction to the CREST electronic settlement system and to the holding of shares in CREST. | Practice notes | Maintained |
| 8 | Are you looking for EU law content on this topic? A practice note explaining where to find EU law content from a topic page. | Practice notes | Maintained |
| 9 | Bank of England regulation of FMIs An overview of the role of the Bank of England (BoE) as the UK regulator responsible for financial market infrastructures (FMIs): central counterparties (CCPs), settlement systems and recognised payment systems. This note is part of a series of notes relating to the new UK financial services regulatory structure. For more information, see Practice note, A guide to the new UK financial services regulatory structure: index. | Practice notes | Maintained |
| 10 | Berwin Leighton Paisner's payment services and e-money ... On a regular basis, Jacob Ghanty, partner, and Robin Penfold, associate, in Berwin Leighton Paisner LLP's Financial Services & Markets Group share their views with PLC Financial Services subscribers on topical payment services and electronic money issues. Jacob's and Robin's comments can be accessed below. | Practice notes | Maintained |
| 11 | Clearing and settling securities A practice note giving an overview of the processes of clearing and settlement of securities in Europe, with particular emphasis on debt securities such as eurobonds and medium term notes. This note also contains a link to a Practice note on clearing and settling securities in the US. | Practice notes | Maintained |
| 12 | Cross-border Application of Dodd-Frank Swaps Rules This Note details proposed CFTC interpretive guidance on the extraterritorial application of the swaps provisions of Title VII of the Dodd-Frank Act, as well as the corollary SEC proposal for treatment of non-US security-based swaps (SBS) including their application to non-US affiliates of US persons and to US affiliates of non-US persons. | Practice notes | Maintained |
| 13 | Derivatives trading: Inter-relationship between EMIR and ... This note summarises the inter-relationship between EMIR (the Regulation on OTC derivative transactions, central counterparties and trade repositories) (Regulation 648/2012) and the proposed Markets in Financial Instruments Regulation (MiFIR) relating to the trading of derivatives. | Practice notes | Maintained |
| 14 | EMIR: requirement to clear OTC derivative contracts through a ... EMIR (the Regulation on OTC derivatives, central counterparties and trade repositories) (Regulation 648/2012) requires certain classes of over-the-counter (OTC) derivatives contracts to be cleared through a central counterparty (CCP). The requirement will have a significant impact on a large number of counterparties that engage in derivatives trading, including both regulated and unregulated entities. This note considers the scope and implications of the EMIR clearing requirements. For an overview of EMIR and timing of its implementation see Practice note, Hot topics: EMIR. | Practice notes | Maintained |
| 15 | EMIR: risk mitigation requirements for uncleared OTC ... EMIR (the Regulation on OTC derivative transactions, central counterparties and trade repositories) (Regulation 648/2012) imposes risk mitigation requirements on parties to transactions in over-the-counter (OTC) derivatives that are not cleared by a central counterparty (CCP). The requirements will affect (to varying extent) all types of counterparties to uncleared OTC derivative trades, irrespective of whether they are regulated or unregulated. | Practice notes | Maintained |
| 16 | EU financial services supervisory framework: a quick guide This is a quick guide to the EU financial services supervisory framework that formally came into effect on 1 January 2011. The framework is known as the European System of Financial Supervision (ESFS). It consists of: The European Systemic Risk Board (ESRB). The European Supervisory Authorities (ESAs) (which have replaced the previous level 3 "Lamfalussy" committees): the European Banking Authority (EBA); the European Securities and Markets Authority (ESMA); and the European Insurance and Occupational Pensions Authority (EIOPA). The Joint Committee of the ESAs. The 27 EU member state national supervisors. For a more detailed overview of the ESFS, see Practice note, An overview of the EU Financial Services supervisory framework. The reform of the EU financial services supervisory framework, which resulted in the ESFS, was tracked in Reform of European financial services supervisory framework: key developments tracker. This tracker includes key source materials, together with related PLC Financial Services coverage. | Practice notes | Maintained |
| 17 | FSA's Banking Conduct Regime: post-implementation issues This practice note outlines post-implementation issues arising from the FSA's banking conduct regime, which came into force on 1 November 2009. In a report published in November 2010, the Financial Services Consumer Panel (FSCP) reviewed the regulatory effectiveness of the new regime one year on and called for the FSA to address issues in a number of areas. The FSA has expressed ongoing concerns at the "widespread disengagement" with the regime among banks and building societies. | Practice notes | 31-Dec-2012 |
| 18 | Legislation tracker: Banking Act 2009 This legislation tracker monitors the progress of the Banking Act 2009 (Act), which received Royal Assent on 12 February 2009, the various temporary legislative measures put in place before the Act came into effect, and the statutory instruments made, and to be made, under the Act. For an overview of the key provisions of the Act, see Practice note, Banking Act 2009: an overview. | Practice notes | 08-Feb-2011 |
| 19 | Payment Services Regulations 2009: Background, scope and ... A note providing an overview of the background to and scope of the Payment Services Regulations 2009 (SI 2009/209) (the PSRs), and explaining some key defined terms, such as: payment services; payment service provider (PSP); payment account; and payment instrument. The PSRs implement the Payment Services Directive (2007/64/EC) (PSD) in the UK. | Practice notes | Maintained |
