FS Regulatory Developments - March 2017 | KPMG | BE

FS Regulatory Developments - March 2017

FS Regulatory Developments - March 2017

Monthly Update.

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We’re only two months into 2017, and already we’ve seen regulatory game changing moves from both the US and the UK. President Trump has issued an Executive Order that requires a roll-back of financial regulation, and PM May confirmed that the UK would not seek continued membership of the Single Market. It will be interesting to see what happens in the European national elections later this spring.

Fundamentally linked to ‘what happens next?’ within the new US administration, is the forthcoming Basel Committee meeting (1-2 March), with latest press reports suggesting the Committee is not expected to reach agreement on capital requirements rules to keep lenders stable in a crisis, because approving any deal would be difficult until a new US Federal Reserve top financial supervisor has been appointed. We look at four possible scenarios that might emerge from the talks.

We discuss how much has been achieved and what more needs to be done as the Capital Markets Union (CMU) reaches the half-way point of its four-year plan to improve the functioning of European capital markets. Plus we look at the headline points from a selection of the key topics surrounding MiFID II, including the Systematic Internaliser regime, investment research and commodity derivative firms.

ESMA announcements are coming through in quick succession. We look at its opinion on Share Classes for UCITS, its extensive Supervisory Convergence Programme and its calls for overhaul of the EU 'third country' framework. We take a view on the Financial Stability Board (FSB) consultation on the resolution of central counterparties (CCPs) guidelines. And in insurance, we discuss the journey towards implementation of the Insurance Distribution Directive (IDD) and EIOPA’s Single Programming Document outlining its objective over the next few years.

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