October 2021

On 28 October 2021, the Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA), The Pensions Regulator (TPR) and the Financial Reporting Council on (FRC) released a joint statement concerning the publication of Climate Change Adaptation Reports. Each report sets out how climate change affects the UK

On 28 October 2021, the Financial Action Task Force (FATF) published updated guidance for a risk-based approach for virtual assets (VA) and virtual asset service providers (VASP). This guidance mentions how the FATF plans to closely monitor the VA and VASP sector for any material changes that necessitate further clarification of the FATF standards. This

On 28 October 2021, the European Banking Authority (EBA) launched a public consultation on the amendment of its Regulatory Technical Standards (RTS) on strong consumer authentication and secure communication (SCA&CSC) under the Payment Directive (PSD2) with regard to the 90-day exemption for account access.

The amendments proposed in the Consultation Paper aim to address a

On 27 October 2021, the Payment Systems Regulator (PSR) published a consultation paper proposing a new Draft Specific Direction (DSD) to continue to support the operator LINK regarding the maintenance of free-to-use ATMs to meet service user needs.

The DSD will require LINK to continue to have in place appropriate policies, measures and reporting obligations

On 27 October 2021, the European Commission published a new banking package. Adopting a review of EU banking rules (the Capital Requirements Regulation and the Capital Requirements Directive).

The new rules will ensure that EU banks become more resilient to potential future economic shocks, while helping towards Europe’s recovery from COVID-19 and the transition

On 27 October 2021, the Board of International Organization of Securities Commissions (IOSCO) published a report titled, ‘Principles on Outsourcing’. The principles are intended for regulated entities that outsource tasks to service providers. They have been developed based on the earlier 2005 Outsourcing Principles for Market Intermediaries and the 2009 Outsourcing

The Financial Action Task Force (FATF) launched a project in February 2021 which studies and mitigates the unintended consequences resulting from the incorrect implementation of the FATF Standards. There are four areas of focus for this project which are: de-risking; financial exclusion; undue targeting of NPOs; and curtailment of human rights (with a

On 26 October 2021, the Association for Financial Markets in Europe (AFME) published two Consultation Responses (CR) in response to two publications that the HM Treasury released.

The AFME is the European member of the Global Financial Markets Association (GFMA) a global alliance with the Securities Industry and Financial

On 27 October 2021, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a report on how managers of alternative investment funds (AIFMs) comply with the Act on the prevention of money laundering and terrorist financing (Wet ter voorkoming van witwassen en financieren van terrorisme

On 25 October 2021, the Dutch Minister of Finance submitted the legislative proposal for the Amendment Act Financial Markets 2022 (Wijzigingswet financiële markten 2022) to the Dutch Parliament.

The Amendment Act Financial Markets 2022 contains changes to key legislation relevant to the Dutch financial markets, including, but not limited to, the Act on