On 28 September 2023, the FCA published a portfolio letter addressed to the CEOs of corporate finance firms (CFFs). The letter outlines the harms to consumers and markets that the FCA thinks are most likely to arise from the business models of CFFs, and sets out its strategy to address these harms and
On 28 September 2023, the FCA published data on improving the appointed representatives (ARs) regime through greater use of data.
The publication includes data from the FCA’s 2021 and 2022 data requests sent to principal firms and authorisation information collected from firms. It also outlines how the FCA is improving the AR regime
Introduction
On 28 September 2023, HM Treasury published a consultation setting out near-term proposals for the UK ring-fencing regime. It also set out the responses to its earlier call for evidence on the longer-term future of the ring-fencing regime. The PRA also published a consultation in respect of third-country branches and subsidiaries within ring-fenced body
On 28 September 2023, the European Securities and Markets Authority (ESMA) published its Annual Work Programme for 2024.
In its Annual Work Programme, ESMA sets out the following objectives for 2024:
On 28 September 2023, the European Commission published Commission Implementing Regulation (EU) of 26 September 2023, laying down implementing technical standards for the application of Article 16(1) of the Credit Servicers Directive with regard to the templates to be used by credit institutions for the provision to buyers of information on their credit exposures
On 27 September 2023, the FCA published a new webpage: Financial promotions for high-risk investments, outlining the findings from the FCA’s review of how firms offering restricted mass market investments (RMMIs) have complied with new rules on the customer journey. The webpage also identifies examples of good and poor practice for the
On 27 September 2023, the City of London Corporation and the FCA announced the launch of an authorised push payment (APP) synthetic dataset to develop products and services that can minimise fraud.
The dataset will be hosted on the FCA’s permanent Digital Sandbox and provides a foundation to better understand how useful data
On 27 September 2023, there was published in the Official Journal of the European Union (OJ) Commission Implementing Regulation (EU) 2023/2056 of 26 September 2023 amending the implementing technical standards laid down in Commission Implementing Regulation (EU) No 945/2014 as regards an update of the list of relevant appropriately diversified indices in accordance
On 27 September 2023, the European Supervisory Authorities (ESAs) co-published a report on the landscape of information and communication technology (ICT) of third-party providers (TTP) in the EU.
The report sets out the results of a high-level analysis, carried out by the ESAs together with Member State competent authorities
On 27 September 2023, the European Systemic Risk Board (ESRB) published advice on the prudential treatment of environmental and social risks.
The advice highlights the specificity of risks related to climate change, which can be expected to become an important driver of broader environmental and social risks, and the challenges of tackling such