On 26 February 2021, there was published the independent report on the UK fintech sector by Ron Kalifa OBE.
At the 2020 Budget, the Chancellor asked Mr Kalifa to conduct an independent review to identify priority areas to support the UK’s fintech sector. The review formally launched in July 2020 with objectives for supporting the
On 24 February 2021, the International Organization of Securities Commissions (IOSCO) issued a press release following a board meeting in which it discussed the progress made over the past year by its Sustainable Finance Task Force (STF).
In the statement the ISOCO board identifies three priority areas for improvement in sustainability-related
On 25 February 2021, the PRA issued a statement on its website regarding an error it has identified in the Remuneration Part of the PRA Rulebook. The error relates to the ‘higher paid material risk taker’ definition in Rule 1.3 in the Remuneration Part of the PRA Rulebook.
The ‘higher paid material risk taker’ definition
On 25 February 2021, the PRA issued a statement designed to clarify its approach to the published European Banking Authority (EBA) guidelines and EU regulatory technical standards (RTS) relating to the standardised and internal ratings based approaches to credit risk following the end of the transition period.
The statement covers the
On 25 February 2021, the European Commission issued a consultation seeking stakeholder feedback on their experience with the current crisis management and deposit insurance framework as well as their views on the revision of the framework, which is part of the debate on the completion of the Banking Union and in particular its third and
On 25 February 2021, the European Securities and Markets Authority (ESMA) published Questions and Answers (Q&As) regarding the understanding of Special Purpose Vehicle (SPV) aspects under the Regulation on European crowdfunding service providers for business (ECSPR).
The Q&As provide clarifications on the use of SPV under the
On 25 February 2021, the Financial Stability Board (FSB) published a letter from its chair to G20 Finance Ministers and Central Bank Governors. The letter notes the unprecedented challenges faced by the FSB due to the COVID-19 pandemic and the imposition of containment measures across the globe. The letter also discusses the key
On 25 February 2021, the European Securities and Markets Authority (ESMA) issued a consultation on draft guidelines detailing the obligations applicable to administrators that use a methodology to calculate a benchmark in exceptional circumstances under the Benchmarks Regulation (BMR).
The EU regulatory framework for benchmarks, which addresses the use of a
2021 Financial crime Outlook series
Senior management and boards are increasingly acknowledging the threat of financial crime as a critical risk to their business that must be addressed. This has been exacerbated in the last 12 months through the impact of the pandemic as well as rising domestic and international tensions. Our financial crime compliance
The first quarterly Financial Action Task Force (FATF) plenary of 2021 took place over 22, 24 and 25 February 2021 to discuss developments with respect to anti-money laundering (AML) and counter terrorist financing (CTF). Delegates discussed a number of initiatives relating to FATF’s strategic priorities as well as the