On 25 April 2022, the Financial Conduct Authority (FCA) updated its webpage on the UK Market Abuse Regulation (UK MAR).
The FCA has updated the text under the heading ‘Managers’ transactions’ which concerns Article 19 UK MAR which requires persons discharging managerial responsibilities within certain issuers (PDMRs), and persons closely associated with them (PCAs), to
On 14 April 2022, the Bank of England (BoE) published the following consultation papers concerning outsourcing and third party risk management in financial market infrastructures:
On 22 April 2022, the FCA published its findings following a multi-firm review into the financial crime controls at challenger banks.
The review was conducted in 2021, predating the significant expansion of sanctions against Russia. Although the FCA’s focus on sanctions was limited, the main financial crime and money laundering controls it assessed equally apply
On 19 April 2022, the Financial Action Task Force (FATF) published a report providing an overview of the state of global efforts to tackle money laundering, terrorist and proliferation financing. The report finds that in terms of laws and regulations, 76% of countries have now satisfactorily implemented the FATF’s 40 Recommendations. This is a significant
On 20 April 2022, the FCA published Policy Statement 22/3 ‘Diversity and inclusion on company boards and executive management’ (PS22/3).
In PS22/3 the FCA sets out its final policy approach following its proposals in Consultation Paper 21/24 ‘Diversity and inclusion on company boards and executive committees’ (CP21/24). The FCA reports that in light of the
On 19 April 2022, there was published in the Official Journal of the EU (OJ) Commission Implementing Regulation (EU) 2022/631 of 13 April 2022 amending the implementing technical standards laid down in Implementing Regulation (EU) 2021/637 as regards to the disclosure of exposures to interest rate risk on positions not held in the trading book.
On 19 April 2022, the European Securities and Markets Authority (ESMA) published a letter that it had sent to the European Commission setting out certain observations on the Commission’s consultation on options to enhance the suitability and appropriateness assessments. Among other things, the ESMA notes in the letter that the Commission’s proposal to apply a
On 20 April 2022, the PRA published its Business Plan for 2022/23.
The PRA has replaced the previous eight strategic goals with four strategic priorities which the Business Plan is structured around. These are an evolution of, and broadly consistent with, the previous goals and explain how the PRA seeks to achieve its objectives:
On 20 April 2022, the PRA published Consultation Paper 4/22 ‘Regulated fees and levies: Rates proposals 2022/23’ (CP4/22).
In CP4/22 the PRA sets out its fees proposals for 2022/23.
The proposals would make amendments to the Fees Part of the PRA Rulebook and include:
On 19 April 2022, the European Central Bank published:
The Eurosystem central banks shall comply with the Guideline from 21 November 2022.