On 31 January 2023, the Bank of England (BoE) published Consultation Paper CP2/23 – Moving Senior Managers Regime forms from the Prudential Regulation Authority (PRA) Rulebook.
CP2/23 sets out the PRA’s proposals to remove certain Senior Managers and Certification Regime (SM&CR) forms from the PRA Rulebook and to extend
On 31 January 2023, the Bank of England (BoE) published a letter sharing the thematic findings from the latest annual cycle of CBEST assessments conducted by the BoE, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) (collectively, the regulators) on participating banks, insurers, asset and
On 31 January 2023, the European Banking Authority (EBA) issued three new Q&As which together with three existing Q&As clarify the application of strong customer authentication (SCA) to the enrolment of a payment card to a digital wallet and to the initiation of payment transactions with digitised versions of a payment
On 31 January 2023, the European Banking Authority (EBA) issued a consultation on draft implementing technical standards (ITS) on supervisory reporting with respect to the IRRBB. The draft ITS have been developed in accordance with Article 430(7) of the Capital Requirements Regulation, which mandates the EBA to develop uniform formats, definitions
On 31 January 2023, the European Securities and Markets Authority (ESMA) issued a consultation on the review of the methodology included in the guidelines on stress test scenarios under the Money Market Fund Regulation. The proposed changes concern amendments to the liquidity scenario which is intended to take into account the interaction between
On 30 January 2023 the Council of the EU published a Corrigendum to Commission Delegated Regulation of 5 October 2022 supplementing the Capital Requirements Regulation with regard to regulatory technical standards specifying the types of factors to be considered for the assessment of the appropriateness of risk weights for exposures secured by immovable property and
On 16 January 2023, the Emirates Securities and Commodities Authority overhauled its investment funds regime by issuing a number of important new regulations. The changes are extensive. We have published a briefing note which sets out the most important changes for foreign fund managers or distributors seeking to distribute foreign funds in the United Arab
In April we published a briefing note that reported on the Dubai Financial Services Authority’s (DFSA) consultation paper on the regulation of crypto-tokens (CP143). Despite being only 50 pages CP143 covered a wide range of issues including what a crypto-token is, how they can be marketed and the regulatory requirements applicable
Buy now pay later (BNPL) is a sort of short-term financing that allows consumers to make purchases and pay for them at a later date. There are a different models for BNPL products. Generally these are categorised into split pay, pay later, long-term financing at 0% annual percentage rate, longer-term financing with subsidized interest or
On 12 December 2022, the UAE Government issued Cabinet Resolution No.111 of 2022 on the regulation of Virtual Assets and Service Providers (the VA Resolution, published in issue no.741 of the UAE Federal Gazette dated 15 December 2022) which comes into force on 14 January 2023 (30 days after publication). The main aim of the