On 25 October 2023, the European Securities and Markets Authority (ESMA) published a summary of the findings from a fact-finding exercise on corporate reporting practices under the Taxonomy Regulation (Regulation (EU) 2020/852).
As part of its objective to coordinate European supervision and enforcement activities related to disclosures under the Taxonomy Regulation, ESMA collected
On 25 October 2023, the Financial Markets Law Committee (FMLC) published a letter to HM Treasury (HMT) highlighting areas of legal uncertainty relating to the Financial Collateral Arrangements Regulations (FCARs) and asking for them to be addressed.
The FMLC notes that the interpretation of certain elements of the FCARs
On 26 October 2023, the PRA published feedback statement FS2/23: Artificial intelligence (AI) and machine learning.
FS2/23 provides a summary of the responses received to the PRA and FCA’s joint discussion paper 5/22 on AI and machine learning (DP5/22), which was published in October 2022 in order to further their
The Economic Crime and Corporate Transparency Act 2023 (the Act), which includes the failure to prevent fraud offence (the FTPF Offence), has received Royal Assent.
Overview
The FTPF Offence will make an organisation liable if it fails to prevent a specified fraud offence from being committed where: (i) an employee or agent commits
September 2023 was a busy month for regulators in the financial services space. ASIC called on licensees to strengthen remediation procedures, issued new legislative instruments to replace sunsetting class orders, and released its 2023 annual licensing report. Meanwhile, APRA announced various new and proposed updates to its prudential standards and commenced consultation on a range
On 25 October 2023, the FCA published a warning regarding common issues with crypto marketing, after a new regime came into effect which brought such promotions under its remit.
Since 8 October 2023, when the FCA began supervising firms against the new regime, it has identified 3 common issues with crypto asset financial promotions including:
On 25 October 2023, the European Securities and Markets Authority (ESMA) published a report: The heat is on: Disclosure of climate-related matters in the financial statements.
The report aims to assist and enhance the ability of issuers to provide more robust disclosures and create more consistency in how climate-related matters are accounted for
In the third podcast in our DE&I series, Simon Lovegrove and Hannah McAslan-Schaaf cover the interplay between the regulatory focus on diversity and inclusion and individual accountability.