The Financial Services and Markets Bill, which was laid in front of Parliament in July 2022 and is expected to be finalised in the coming months, includes the introduction of a new designated activities regime (DAR). The DAR’s initial aim is to bring activities that are currently regulated under retained EU law into
On 21 March 2023, the FCA published a speech by its director of consumer investments, Therese Chambers, delivered at the TISA Financial Advice and Guidance Conference in London.
In her speech, Ms Chambers notes that although the reforms implemented as part of the Retail Distribution Review a decade ago have had positive impacts, it is
On 22 March 2023, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2023/662 of 20 January 2023 amending Delegated Regulation (EU) 2015/63 as regards the methodology for the calculation of liabilities arising from derivatives.
Regulation (EU) 2019/876 included an amendment to the Capital Requirements Regulation
The FCA’s discussion paper DP23/2, which is open for comment until 22 May 2023, sets out a range of proposals to reform the UK regulatory regime for asset managers and funds. The DP follows the government’s conclusion in December 2022 of its Future Regulatory Framework review and is intended to help the FCA decide how
On 21 March 2023, the European Securities and Markets Authority (ESMA) published a speech, given by Verena Ross, entitled ‘The macro-prudential supervision of investment funds – from a global debate to a balanced European regulatory frameworks’. In particular, Ms Ross discusses how remaining vulnerabilities of open-ended funds (OEFs) are being
On 21 March 2022, the European Banking Authority (EBA) published a Consultation Paper (CP) on draft Implementing Technical Standards (ITS) amending Regulation (EU) 2021/453 with regard to the specific reporting requirements for market risk.
As the full implementation of the Fundamental Review of the Trading Book (FRTB)
On 21 March 2023, the FCA published an update on its operating service metrics for authorisations timelines.
Using a ‘Red/Amber/Green’ (RAG) rating system, the update notes that, for 2021/22, there were 8 green metrics, 5 amber and 6 red. In January/February 2023, 12 were green, 5 amber and 2 red. The FCA expects
In line with indications that it will prioritise enforcement in the coming year, the Office of Financial Sanctions Implementation (OFSI) has expanded its enforcement guidance concerning the approach it takes when assessing potential breaches of financial sanctions.
Earlier this month, OFSI amended its “OFSI enforcement and monetary penalties for breaches of financial