On 18 October 2022, the European Commission published a Commission Delegated Regulation amending the regulatory technical standards laid down in Delegated Regulation (EU) No 153/2013 as regards temporary emergency measures on collateral requirements.
The delegated act introduces a modification to Commission Delegated Regulation (EU) No 153/2013.
Article 1 modifies Articles 39 and 62 of Commission
On 18 October 2022, the Prudential Regulation Authority (PRA) published a statement on credit risk mitigation (CRM) eligibility, risk-based capital treatment, and leverage ratio treatment of guarantees under the Energy Markets Financing Scheme (EMFS).
The statement sets out the PRA’s observations on the capital requirements relating to firms’ exposures
The European Commission has published its work programme for 2023. The work programme contains the key legislative priorities for the upcoming year and provides an overview and rough timeline of when the Commission is expected to publish each initiative.
With regard to financial services legislation, the following legislative initiatives are envisaged:
Q1 2023
We recently reported on recent steps taken by the Consumer Financial Protection Bureau (CFPB), which suggest increased US regulation of the Buy Now, Pay Later (BNPL) sector in the coming weeks and months. Shortly after the CFPB published its report on the industry, the Federal Trade Commission (FTC) issued a blog post that lists three
On 18 October 2022, the FCA published a one year update on the progress it has made with its Consumer Investments Strategy.
The update provides that the FCA has placed restrictions on twice as many firms in the investment market compared to last year, as part of its strategy designed to prevent harm in the
On 18 October 2022, the FCA announced that Mark Steward will be stepping down as the FCA’s executive director of enforcement and market oversight after seven years with the regulator.
On 17 October 2022, HM Treasury published a draft of the Financial Services (Miscellaneous Amendments) Regulations 2022.
The draft Regulations:
On 18 October 2022, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2022/1959 of 13 July 2022 supplementing the Market Abuse Regulation with regards to regulatory technical standards setting out a contractual template for liquidity contracts for the shares of issuers whose financial instruments are
On 13 October 2022, the Bank of England (the Bank) published the results of its first public supervisory stress test of UK central counterparties (CCPs). The exercise took place over 2021-22 with the clearing services of all UK CCPs, ICE Clear Europe Limited, LCH Limited, and LME Clear Limited, in scope.
The
On 17 October 2022, the European Banking Authority (EBA) published a report setting out its findings following a peer review on information and communication technology (ICT) risk assessment under the supervisory review and evaluation process (SREP).
Key findings from the peer review include: