May 2023

On 26 May 2023, HM Treasury (HMT) published a policy paper outlining amendments to the Financial Services and Markets Bill (FSM Bill), concerning overseas central counterparties (CCPs).

In January 2023, HMT introduced an amendment to the FSM Bill which, if enacted, would give the Bank of England (the

On 25 May 2023, the European Banking Authority (EBA) published a Consultation Paper containing draft implementing technical standards amending Implementing Regulation 2016/1799 on the mapping of External Credit Assessment Institutions (ECAIs) credit assessments under Article 136(1) and (3) of the Capital Requirements Regulation.

The proposed amendments reflect the outcome of a

On 25 May 2023, the European Commission published Commission Delegated Regulation (EU) of 25 May 2023 supplementing the Investment Firms Directive with regard to regulatory technical standards specifying the measurement of risks or elements of risks not covered or not sufficiently covered by the own funds requirements set out in parts three and four of

On 25 May 2023, the FCA published Consultation Paper CP23/13: Strengthening protections of borrowers in financial difficulty: Consumer credit and mortgages, which sets out proposed changes to FCA sourcebooks to reflect the planned withdrawal of the Tailored Support Guidance (TSG).

Introduction

During the coronavirus pandemic the FCA introduced the TSG to make

On 25 May 2023, the Financial Services Compensation Scheme (FSCS) published its latest Outlook update, containing revised compensation and levy forecasts for 2023/24.

The FSCS has revised its levy forecast for 2023/24 to £270m. Whilst this is a reduction from the initial estimates the FSCS shared in November 2022, it still expects to

On 23 May 2023, the Securities and Futures Commission (the SFC) published its much anticipated consultation conclusions (the Consultation Conclusions) on the proposed regulatory requirements for virtual asset (VA) trading platform operators (Platform Operators).  The new licensing regime for Platform Operators under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance

On 25 May 2023, the European Securities and Markets Authority (ESMA) published a statement highlighting the risks arising from the provision of unregulated products and/or services by investment firms. ESMA is concerned that the practice of investment firms offering products and services that are not regulated gives rise to both investor protection and

On 25 May 2023, a group of central banks, together with the Bank for International Settlements, published a paper on central bank digital currencies (CBDC): ongoing policy perspectives.

Since publishing (i) a report in October 2020 setting out the common foundational principles and core features of a CBDC, and (ii) an executive summary

On 24 May 2023, the European Securities and Markets Authority (ESMA) published a final report on the 2022 Common Supervisory Action (CSA) on valuation.

Introduction

In January 2022, ESMA launched a CSA with Member State national competent authorities (NCAs) on the supervision of the asset valuation rules under the