FCA approach to handling of Connaught complaints about FSA/FCA -Following the report of Raj Parker's "Independent Review into the FSA and FCA's handling of the Connaught Income Fund Series 2 and connected companies", the...more
Recent regulatory developments focussed on the payments sector. Reports on a BoE update on its policy for omnibus accounts in its RTGS service, and an LSB update on the CRM Code for APP scams. ...more
Recent regulatory developments of interest to most financial institutions, including updates from the UK government, PRA, FCA, JMLG and the European Commission. See also our sector specific updates in the Related Materials...more
4/26/2021
/ Banks ,
Capital Requirements Regulation (CRR) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Legislative Agendas ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Retail Investors ,
Solvency II ,
UK
EU consumer credit websites: European Commission findings from mini-sweep -
The European Commission has published an updated webpage providing information on its findings during a mini-sweep of consumer credit websites in...more
UK SFTR: FCA update on reporting LEIs -
The Financial Conduct Authority (FCA) has updated its webpage on the retained EU law version of the Regulation on reporting and transparency of securities financing transactions ...more
4/19/2021
/ Capital Requirements Regulation (CRR) ,
Coronavirus/COVID-19 ,
EMIR ,
European Securities and Markets Authority (ESMA) ,
Financial Markets ,
Infectious Diseases ,
Legal Entity Identifiers ,
MiFID ,
Regulatory Agenda ,
Regulatory Reform ,
Securities Regulation ,
SFTR ,
UK
Financial Guidance and Claims Act 2018 (Commencement No 7) Regulations 2021 -
The Financial Guidance and Claims Act 2018 (Commencement No. 7) (Dissolution of the Consumer Financial Education Body) Regulations 2021 (SI...more
Solvency 2 (Credit Risk Adjustment) Regulations 2021 The Solvency 2 (Credit Risk Adjustment) Regulations 2021 -
(SI 463/2021) have been published, together with an explanatory memorandum and a de minimis impact assessment....more
Omnibus accounts for payment systems operators and prefunding accounts: BoE update - The Bank of England (BoE) has updated its webpage on payment and settlement to add the following new sections to the information provided in...more
Consumer credit forms: FCA statement on post-Brexit changes - The UK Financial Conduct Authority (FCA) has published a statement and accompanying webpage relating to changes certain consumer credit firms will have to make to...more
COVID-19: BoE statement on regulatory treatment of Recovery Loan Scheme -
The Bank of England (BoE) has published a statement on the regulatory treatment of the UK Recovery Loan Scheme (RLS), which has been launched as part...more
4/19/2021
/ Bank of England ,
Banks ,
Basel Committee on Banking Supervision (BCBS) ,
Capital Requirements Regulation (CRR) ,
Coronavirus/COVID-19 ,
European Banking Authority (EBA) ,
Financial Regulatory Reform ,
Infectious Diseases ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
RTS ,
UK
CRM Code for APP scams: LSB call for input -
The Lending Standards Board (LSB) has published a call for input on the contingent reimbursement model code (CRM Code) for authorised push payment (APP) scams. The call for input...more
Liquidity management in UK open-ended funds: BoE and FCA report -
The Bank of England (BoE) and the Financial Conduct Authority (FCA) have published a report on liquidity management in UK open-ended funds. The report...more
LIBOR transition: FCA and BoE encourage switch to SONIA in sterling non-linear derivatives market -
The Financial Conduct Authority (FCA) and the Bank of England (BoE) have published a joint statement announcing that they...more
4/5/2021
/ CSDR ,
EMIR ,
European Securities and Markets Authority (ESMA) ,
FICC Market Standards Board (FMSB) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Markets ,
Financial Regulatory Reform ,
Interest Rates ,
Libor ,
MiFID ,
MiFIR ,
Regulatory Agenda ,
Securities Regulation ,
Sterling Overnight Index Average (SONIA) ,
UK
Review of Solvency II effective value test parameters: PRA statement -
