On 25 January 2023, the European Securities and Markets Authority and the FCA had agreed:
ESMA and the FCA agree new MOUs on benchmarks
FCA speech – Building better foundations in AI
- Last month the FCA published a multi-firm review on diversity and inclusion. The review demonstrated that firms – even those with the best
SARs Annual Report 2022
- The last financial year saw 901,255 SARs received and processed – a 21% increase on the previous year.
- £305.7M denied to suspected criminals as a result of
FCA provides further update on ancillary activities exemption for commodity derivatives
On 24 January 2023, the FCA issued a further update on its website regarding the ancillary activities exemption for commodity derivatives.
The update follows a statement that the FCA published in March 2022 providing an update on the market share test and Handbook Notice No 99. In the statement of March 2022 the FCA
ESMA preliminary data report on the introduction of the market correction mechanism
On 23 January 2023, the European Securities and Markets Authority (ESMA) published a letter that it had sent to Mairead McGuinness, Commissioner in charge of Financial Stability, Financial Services and Capital Markets Union regarding the newly established market correction mechanism (MCM) that it is required to report on under Article 8
Monthly wrap up: France
In our latest monthly wrap up we highlight some of the key regulatory papers published by the Autorité Des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) during the period 3 November to 10 January 2023.
AMF publishes action and supervisory priorities for 2023
On 9
Edinburgh Reforms – SMCR
As part of the Edinburgh Reforms the Chancellor of the Exchequer issued a Ministerial Statement which announced that the Government would launch a review of the Senior Managers and Certification Regime (SMCR) in Q1 2023. The SMCR was introduced by The Financial Services (Banking Reform) Act 2013 (which amended the Financial Services and
Science Based Targets publish financial sector and TCFD reporting guidance
On 19 January 2023, Science Based Targets (SBTi) published financial sector and TCFD reporting guidance.
The SBTi guidance considers climate impact by using backward looking emission-based metrics to quantify financed emissions alongside forward-looking target-based metrics to identify carbon intensive holdings and evaluate alignment to 1.5°C plans and pathways. The Task Force on Climate
FCA announces thematic review of retirement income advice
On 19 January 2023, the FCA announced a thematic review assessing the advice consumers are receiving on meeting their income needs in retirement.
Previously planned work on this topic (known as ‘Assessing Suitability Review 2’) was paused to allow resources to be concentrated on the FCA’s response to the COVID-19 pandemic. This new thematic review
FCA publish Occasional Paper 63: HFTs and dealer banks: liquidity and price discovery in FX trading
On 20 January 2023, the FCA published an Occasional Paper on HFTs and dealer banks: liquidity and price discovery in FX trading.
In this Occasional Paper, the FCA characterises the liquidity provision and price discovery roles of dealers and high frequency traders (HFTs) in the FX spot market during the sample period