On 15 December 2021, HM Treasury published a consultation on the financial promotion exemptions for high net worth individuals and sophisticated investors. Specifically the consultation considers three specific exemptions under the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (FPO):
On 15 December 2021, the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) published a response to the announcement from the Cash Action Group (CAG) which stated that retail banks and building societies will create an independent body to assess the needs of local communities and direct
On 15 December 2021, the Financial Ombudsman Service (FOS) opened a consultation for their strategic plans and budget for 2022/23.
Every year, the FOS consults stakeholders on what they think may contribute to complaints trends and volumes it may see in the upcoming financial year. The FOS sets these out in the context
On 15 December 2021, the PRA published Feedback Statement 1/21: Responses to DP1/21 ‘A strong and simple prudential framework for non-systemic banks and building societies’ (FS1/21).
Earlier this year, the PRA published Discussion Paper 1/21 ‘A strong and simple prudential framework for non-systemic banks and building societies’ (DP1/21). In DP1/21 the
On 15 December 2021, the Prudential Regulation Authority (PRA) published Policy Statement 27/21 ‘Designating investment firms’ (PS27/21). In PS27/21 the PRA sets out its final update to its Statement of Policy ‘Designation of investment firms for prudential supervision by the PRA’, and final rule in the Definition of Capital Part of
On 15 December 2021, the PRA issued a statement explaining how a number of changes to banking regulatory reporting requirements are being implemented in the Capital Requirements Regulation reporting modules.
The changes include:
On 6 December 2021, the Biden Administration released its strategy on countering corruption (the Strategy) along with an accompanying fact sheet, building on President Biden’s earlier announcement that he viewed the fight against corruption as one of the core U.S. national security priorities. The five-point strategy places particular focus on a coordinated international
UK regulators have sent strong messages to financial institutions operating manipulative trading practices. As at 31 March 2021, the Financial Conduct Authority had 17 market manipulation cases open according to its 2020-21 Annual Report and the Office of Gas and Electricity Markets has also made it clear that market manipulation will not be tolerated. To
On 13 December 2021, the Prudential Regulation Authority (PRA) issued a statement announcing that it will invite a number of firms to participate in a voluntary cyber stress test. The stress test will focus on a severe data integrity incident as the disruption scenario and will test firms’ ability to meet the impact
On 14 December 2021, the European Securities and Markets Authority (ESMA) issued a statement clarifying the transfer of competences and duties relating to supervisory and enforcement activity in the field of certain data reporting services providers (DRSPs) from Member State competent authorities (NCAs) to ESMA.
In the statement ESMA