On 25 January 2022, the Financial Conduct Authority (FCA) published Guidance Consultation 22/1 ‘FCA’s approach to compromises for regulated firms’ (GC22/1).
The FCA reports that it is seeing an increase in the number of regulated firms proposing compromises (arrangements that allow a firm to settle its liabilities with creditors and/or shareholders). The FCA sets out
On 25 January 2022, the Financial Ombudsman Service (FOS) published a new webpage regarding the Wider Implications Framework (the Framework).
The Framework sets out a structure for its members (the FOS, Financial Conduct Authority, Financial Services Compensation Scheme, the Pensions Regulator and the Money and Pensions Service) to collaborate on matters of common interest to
On 25 January 2022, the European Systematic Risk Board (ESRB) published a policy recommendation intended to contribute to the European Commission’s forthcoming 2022 review of the Regulation on money market funds (MMF Regulation) to address persisting systemic vulnerabilities in certain sub-sectors of private debt MMFs. The Recommendation reflects the aim of an earlier ESRB recommendation
On 18 January 2022, HM Treasury announced that it will be bringing adverts for cryptoassets in line with other types of financial advertising by extending the financial promotion restrictions to encompass them. This will mean that adverts for cryptoassets will need to be either promoted by a firm authorised by the Financial Conduct Authority (FCA)
On 24 January 2022, the European Banking Authority (EBA) published a final report containing draft implementing technical standards (ITS) on prudential disclosures on environmental, social and governance (ESG) risks in accordance with Article 449a of the Capital Requirements Regulation (CRR).
The final report presents the EBA final draft ITS on Pillar 3 disclosures on ESG
On 24 January 2022, the Platform on Sustainable Finance (Platform) published a report to the European Commission containing its feedback on the draft Taxonomy Complementary Delegated Act – Commission Delegated Regulation (EU) …/… of XXX amending Delegated Regulation (EU) 2021/2139 as regards economic activities in certain energy sectors and Delegated Regulation (EU) 2021/2178 as regards
On 20 January 2022, there was published in the Official Journal of the EU, Commission Delegated Regulation 2022/76 of 22 September 2021 supplementing the Investment Firms Regulation (IFR) with regard to regulatory technical standards (RTS) specifying adjustments to the K-factor ‘daily trading flow’ coefficients. The RTS reflect a mandate under Article 15(5)(c) of the IFR.
On 21 January 2022, the European Banking Authority (EBA) issued a consultation to update its guidelines on the remuneration benchmarking exercise under the Capital Requirements Directive IV (CRD IV), which was originally published in 2012 and updated in 2014.
The review is necessary to take into account additional requirements introduced by the CRD V regarding
On 21 January 2022, the European Banking Authority (EBA) launched a consultation on updates to its guidelines on the data collection exercise on high earners, which were originally published in 2012 and revised in 2014.
The review of the data collection exercises reflect the amended remuneration framework laid down in the Capital Requirements Directive (CRD
Since the pandemic began in March 2020, there has been a rise in fraudulent behaviour as fraudsters look to take advantage of members of the public and financial institutions (FIs). Phishing, text scams and small-scale fraudulent activity targeting the British public were up 285% in the first half of 2021; HM Revenue and Customs estimates