On 27 June 2022, the European Central Bank issued a statement containing details of the methodology that will be used for exercising supervisory discretion regarding cross-border intra-European Banking Union (EBU) exposures in the global systemically important bank (G-SIB) assessment framework.
The Basel Committee on Banking Supervision (Basel Committee) has completed a targeted review of the
On 27 June 2022, the FCA published a Dear CEO letter concerning its supervisory strategy for the mainstream consumer credit lenders (MCCL) portfolio.
The Dear CEO letter follows an earlier letter published in December 2020 and:
Provides an updated view of the key risks that MCCL firms pose to their consumers and the markets in
On June 22 2022, the SEC published its Spring 2022 regulatory agenda in which it outlined the Commission’s short and long-term regulatory interests. The SEC appears intent on proceeding with its fast-paced stream of proposed rule makings that have dominated the first half of this year. The agenda includes rule making related to climate change,
On July 12, 2022 our financial services and risk advisory teams will be holding a panel discussion event on the key financial crime issues facing financial services firms. The event, held at our offices in 3 More London Riverside, will include a keynote speech by Louise Stanway, chair of the Joint Money Laundering Steering Group.
On 24 June 2022, HM Treasury published two post-implementation reviews and a forward looking review of the UK’s anti-money laundering and countering the financing of terrorism (AML/CFT) regime.
The post implementation reviews fulfill HM Treasury’s statutory obligations and cover the Money Laundering Regulations 2017 (MLRs 2017) and the Office for Professional Body AML Supervision Regulations
On 24 June 2022, the FCA updated its webpage on the Climate Financial Risk Forum (CFRF).
The webpage now includes a section, setting out climate scenario analysis.
The section sets out how, during session 2 of the forum, the CFRF scenario analysis working group started developing an online climate scenario analysis tool, and how, on
On 24 June 2022, the FCA published Handbook Notice No 100.
The Handbook Notice describes the changes to the FCA Handbook and other material made by the FCA board under its legislative and other statutory powers on 1 June and 23 June 2022. Furthermore, where relevant, it also refers to the development stages of
On 23 June 2022, the European Banking Authority (EBA) published an Opinion and Report in response to the European Commission’s call for advice (CFA) on the review of the Mortgage Credit Directive (MCD).
The CFA covered 17 questions across 7 topical areas, which were the evaluation of the MCD, digitalisation, ways to facilitate the cross-border
On 24 June 2022, there was published in the Official Journal of the EU (OJ):
On 24 June 2022, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2022/975 of 17 March 2022 which amends Article 18 of Delegated Regulation (EU) 2017/653 (otherwise known as the PRIIPs KID Delegated Regulation) so that Article 14(2) applies until 31 December 2022 (instead of 1