As a result of recent events in Ukraine, and the economic sanctions imposed on Russia, there are a number of potential issues facing financial institutions. Firms have, understandably, concentrated on the immediate sanctions issues facing their organisations but will increasingly need to focus on the broader governance and compliance issues and plan accordingly, with their
On 25 March 2022, the European Securities and Markets Authority (ESMA) published a final report containing:
On 30 March 2022, there was published on the legislation.gov.uk website The European Market Infrastructure Regulation (United States of America Regulated Market Equivalence) Regulations 2022 together with an explanatory memorandum.
The Regulations revoke an existing equivalence decision, under Article 2a of the onshored European Markets Infrastructure Regulation (EMIR) for the US Commodity Futures Trading Commission
On 30 March 2022, the FCA updated its webpage concerning its role as the anti-money laundering and counter-terrorist financing supervisor of UK cryptoasset businesses under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
Specifically, the FCA has provided an update on the temporary registration regime for cryptoasset businesses
On 29 March 2022, the PRA updated its webpage concerning resolution planning by providing an update on the extension of the suspension of phase 1 reporting under Supervisory Statement 19/13 (SS19/13) until further notice.
The suspension was previously extended in May 2020 to all firms in scope of the Resolution Pack Part of the PRA
On 28 March 2022, the European Central Bank (ECB) published a letter that it had sent to CEOs of significant institutions that specifies its expectations regarding leveraged transactions. The letter includes an annex setting out the ECB’s observations on the overall leveraged transaction risk appetite framework design and functioning.
Key points in the letter include:
On 30 March 2022, the Platform on Sustainable Finance (Platform) issued a report containing recommendations on the technical screening criteria for the four remaining environmental objectives of the EU taxonomy. The report principally contains recommendations relating to technical screening criteria for objectives 3 – 6 of the Taxonomy Regulation, as well as recommendations to improve
On 30 March 2022, the European Securities and Markets Authority (ESMA) announced that following a supervisory engagement with investment funds and Member State national competent authorities (NCAs) it had found some room for improvement in funds’ liquidity stress testing. This year the ESMA will facilitate further discussion among NCAs on the application of its liquidity
On 30 March 2022, the FCA published a call for input regarding synthetic data to support financial services innovation. The FCA aims to understand the existing market maturity of ‘synthetic data’ within financial services and its potential for safely opening data sharing between firms, regulators and other public bodies.
Financial data, such as consumer transaction
On 30 March 2022, the Financial Ombudsman Service (FOS) published their 2022/2021 Plans and Budget, setting out their plans to invest in change, reduce the time it takes to resolve cases, to become financially sustainable and to enable them to deliver a better service for customers.
The document includes the volumes of complaints the