On 21 August 2023, the European Central Bank (ECB) announced that it is consulting on a draft guide on financial conglomerate reporting of significant risk concentrations and intragroup transactions.
The draft guide aims to provide consistency, coherence, effectiveness, and transparency regarding the approach the ECB will take where it has been appointed coordinator
The months of June and July have seen a flurry of regulatory developments. Treasury has committed to adopting the bulk of the Quality of Advice Review Recommendations, published its second consultation paper on climate disclosure and has announced its intention to uplift Superannuation Performance Testing. As expected with the close of the financial year, disclosure
On 18 August 2023, the Bank of England (BoE) published its response on the feedback received to its December 2022 consultation on its supervisory approach to wholesale cash distribution (WCD). The BoE has also published a Statement of Policy on the BoE’s supervisory approach to market oversight for WCD.
In its
Introduction
On 18 August 2023, HM Treasury published a Cash Access Policy Statement setting out the government’s policy concerning access to cash deposit and withdrawal services for relevant personal and business current accounts across the United Kingdom (UK). The Policy Statement is also intended to inform the FCA’s approach, including in relation to
Summary
There has been a recent trend of greater regulatory enforcement for international companies that “carry on a business (or part of a business) in the UK”. We have set out in this article the relevant UK legislation and authorities that can enforce against international companies, with a particular focus on how these
On 17 August 2023, the FCA published on its website a statement setting out its expectations for UK cryptoasset businesses complying with the Travel Rule.
From 1 September 2023, cryptoasset businesses in the UK will be required to collect, verify and share information about cryptoasset transfers, known as the ‘Travel Rule’.
The statement provides that
On 16 August 2023, the Financial Stability Board (FSB) published summary terms of reference for a thematic peer review on money market fund (MMF) reforms. The peer review will take stock of the measures adopted by FSB member jurisdictions to enhance MMF resilience in response to the FSB’s 2021 policy proposals
On 15 August 2023, the FCA published a research note on interest only mortgages, which provides an analysis of FCA mortgage data.
The research note sets out an analysis of the FCA’s data on the population of regulated interest-only mortgages that existed on 31 December 2022. It is a factual analysis, based on the mortgage
On 15 August 2023, the FCA published a letter requesting information on Politically Exposed Persons (PEPs).
The letter sets forth that, following Royal Assent of the Financial Services and Markets Act 2023 (the Act) on 29 June 2023, the FCA will be undertaking a review, which will assess how FCA regulated