On 19 November 2020, the FCA published Consultation Paper 20/22: Regulatory fees and levies: policy proposals for 2021/22 (CP20/22).
In CP20/22 the FCA sets out proposed policy changes to the way it will raise its fees from 2021/22.
Each chapter of CP20/22 deals with a self-contained area of policy, summarised below.
On 19 November 2020, the European Banking Authority (EBA) published a report that provides a discussion about the functioning of the unwind mechanism of the liquidity coverage ratio (LCR). It shows the actual effect of this mechanism over a period covering the most recent years. The analysis is based on common
On 19 November 2020, the FCA published a new web page intended to provide clarification for investment managers on how to report income for Financial Services Compensation Scheme (FSCS) levy calculations. The FCA states that in 2018 asset managers began reporting ‘look-through’ income for the FSCS levy. Income relating to beneficiaries who are
On 19 October 2020, the Financial Ombudsman Service (FOS) published the latest issue of its newsletter Ombudsman News (issue 155).
The newsletter covers:
On 18 November 2020, there was published:
On November 2, 2020, in an effort to harmonize and modernize the exempt offering framework under the Securities Act of 1933 (the Securities Act), the US Securities and Exchange Commission (SEC) adopted a final rule entitled “Facilitating Capital Formation and Expanding Investment Opportunities by Improving Access to Capital in Private Markets.”
In a
On 19 November 2020, the National Crime Agency’s (NCA) UK Financial Intelligence Unit (UKFIU) published their 2020 Suspicious Activity Reports (SARs) Annual Report. The Report provides that:
On 18 November 2020, the FCA published a new web page setting out its thinking on the considerations it will take into account when exercising its powers, as proposed under the Financial Services Bill (FS Bill), to ‘designate’ a critical benchmark and to impose changes to that benchmark.
The FCA is asking for
On 18 November 2020, ICE Benchmark Administration (IBA), the FCA-regulated and authorised administrator of LIBOR, announced that it will consult on its intention that the euro, sterling, Swiss franc and yen LIBOR panels would, subject to confirmation following IBA’s consultation, cease at end-2021.
The FCA has also issued a statement concerning the IBA
On 18 November 2020, there was published on legislation.gov.uk The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020. The statutory instrument updates references to “exit day” (31 January 2020) within substantive provisions of previous financial services EU exit instruments, where considered appropriate, so that they refer instead to the