Regulatory Radar

December 2016 regulatory highlights

• FSMA and NBB consult on MiFID II transposition
• PRIIPS rules delayed with one year
• FSMA publishes two guidelines on sound remuneration policies implementing the ESMA guidelines on sound remuneration policies
• UCITS V transposed into Belgian legislation

November 2016 regulatory highlights

• Publication of the Royal Decree (RD) of 9 November 2016 on specialised real estate investment funds
• Update of Belgian regulation on the status and supervision of brokerage firms and companies providing portfolio management services and investment advice
• The European Commission (EC) extends the application date of the Packaged Retail and Insurance-based Investment Products (PRIIPS) Regulation by one year
• ESAs publish final guideline on the characteristics of a risk-based approach for anti-money laundering (AML) and countering the financing of terrorism (CFT)
• European Court rules on the law applicable to consumer credit lending

October 2016 regulatory highlights

• ESMA issues guidance and consultations on MiFID II and MiFIR
• European Commission publishes Delegated Regulation supplementing packaged retail and insurance-based investment products (PRIIPs) Regulation with regard to product intervention

September 2016 regulatory highlights

• FSMA communication on the reporting obligation regarding insurance transactions related to investment funds
• FSMA publishes communication regarding AML/CFT requirements for non-exclusive life insurance intermediaries
• European Parliament (EP) rejects European Commission’s (EC) draft Delegated Regulation on packaged retail and insurance-based investment products (PRIIPs)
• European Banking Authority (EBA) publishes final guidelines on the remuneration of sales staff
• Financial Stability Board (FSB) publishes second progress report on measures to reduce misconduct risk

July - August 2016 regulatory highlights

• New Market Abuse framework (MAD II) enters into force and is transposed into Belgian legislation
• Bank Resolution and Recovery Directive (BRRD) is further transposed in Belgian legislation and supplemented by new Regulatory Technical Standards (RTS)
• European Commission (EC) adopts Regulatory Technical Standards (RTS) supplementing MiFID II and MiFIR
• FSMA confirms application of ESMA Guidelines on complex debt instruments and structured deposits
• NBB publishes two Circulars and two communications with respect to Solvency II
• FSMA publishes FAQs about the approval of advertising material

June 2016 regulatory highlights

• A vote to leave the European Union
• European Commission publishes legislative acts on MiFID II and MiFIR delay

May 2016 regulatory highlights

• Council confirms agreement on one-year delay for implementation of MiFID II
• FSMA issues guidelines in anticipation of Market Abuse Regulation (MAR) entry into force
• European Commission adopts third draft Delegated Act MiFID II

April 2016 regulatory highlights

• European Commission publishes amendments to Solvency II Delegated Act
• The ESAs publish their final draft regulatory standards on packaged retail and insurance-based investment products
• EIOPA publishes preparatory guidelines on product oversight and governance
• MiFID II delay and publication of draft Delegated Acts

March 2016 regulatory highlights

• The Mortgage Credit Directive entered into force
• Publication and entry into force of the Act on the status and supervision of insurance and reinsurance undertakings
  

February 2016 regulatory highlights

• Commission proposes to delay MiFID II and MiFIR implementation dates by one year
• The Insurance Distribution Directive has entered into force
• FATF presents outcome of its Plenary Meeting
• FSMA publishes circular on the function of appointed actuary at institutions for occupational pensions

January 2016 regulatory highlights

• Solvency II regime enters into force

Regulatory radar series

Regulatory radar is a publication series focusing on regulation for the financial services industry. Each issue provides an update on the latest highlights in the financial services industry, followed by an overview of normative, consultative and informative documents issued for the financial services industry, credit institutions and investment firms, investment products and asset management, insurance, reinsurance and pensions.