On 18 January 2022, HM Treasury published the results of its July 2020 consultation on cryptoasset promotions, and confirmed that the UK government will introduce measures that will effectively bring a wider range of...more
On 3 November 2021, the UK Financial Conduct Authority (FCA) published a discussion paper on the UK Sustainability Disclosure Requirements (SDR) together with the long awaited investment labels (DP21/4). These reflect the...more
HM Treasury has published its latest policy paper setting out a further roadmap on sustainable investing: Greening Finance: A Roadmap to Sustainable Investing. Urging the private sector to treat this roadmap as a further...more
This week, the Financial Reporting Council (FRC) published the first list of successful signatories of the revamped 2020 UK Stewardship Code (the Code). While we note that the number of successful signatories have fallen this...more
Benchmarks (Provision of Information and Documents) (Amendment) Regulations 2021 published The Benchmarks (Provision of Information and Documents) (Amendment) Regulations 2021 (SI 2021/920) (Amending Regulations) have been...more
Flood insurance: UK government response to independent review Following the publication in November 2020 of a report on the independent review of flood insurance in Doncaster, the government has published a policy...more
8/9/2021
/ Dear CEO Letter ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Flood Insurance ,
HM Treasury ,
Insurance Brokers ,
Insurance Industry ,
Life Insurance ,
Prudential Regulation Authority (PRA) ,
Solvency II ,
UK
CRM code for APP scams: LSB update The Lending Standards Board (LSB) has published a press release setting out the next steps for the contingent reimbursement model code (CRM code) for authorised push payment (APP) scams. ...more
BCBS rules on NPL securitisations: PRA CP10/21 extended closing date The Prudential Regulation Authority (PRA) has announced that it has extended the closing date, from 26 July 2021 to 9 August 2021, for responses to its June...more
FCA regulatory sandbox: new application guide and now always open The Financial Conduct Authority (FCA) has published a new guide to assist firms making a regulatory sandbox application. The FCA has also updated its webpage...more
8/9/2021
/ Alternative Investment Fund Managers Directive (AIFMD) ,
AML/CFT ,
Banking Sector ,
Committee on Payments and Market Infrastructure (CPMI) ,
Consultation Papers ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
MiFID II ,
Prudential Regulation Authority (PRA) ,
Sustainable Finance ,
UCITS ,
UK
Bank of England Act 1998 (Macro-prudential Measures) (Amendment) Order 2021 The Bank of England Act 1998 (Macro-prudential Measures) (Amendment) Order 2021 (SI 2021/869) has been published, together with an explanatory...more
SMCR for FMIs: HM Treasury consultation HM Treasury has published a consultation paper proposing a Senior Managers and Certification Regime (SMCR or SM&CR) for financial market infrastructures (FMIs). The consultation closes...more
8/2/2021
/ Bank of England ,
Environmental Social & Governance (ESG) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Markets ,
IOSCO ,
Listing Rules ,
MiFID ,
UK
Solvency II review: PRA QIS material and related Dear CEO letter on data gathering The Prudential Regulation Authority (PRA) has updated its Solvency II Review Quantitative Impact Study (QIS) webpage with the QIS materials,...more
MLRs 2017: Money Laundering and Terrorist Financing (Amendment) (No 2) (High-Risk Countries) Regulations 2021 The Money Laundering and Terrorist Financing (Amendment) (No 2) (High-Risk Countries) Regulations 2021 (SI...more
COVID-19 BI insurance test case: FCA updates webpage The Financial Conduct Authority (FCA) has updated the webpage on its business interruption (BI) insurance test case. The FCA has published the Supreme Court order varying...more
UK CRR: Draft Capital Requirements Regulation (Amendment) Regulations 2021 A draft version of the Capital Requirements Regulation (Amendment) Regulations 2021 has been published, together with a draft explanatory memorandum....more
7/19/2021
/ Bank Recovery and Resolution Directive (BRRD) ,
Banking Sector ,
Basel III ,
Capital Requirements Regulation (CRR) ,
EU ,
European Banking Authority (EBA) ,
Financial Institutions ,
Financial Services Industry ,
HM Treasury ,
Libor ,
Prudential Regulation Authority (PRA) ,
UK
AFMs assessment of funds' value: FCA multi-firm review findings The Financial Conduct Authority (FCA) has published its findings following a review of the processes used by different authorised fund managers (AFMs) when they...more
Listing regime: FCA Primary Markets Effectiveness Review -
The Financial Conduct Authority (FCA) has published a consultation paper, CP21/21, seeking views on how primary markets can work more effectively for both...more
Internal ratings based UK mortgage risk weights: PRA PS16/21 -
Following its consultation in CP14/20, the Prudential Regulation Authority (PRA) has published a policy statement, PS16/21, on new expectations on internal...more
UK Solvency II review: PRA CP11/21 on reporting (phase 1) The Prudential Regulation Authority (PRA) has published a consultation paper, CP11/21, on phase 1 of a review of reporting and disclosure requirements under the...more
Future framework for regulation of UK financial services: Treasury Committee report - The House of Commons Treasury Committee has published its Fifth Report of Session 2021-22 on the future framework for regulating financial...more
7/13/2021
/ Bank of England ,
EU ,
European Banking Authority (EBA) ,
European Commission ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Financial Stability Board ,
General Data Protection Regulation (GDPR) ,
Libor ,
Prudential Regulation Authority (PRA) ,
UK
Markets in Financial Instruments (Capital Markets) (Amendment) Regulations 2021 The Markets in Financial Instruments (Capital Markets) (Amendment) Regulations 2021 (SI 2021/774) have been published, together with an...more
7/6/2021
/ Bank of England ,
Consultation Papers ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Financial Services and Markets Act ,
Financial Services Industry ,
Insolvency ,
IOSCO ,
Prospectus Regulation (PR3) ,
Prudential Regulation Authority (PRA) ,
UK
ISO 20022 payment messages: Pay.UK and BoE collaboration The Bank of England (BoE) and Pay.UK have published a joint press release announcing collaboration on ISO 20022 payment messages. The BoE and Pay.UK are implementing...more
UK Solvency II regime review: HM Treasury response to call for evidence HM Treasury has published a response to its October 2020 call for evidence on the review of the UK Solvency II prudential regime for insurers....more
Draft Bank of England Act 1998 (Macro-prudential Measures) (Amendment) Order 2021 published A draft version of the Bank of England Act 1998 (Macro-prudential Measures) (Amendment) Order 2021 has been published, together with...more
6/21/2021
/ Bank Recovery and Resolution Directive (BRRD) ,
Banking Sector ,
Banks ,
Capital Requirements Regulation (CRR) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Prudential Regulation Authority (PRA) ,
Single Supervisory Mechanism ,
UK
UK Solvency II review: PRA information on quantitative impact study The Prudential Regulation Authority (PRA) has published a webpage setting out information about its forthcoming quantitative impact study (QIS), which will...more