On 28 April 2023, the FCA published Handbook Notice No 109.
The Handbook Notice describes the changes to the FCA Handbook and other material made by the FCA Board under its legislative and other statutory powers.
On the 27 April 2023, the Board of the FCA made the relevant changes to the Handbook as
On 28 April 2023, the FCA published a new webpage on accepting pension transfer referrals from overseas advisers: UK authorised firms’ responsibilities.
The new webpage highlights the increased risks to consumers when overseas firms refer defined benefit scheme members to UK firms for pension transfer advice. The webpage also sets forth the FCA’s expectations of
On 28 April 2023, the European Central Bank (ECB) published an opinion in response to the European Commission’s (the Commission) proposal for a regulation amending Regulation (EU) No 648/2012, (EU) No 575/2013 and (EU) 2017/1131 as regards excessive exposures to third-country central counterparties (CCPs) and improve the efficiency of Union
On 26 April 2023, the FCA updated its webpage on UK EMIR. The webpage now contains a new section, ‘Amended UK EMIR Reporting Rules: Final validation rules and schemas’.
The new section notes that, following publication of the joint FCA/Bank of England Policy Statement (PS23/2) alongside final Technical Standards and new rules for Trade
On 27 April 2023, HM Treasury published a consultation paper on its proposals for a new unauthorised contractual scheme, the Reserved Investor Fund.
In its response to the UK funds regime review call for input on 10 February 2022, the government committed to undertaking further work to explore options for the introduction of a new
In light of recent market developments, firms in the FinTech space should be taking steps to review and enhance as needed their internal governance arrangements since these are key to mitigating the risk of misconduct and mistakes and consequential investigations, enforcement and claims, which can significantly impact not only the business but also its staff.
On 27 April 2023, the FCA published a speech by Roma Pearson (Director of Consumer Finance, FCA) entitled A credit market that delivers for consumers.
Key points in the speech include:
On 27 April 2023, the European Banking Authority (EBA) published an opinion in response to an earlier letter from the European Commission which notified the European Supervisory Authority that it would be adopting, with amendments, the final draft Regulatory Technical Standards (RTS) specifying supervisory shock scenarios, common modelling and parametric assumptions
On 27 April 2023, there was published in the Official Journal of the European Union (OJ) Decision (EU) 2023/864 of the European Central Bank of 13 April 2023 amending Decision ECB/2014/16 concerning the establishment of an administrative board of review and its operating rules (ECB/2023/11). This Decision enters into force on the twentieth
On 27 April 2023, the Financial Stability Board (FSB) published a statement to encourage final preparations for the USD LIBOR transition.
The statement highlights the following: