November 2021

A draft of the Solvency 2 (Group Supervision) (Amendment) Regulations 2021 was laid before Parliament on 15 November 2021, alongside a draft explanatory memorandum.  The regulations are part of the measures being taken to address deficiencies in UK law after leaving the European Union.

The draft regulations amend provisions (regulations 24-26 and 28) of the

The European Insurance and Occupational Pensions Authority (EIOPA) has published its annual report on the use of capital add-ons by national competent authorities under Solvency II. Capital add-ons are used by authorities to ensure that capital reflects the risk profile of an insurance undertaking or group. Add-ons are set following supervisory review by the relevant

On 26 November 2021, the FCA published Policy Statement 21/17 ‘A new UK prudential regime for MiFID investment firms’ (PS21/17).

PS21/17 is the third in a series of Policy Statements on the UK Investment Firm Prudential Regime (IFPR). In PS21/17 the FCA summarises the feedback it received to Consultation Paper 21/26

On 26 November 2021, the Financial Conduct Authority (FCA) published Policy Statement 21/16 ‘Issuing statutory notices – a new approach to decision makers’ (PS21/16).

In PS21/16 the FCA provides feedback to Consultation Paper 21/25 ‘Issuing statutory notices – a new approach to decision makers’ in which it set out proposals to

On 26 November 2021, there was published in the Official Journal of the EU Commission Implementing Regulation (EU) 2021 of 13 September 2021 amending Implementing Regulation (EU) 2016/2070 as regards benchmark portfolios, reporting templates and reporting instructions to be applied in the Union for the reporting referred to in Article 78(2) of the Capital Requirements

The UK Investment Firm Prudential Regime (IFPR) will take effect on January 1, 2022. This will have a significant impact on UK MiFID II investment firms and CPMIs, who should start considering the likely impact of the new prudential regime and the adjustments that will be required to their internal systems and controls.

With the

On 25 November 2021, the FCA and Bank of England (BoE) co-published Consultation Paper 21/31: Changes to reporting requirements, procedures for data quality and registration of trade repositories under UK EMIR (CP21/31).

In CP21/31 the regulators are setting out three proposals:

  1. Amendments to the framework for derivatives reporting under Article 9

On 25 November 2021, the PRA published Consultation Paper 21/21: Operational Resilience and Operational Continuity in Resolution: CRR firms, Solvency II firms, and Financial Holding Companies (for Operational Resilience) (CP21/21). In CP21/21 the PRA sets out proposals to apply the group provisions in the Operational Resilience Part of the PRA Rulebook relevant to

On 25 November 2021, the European Banking Authority (EBA) published a final report setting out draft regulatory technical standards (RTS) that specify the methodology to apply to calculate the risk-weighted exposure amounts of collective investment undertakings (CIUs), in the context of the mandate-based approach when there are some missing