On 19 December 2022, the FCA published Consultation Paper CP22/28: Remuneration; Ratio between fixed and variable components of total remuneration.
In CP22/28, the FCA sets out its joint proposed rule changes with the PRA to remove the existing limits on the ratio between fixed and variable components of total remuneration (the ‘bonus cap’). The
On 19 December 2022, there was published in the Official Journal of the European Union (OJ) Implementing Regulation (EU) 2022/2453 amending the implementing technical standards laid down in Implementing Regulation (EU) 2021/637 as regards the disclosure of environmental, social and governance risks.
This Regulation shall enter into force on the twentieth day following
On 19 December 2022, there was published in the Official Journal of the European Union, Commission Implementing Regulation (EU) 2022/2454 laying down implementing technical standards for the application of Directive 2002/87/EC of the European Parliament and of the Council with regard to supervisory reporting of risk concentrations and intra-group transactions.
This Regulation shall enter into
On 19 December 2022, the European Central Bank (ECB) published a report on good practices for climate stress testing.
According to the report, climate stress testing exercises have emerged as a key tool for supervisors to assess the impact of climate-related risks on the banking system. The 2022 ECB climate stress test (
On 14 December 2022, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published amendments to the Further Regulation on Conduct of Business Supervision of Financial Undertakings AFS (Nadere Regeling gedragstoezicht financiële ondernemingen Wft, the Further Regulation).
The amendments concern the (1) Key Information Document (
We have now updated our two guides on the Alternative Investment Fund Managers Directive (AIFMD), which has now been in force for approximately nine years. Both guides are now in their fifth iteration.
The first guide considers whether the AIFMD marketing passport is working in practice and is a useful tool for managers
On 24 November 2022, following an application from an insurer and further consultation with industry, consumers and government stakeholders, ASIC introduced the ASIC Corporations (Financial Services Guides) Instrument 2022/910 (Instrument) to provide relief to certain Authorised Representatives of Australian financial services licensees (ARs) from complying with the requirement to provide a
On 16 December 2022, the Financial Ombudsman Service (FOS) published a consultation on strategic plans and budget for 2023/24. The document includes the volumes of complaints the FOS expects to receive and resolve, and the amounts it plans to raise through its levy and its case fees. The consultation is open until 31
On 16 December 2022, the European Banking Authority (EBA) published its closure report of COVID-19 measures.
The closure report provides an overview of the policy measures taken during the COVID-19 pandemic, their state of play and the path out of policy support. The closure report is accompanied by an update to the