The UK Prudential Regulation Authority (PRA) has published a statement setting out the findings from its review of the minimum deferment rate, which is...more
EU CRR: Corrigendum to Commission Implementing Regulation containing ITS on reporting requirements for market risk -
A corrigendum to Commission Implementing Regulation (EU) 2021/453 containing implementing technical...more
COVID-19: FCA updates mortgage guidance and reports on mortgage and consumer credit firms' implementation of tailored support guidance -
On 25 March 2021, the UK Financial Conduct Authority (FCA) published updated Finalised...more
UK-EU MoU on regulatory cooperation in financial services -
HM Treasury has announced that technical discussions on the text of the memorandum of understanding (MoU) on UK-EU regulatory cooperation in financial services have...more
4/5/2021
/ AML/CFT ,
Consumer Financial Products ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
Financial Institutions ,
Financial Services Industry ,
FPC ,
Insurance Regulations ,
Libor ,
Memorandum of Understanding ,
Money Laundering ,
Pensions ,
Regulatory Agenda ,
Reinsurance ,
Sterling Overnight Index Average (SONIA) ,
UK
CMA 2021/22 annual plan -
The Competition and Markets Authority (CMA) has published its annual plan for 2021/22. In 2021/22, the CMA will focus on the following themes...more
3/30/2021
/ EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
International Trade ,
Libor ,
Regulatory Agenda ,
Trade Policy ,
UK ,
UK Brexit ,
UK Competition and Markets Authority (CMA) ,
Whistleblowers
Selected regulatory updates of interest to the funds and asset management sector. This edition reports on UCITS liquidity risk management and the EU MMF Regulation. ...more
3/30/2021
/ Asset Management ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Markets ,
Investment Funds ,
Liquidity Risk Management Rule ,
Money Market Funds ,
National Competent Authorities (NCA) ,
Regulatory Agenda ,
UCITS ,
UK
UK MiFIR: FCA update on use of TTP to modify DTO -
The Financial Conduct Authority (FCA) has published an update on the use of its temporary transitional power (TTP) to modify the UK's derivatives trading obligation (DTO). ...more
3/29/2021
/ CCPs ,
Commodities ,
Derivatives ,
EMIR ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
MiFIR ,
Regulation Technical Standards (RTS) ,
Regulatory Agenda ,
Securities Regulation ,
SFTR ,
UK
Settling RTA whiplash-related injuries without a medical report -
The Civil Liability (Specification of Authorised Persons) Regulations 2021 (SI 2021/326) have been published, together with an explanatory memorandum. The...more
3/29/2021
/ Auto Insurance ,
Bodily Injury ,
Business Interruption ,
Car Accident ,
Coronavirus/COVID-19 ,
Financial Conduct Authority (FCA) ,
IAIS ,
Infectious Diseases ,
Insurance Claims ,
Insurance Regulations ,
Medical Reports ,
Regulatory Agenda ,
UK
PSR annual plan and budget for 2021/22 -
The Payment Systems Regulator (PSR) has published its annual plan and budget for 2020/21, together with an accompanying factsheet. The plan sets out a summary of the PSR's key aims...more
Depositor protection identity verification: PRA PS4/21 -
Following its consultation in CP3/21, the UK Prudential Regulation Authority (PRA) has published a policy statement, PS4/21, on depositor protection identity...more
3/29/2021
/ Bank Recovery and Resolution Directive (BRRD) ,
EU ,
European Banking Authority (EBA) ,
European Central Bank ,
Financial Instruments ,
Financial Services Industry ,
Inter-Bank Offered Rates (IBORs) ,
Libor ,
MREL ,
Payment Services Directive ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Stress Tests ,
UK ,
UK Brexit
Regulation of UK wholesale financial markets: FCA speech -
The Financial Conduct Authority (FCA) has published a speech by Edwin Schooling Latter, Director of Markets and Wholesale Policy, on a forward look at regulation of...more
Holding company regulatory transaction fees: PRA PS3/21 -
The UK Prudential Regulation Authority (PRA) has published a policy statement, PS3/21, on holding company regulatory transaction fees. ...more