On 20 January 2022, the FCA published its 2022 Final Report on competition in retail banking markets. This builds on the FCA’s 2018 Final Report and 2018 Progress Report.
The key findings in the 2022 Final Report include:
On 20 January 2022, the European Securities and Markets Authority (ESMA) announced that it was launching a Common Supervisory Action (CSA) with Member State competent authorities on the valuation of UCITS and open-ended Alternative Investment Funds (AIFs) across the EU. Throughout 2022 the CSA will focus on authorised managers of UCITS and open-ended AIFs investing
On 19 January 2022, the FCA updated its webpage concerning Finalised Guidance 15/8 ‘FCA’s powers and procedures under the Competition Act 1998’ (FG15/8).
The FCA states that it has made certain updates to FG15/8 including:
The Financial Services (Banking Reform) Act 2013 required HM Treasury to appoint an independent panel to review the operation of the legislation relating to ring-fencing and banks’ proprietary trading activities. HM Treasury appointed Keith Skeoch as chair of the independent Review Panel (Panel) with responsibility to oversee and deliver two statutory reviews on the operation
On 19 January 2022, the FCA issued a webpage regarding its borrowers in financial difficulty project which is intended to ensure firms continue to support borrowers in financial difficulty. With the pandemic ongoing the FCA wants to reiterate its expectations for the treatment of customers, as set out in the Tailored Support Guidance (TSG) for
On 18 January 2022, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a procedure for settling administrative fines in a simplified manner (the Procedure).
The AFM will be able to provide offenders with the opportunity to settle an administrative fine imposed by the AFM in a
On 2 February 2022, we will be holding the second session in our Financial Services Academy, a series of online webinars aimed at up-and-coming in-house regulatory lawyers and compliance professionals, as well as anyone in need of a refresher.
During this session, our financial services team will guide attendees through the key components of the
On 18 January 2022, the International Organization of Securities Commissions (IOSCO) issued a final report on lessons learned from the use of global supervisory colleges.
The report is based on previous IOSCO work on market fragmentation and provides a framework for securities regulators seeking to create new global supervisory colleges for sectors of financial markets
On 18 January 2022, the Single Resolution Board (SRB), issued a new webpage mentioning its priorities for 2022.
The SRB remains focussed on building resolvability in all banks under its remit, as set out in its 2022 work programme and multi-annual programme for 2021-23.
Three key priorities are:
On 17 January 2022, the European Commission published its response to letters it had received from the Danish Financial Supervisory Authority (FSA) regarding the interpretation of the Payment Accounts Directive (PAD) and charging negative interest rates on payment accounts.
In its letter the Commission states that it leans towards a conclusion whereby negative interest rates