On 22 October 2021, The European Banking Authority (EBA) published its advice to the EU Commission on funding in resolution and insolvency as part of the review of the crisis management and deposit insurance (CMDI) framework. In 2020, the European Commission (EC) initiated a review of the EU CMDI
On 21 October 2021, a new statutory instrument was published by HM Treasury on Legislation.gov.uk titled The Financial Services Act 2021 (Commencement No. 3) Regulations 2021. The Regulations specify that section 31 of the Financial Services Act 2021 comes into force 1 November 2021. Section 31 amends section 61 of the Criminal Justice Act
On 21 October 2021, the Climate Financial Risk Forum (CFRF) published its second set of guides to help the financial industry effectively manage climate-related financial risks. The CFRF has been operating since March 2019 and is chaired jointly by the PRA and the FCA, and brings together senior representatives from across the financial
On 20 October 2021, the European Commission adopted a Delegated Regulation containing regulatory technical standards (RTS) for the specification of the assessment methodology competent authorities are to follow when assessing the compliance of credit institutions with the requirements to use the Internal Ratings Based (IRB) Approach.
Under the Capital Requirements Regulation
On 20 October 2021, the European Commission adopted a Delegated Regulation containing amendments to the regulatory technical standards (RTS) in Commission Delegated Regulation 1151/2014 which contains information to be notified when exercising the right of establishment and the freedom to provide services under the CRD IV.
The Delegated Regulation introduces amendments to improve
On 21 October 2021, the European Supervisory Authorities (ESAs) opened a call for evidence regarding the Regulation on packaged retail and insurance-based investment products (PRIIPs Regulation). The call for evidence follows a call for advice on the PRIIPs Regulation that the ESAs received earlier this year from the European Commission.
The
On 21 October 2021, the FCA published its Annual Regulatory Perimeter Report for 2020/21.
The FCA perimeter determines which activities the FCA must authorise and what level of protection consumers can expect for the financial services and products they purchase. This perimeter is decided by Parliament and the Government through legislation. It cannot be
On 21 October 2021, the PRA published Policy Statement 24/21 ‘Implementation of Basel standards: Non-performing loan securitisations’ (PS24/21).
In PS24/21 the PRA provides feedback to the responses received to Consultation Paper 10/21 ‘Implementation of Basel standards: Non-performing loan securitisations’ and sets out its final policy, as follows:
On 21 October 2021, HM Treasury issued its long anticipated consultation on the regulation of Buy-Now Pay-Later (BNPL) products.
Background
In February the government announced its intention to bring unregulated interest-free BNPL products within the scope of regulation given the potential risk of consumer detriment highlighted in the Woolard Review. Following the announcement
On 20 October 2021, the Association for Financial Markets in Europe (AFME) published a paper, Anti-Money Laundering Transaction Monitoring in the Markets Sector.
Firms have already established Anti-Financial Crime programmes designed to detect suspicion of money laundering, supported by anti-money laundering (AML) transaction monitoring (TM). This has been