Demonstrating its continuing focus on preventing, detecting and punishing market abuse, on 25th January 2023, the FCA announced that it has commenced criminal proceedings against five individuals, alleging that they conspired to commit offences of insider dealing between December 2019 and March 2021. In addition to insider dealing, the five individuals are charged with
On 30 January 2023, the House of Commons’ Treasury Sub-Committee on Financial Services Regulation published correspondence between itself and the PRA and FCA on proposed changes to sustainable investments, broadening access to financial advice, and changes to bank reporting requirements. In relation to its new sustainability labelling proposals, the FCA has stated that one third
On 27 January 2023, the European Securities and Markets Authority (ESMA) issued guidelines that apply in relation to Article 28 of the Money Market Funds Regulation and establish common reference parameters for the stress test scenarios to be included in the stress tests conducted by money market funds (MMFs) or managers
On 30 January 2023, the FCA updated its webpage on Feedback Statement 22/11: Accessing and using wholesale data.
Previously the FCA announced that it would aim to publish the findings of its trade data review alongside launching its wholesale data market study in January 2023. The reason for doing so was because of the resource
On 27 January 2023, the FCA published Handbook Notice 106.
This Handbook Notice discusses the following instruments that the FCA board approved on 26 January 2023:
In relation to the latter instrument it makes
In our latest podcast on the Edinburgh Reforms, Hannah Meakin discusses what the reforms mean from a markets perspective.
On 25 January 2023, the FCA published a new webpage setting out feedback on good and poor quality applications under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs). The feedback is intended to help applicants when they prepare their application for registration.
The webpage covers:
On 25 January 2023, the European Systemic Risk Board (ESRB) issued a recommendation on vulnerabilities in the commercial real estate sector in the EEA. The ESRB has also published a report entitled Vulnerabilities in the EEA commercial real estate sector. The ESRB recommends that EU and Member State competent authorities improve the
On 25 January 2023, the FCA published the results of its review of the Consumer Duty implementation plans of larger ‘fixed’ firms with a dedicated FCA supervision team. The FCA conducted this review to better understand firms’ approach to embedding the Consumer Duty within their businesses. The FCA has published the findings of the review