On 26 October 2022, the Financial Action Task Force (FATF) launched a public consultation on Recommendation 25 and its interpretive note (R.25/INR.25) on the transparency and beneficial ownership of legal arrangements. The FATF is also considering amending the definition of beneficial ownership in the glossary to provide more clarity regarding legal arrangements.
The
On 24 October 2022, the FCA published a Dear CEO letter addressing thematic findings on the effectiveness of governance in credit rating agencies (CRAs). The letter has been sent out to all UK registered CRAs, with the FCA stating that it expects these firms to consider the risks outlined and act where necessary.
On 25 October 2022, the FCA published Discussion paper DP22/5 on the potential competition impacts of Big Tech entry and expansion in retail financial services.
The Discussion Paper notes that Big Tech firms’ presence internationally and in UK financial services markets has been increasing, with the potential to grow and change market outcomes quickly. Big
On 25 October 2022, the FCA published Consultation Paper CP22/20 on sustainability disclosure requirements (SDR) and investment labels.
In the Consultation Paper, the FCA expresses that there are growing concerns that firms may be making exaggerated, misleading or unsubstantiated sustainability-related claims about their products; claims that don’t stand to closer scrutiny (so-called ‘greenwashing’).
On 25 October 2022, Regulation (EU) 2022/3036 of the European Parliament and of the Council of 19 October 2022 was published in the Official Journal of the European Union, amending Regulation (EU) No 575/2013 and Directive 2014/59/EU as regards the prudential treatment of global systemically important institutions with a multiple-point-of-entry resolution strategy and methods for
On 24 October 2022, the European Banking Authority (EBA) published a report, addressed to competent authorities, on how to incorporate ESG risks in the supervision of investment firms. The Report also provides an initial assessment of how ESG factors and ESG risks could be included in the supervisory assessment of investment firms.
On 21 October 2022, The European Banking Authority (EBA) issued a call for expression of interest to join two Technical Expert Groups – on crypto assets service providers and anti-money laundering and countering the financing of terrorism, and on restrictive measures regimes – and a call for input on the Joint Guidelines to
In order for the FCA to be confident that firms will be in a position to comply with the new Consumer Duty from 31 July 2023 (for existing products), the FCA has outlined two interim deadlines that it expects firms to meet. These include a requirement for manufacturers to be able to share information on
On 21 October 2022, the FCA published a snapshot of the latest edition of its Financial Lives survey, carried out between February and June 2022. The survey indicates that one in four adults are in financial difficulty or could quickly find themselves in difficulty if they suffered a financial shock, and 4.2 million people have
On 21 October 2022, the PRA published a letter it had sent to CEOs of PRA-regulated firms, which provides a summary of capabilities, to which PRA-regulated firms are expected to be able to demonstrate now, on approaches to managing climate risks.
The letter sets forth that every firm in scope of Supervisory Statement 3/19 ‘Enhancing