On 29 March 2023, the FCA announced updates on its Sustainability Disclosure Requirements (SDR) and investment labels consultation, including feedback on the proposals and planned timings for the Policy Statement.
Due to the “significant response” received to the consultation, the FCA intends to publish the Policy Statement in Q3 2023, and the proposed
On 30 March 2023, HM Treasury published a draft of The Financial Services and Markets Act 2000 (Commodity Derivatives and Emission Allowances) Order 2023, along with a draft explanatory memorandum. The draft statutory instrument (SI) amends the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO), which specifies
On 30 March 2023, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) jointly published Discussion Paper 1/23: Review of the Senior Managers and Certification Regime (DP23/3). DP23/3 follows the Government’s announcement in December 2022, as part of the Edinburgh Reforms, that HM Treasury, the FCA and
On 30 March 2023, HM Treasury published a Call for Evidence (CfE) on the Senior Managers and Certification Regime (SMCR). The CfE follows the Government’s announcement in December 2022, as part of the Edinburgh Reforms, that HM Treasury, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (
On 30 March 2023, the Government published the Economic Crime Plan 2 for 2023- 2026.
The Economic Crime Plan 2 builds on the foundations of its predecessor with new actions to improve the system-wide response to economic crime through enhanced cooperation between Government, law enforcement, supervisory agencies and the private sector.
The Economic Crime Plan
On 30 March 2023, the FCA updated its webpage on Policy Statement 22/13: Calculating redress for non-compliant pension transfer advice.
The webpage has been updated to include a section on defined benefit (DB) pension transfer redress calculations.
The section clarifies the rules and guidance in DISP Appendix 4 that firms must use from
On 29 March 2023, the European Securities and Markets Authority (ESMA) published a Final Report on draft Regulatory Technical Standards (RTS) on business reorganisation plans in accordance with Articles 37(4) and 38(4) of Regulation (EU) 2021/23 on a framework for the recovery and resolution of central counterparties (CCPRRR).
With
On 29 March 2023, the FCA published a speech by its CEO, Nikhil Rathi, at the Global Investment Management Summit. The speech is entitled Reforming the capital markets ecosystem.
In his speech Mr Rathi calls on firms to engage with the FCA’s review of the asset management framework with the regulator wanting targeted reforms
On 29 March 2023, the Bank of England (BoE) and the Prudential Regulation Authority (PRA) published the thematic findings from the 2022 cyber stress test (CST22). The findings are intended to support individual and collective work to improve the financial sector’s response to and recovery from incidents.
Regular cyber
On 29 March 2023, the European Banking Authority published a speech by its chair, José Manuel Campa, entitled Our path to the future of EU-wide stress testing. In his speech Mr Campa explains where the EBA is on the 2023 EU-wide stress test which is currently on-going. This includes some of the main changes