| 20 | Payment Services Regulations 2009: FCA supervisory ... A note summarising the FCA's supervisory approach to the Payment Services Regulations 2009 (SI 2009/209) (PSRs), including its enforcement powers and complaint handling processes. The PSRs implement the Payment Services Directive (2007/64/EC) (PSD) in the UK. | Practice notes | Maintained |
| 21 | Payment Services Regulations 2009: Information ... A note summarising the conduct of business requirements contained in Part 5 of the Payment Services Regulations 2009 (SI 2009/209) (PSRs). The note focuses on the application of the information requirements on payment service providers (PSPs) under Part 5, including exemptions from the requirements and specific issues relating to framework contracts and single payment service contracts. | Practice notes | Maintained |
| 22 | Payment Services Regulations 2009: Rights and obligations ... A note summarising the core rights and obligations of customers and payment service providers (PSPs) under Part 6 of the Payment Services Regulations 2009 (SI 2009/209) (PSRs). The note focuses on the application of Part 6 of the PSRs, including exemptions from the requirements, and obligations relating to charges, payment instruments, carrying out a payment transaction, and specific obligations of the payee's PSP. | Practice notes | Maintained |
| 23 | Recognised inter-bank payment systems An overview of the regulatory regime that applies to UK inter-bank payment systems under Part 5 of the Banking Act 2009 that have been formally recognised by HM Treasury as having systemic importance. It considers the statutory responsibilities and powers of the Bank of England (BoE), as well as the process for the recognition of inter-bank payment systems. For more information on the Banking Act 2009, see Practice note, Banking Act 2009: an overview. | Practice notes | Maintained |
| 24 | Regulated activities: issuing electronic money This practice note discusses the regulated activity of issuing electronic money as well as the exclusions and exemptions that are applicable to it. Please note that the regulation of electronic money has changed. The second Electronic Money Directive (2009/110/EC) (2EMD), which aims to encourage the growth of the electronic money market, was implemented in the UK on 1 May 2011 through the Electronic Money Regulations 2011 (SI 2011/99). For more information on 2EMD, see Practice note, UK implementation of the second Electronic Money Directive. | Practice notes | Maintained |
| 25 | Towards an integrated European market for cards, internet ... A practice note charting developments relating to the European Commission's Green Paper, Towards an integrated European market for cards, internet and mobile payments in chronological order. | Practice notes | Maintained |
| 26 | UK implementation of the Payment Services Directive This practice note outlines the key provisions of the Payment Services Directive (2007/64/EC) (PSD), and its implementation in the UK. The key primary source material table in this document contains links to key primary source material and related PLC Financial Services Legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. | Practice notes | Maintained |
| 27 | UK implementation of the second Electronic Money Directive This practice note outlines the key provisions of the second Electronic Money Directive (2009/110/EC) (2EMD), and its implementation in the UK through the Electronic Money Regulations 2011 (SI 2011/99) (EMRs). Please note that full credit institutions (essentially banks and building societies), credit unions and municipal banks are exempt from requiring authorisation and registration under the EMRs. However, these entities continue to require a Part 4A permission under the Financial Services and Markets Act 2000 (FSMA) if they wish to carry out the regulated activity of issuing electronic money. For more information on this activity, see Practice note, Regulated activities: issuing electronic money. | Practice notes | Maintained |
| 28 | US and EU OTC Derivatives Regulation: a Comparison of the ... This Note summarizes and compares the comprehensive regulatory framework for over-the-counter (OTC) derivatives in the US under the Dodd-Frank Act and in the EU under the European Market Infrastructure Regulation (EMIR) and review of the Markets in Financial Instruments Directive (MiFID II), with a particular focus on implications for end users of derivatives. | Practice notes | Maintained |
| 29 | Wire Transfer Regulation: an overview An overview of EU Regulation 1781/2006 on information on the payer accompanying transfers of funds (known variously as the "Wire Transfer Regulation", the "Payments Regulation" and the "Fund Transfers Regulation"), which came into force on 1 January 2007. The Wire Transfer Regulation forms part of the EU action plan to combat money laundering and terrorist financing. It requires payment service providers (PSPs) to ensure that electronic fund transfers (also known as wire transfers) are accompanied by complete information on the payer (that is, the customer originating the transfer). This note also outlines the UK regime for monitoring and enforcing PSPs' compliance with the Wire Transfer Regulation, under the Transfer of Funds (Information on the Payer) Regulations 2007 (SI 2007/3298). For a checklist summarising good practices in complying with the Wire Transfer Regulation, see Checklist, Wire Transfer Regulation and for information on the European Commission's review of the Wire Transfer Regulation, see Practice note, Wire Transfer Regulation: European Comission's review. | Practice notes | Maintained |
| 30 | Wire Transfer Regulation: European Commission's review and ... An overview of the European Commission's review and reform of Regulation (EC) 1781/2006 on information on the payer accompanying transfers of funds (known variously as the "Wire Transfer Regulation", the "Payments Regulation" and the "Fund Transfers Regulation"). The Regulation, which came into force on 1 January 2007, forms part of the EU action plan to combat money laundering and terrorist financing. For an overview of the Wire Transfer Regulation, see Practice note: Wire Transfer Regulation: an overview. | Practice notes | Maintained |