WMA Bulletin 23rd February 2016
Need to Know What's happened in our industry? EU Referendum vote set for 23rd June 2016
FCA Update to CRD IV
Following negotiations led by PM David
The FCA has recently updated its webpage
Cameron the Government has confirmed
on CRD IV. We would encourage firms to
that a public vote will be held on 23rd June
review the content of the webpage and the
on the contentious issue of Brexit.
relevant links. All firms, large and small,
As shown on the BBC, the Prime
should be aware that the FCA will be
Minister addressed the
placing greater focus on the Supervisory
Commons yesterday about the recent
Review and Evaluation Process (SREP)
treaty changes.
and Pillar 2 during 2016.
webpage
The Government also published this document yesterday outlining why the UK will be 'stronger, safer and better off by remaining as a member of a reformed EU'. This document is their official analysis of the UK’s relationship with the EU – as required to be published ahead of the referendum.
Benchmarks The completion of the Level 1 EU text on Benchmarks legislation, together with ESMA discussion paper on handling the Level 2 issues, has refocused WMA attention on this area. Unfortunately, the post-Trilogue Level 1 text contained not the Parliamentary version of the definitions of
Joint Money Laundering Steering Group (JMLSG)
who and what should be regulated (which
Editorial Panel
broader Council definitions.
The JMLSG Editorial Panel met on 10th February and identified sections of the Guidance to begin redrafting in light of changes from the Level 1 language of the 4AMLD/R. The process will take some time and priority and sequencing, as well as the final substantive texts, have to be approved
were favourable to the WMA) but the much This reflected rear-guard action by the French Government who believe that even the smallest index should be included in order to prevent manipulation. The result is that we are working out action to prevent WMA from having to become an authorised entity in order to continue with