On 28 June 2022, the PRA published a letter setting out conclusions following its review of the use of the SIMM model.
The PRA reviewed the Standardised Initial Margin Methodology (SIMM) model used by large banks with the intention of monitoring how it performed during the COVID-19 pandemic market stress period. It also assessed model
On 28 June 2022, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2022/1011 of 10 March 2022 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards specifying how to determine the indirect exposures to a
On 28 June 2022, the Financial Ombudsman Service (FOS) published its annual complaints data 2021/22.
The complaints data shows that complaints about ‘authorised’ scams increased by around a fifth in the last financial year, with nearly 9,370 complaints being received compared to 7,770 in 2020/21. Furthermore, administration and customer service problems topped the
On 28 June 2022, the European Banking Authority (EBA) adopted a decision on how Member State competent authorities supervising investment firms under the Investment Firms Regulation will transmit supervisory data to it. This decision sets the timing, scope and modalities of the data submission via the European Centralised Infrastructure of Data. The first submission is
On 28 June 2022, the European Securities and Markets Authority announced that it will not publish the 1 August 2022 publication of systematic internaliser (SI) regime data for non-equity instruments other than bonds, as well as that of the consolidated tape (CTP) data. The ESMA explains that this is due to operational constraints which are
On 28 June 2022, the Taskforce on Nature-related Financial Disclosures (TNFDs) issued version 0.2 of its beta framework for nature-related risk and opportunity management and disclosure. The Taskforce consists of 34 individual members representing financial institutions, corporates and market service providers. This release builds on the first iteration release in March and features TNFD’s approach
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On 27 June 2022, the PRA published a letter sent to firms concerning its proposed approach concerning the submission of new market risk internal model approach (IMA) applications.
The Basel 3.1 framework removes the existing IMA methodologies, replacing them with a completely new framework. The PRA expects existing internal model permissions for market risk to
On 27 June 2022, the House of Commons’ Treasury Sub-Committee on Financial Services Regulations issued a call for views on the PRA’s ‘Strong and Simple Framework’ proposals.
The PRA is seeking to mitigate the ‘complexity problem’ that can arise when the same prudential requirements are applied to all firms of different sizes and business models.
On 27 June 2022, the European Securities and Markets Authority (ESMA) published a letter it had sent to the European Commission setting out its findings from its call for evidence to gather information on the market structure for ESG rating providers in the EU.
In the letter the ESMA provides a brief introduction