In our EMEA regulatory insights series colleagues from our EMEA offices provide an update on the key regulatory issues they are seeing in their local market. In this second episode Matthew Shanahan and Hasanali Pirbhai from our Dubai office discuss what they are seeing in the UAE market touching on enforcement, anti-money laundering, ESG, funds
On 24 October 2023, the FCA updated its webpage on UK SFTR news.
The updated webpage notes that, on 1 August 2023, the FCA published draft UK SFTR Validation Rules and XML schemas to support the ongoing reporting of securities financing transactions under the UK SFTR and invited comments from stakeholders. The amendments were
On 23 October 2023, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2023/2222 of 14 July 2023 extending the transitional period laid down for third-country benchmarks in Article 51(5) of the EU Benchmarks Regulation.
The Commission Delegated Regulation extends the transitional period by two years
On 23 October 2023, the European Council announced that it has approved the European Parliament’s position on proposed legislation intended to make it safer to contract financial services online or by phone.
The proposed directive amends the Consumer Rights Directive (CRD) and repeals the Directive concerning the distance marketing of consumer financial services
On 23 October 2023, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) published a joint Policy Statement (joint PS) on Remuneration: Ratio between fixed and variable components of total remuneration (‘bonus cap’) (PRA PS9/23 and FCA PS23/15).
The joint PS is relevant to banks, building societies
On 23 October 2023, the Prudential Regulation Authority (PRA) published Policy Statement PS13/23: Updating UK Technical Standards on the identification of global systemically important institutions (G-SIIs). PS13/23 provides feedback to responses to Consultation Paper CP16/23, which was published in July 2023, and sets out the PRA’s final policy to
On 13 June 2023, the European Commission (Commission) published a proposal for a Regulation on Environmental, Social and Governance (ESG) ratings. The legislative proposal lays out a regulatory framework for the provision of ESG ratings in the EU. The main aim of the proposal is to improve the transparency of ESG
On 24 October 2023, the FCA published Feedback Statement FS23/5: Findings of review of rules extending small and medium-sized enterprises (SME) access to the Financial Ombudsman Service (FOS). FS23/5 sets out the FCA’s findings on whether the thresholds for SMEs to be able to refer complaints to the FOS remain appropriate.
