November 2023

On 30 November 2023, the FCA published the latest edition of the Regulatory Initiatives Grid from the Financial Services Regulatory Initiatives Forum. The Forum is made up of representatives of the Bank of England, the Competition and Markets Authority, the FCA, the Financial Reporting Council, HM Treasury, the Information Commissioner’s Office, the Payment Systems Regulator

On 30 November 2023, the FCA published a statement on communications in relation to packaged retail and insurance-based investment products (PRIIPs) and undertakings for collective investment in transferable securities (UCITS).

The statement relates to concerns raised about costs and charges disclosure in the PRIIPs Key Information Document, the UCITS Key Investor

On 30 November 2023, the European Banking Authority (EBA) published a statement in the context of COP 28. In its statement, the EBA highlights its efforts to integrate sustainability aspects in many areas of its work, including risk management, disclosures, supervisory practices, climate stress testing and the Pillar 1 framework.

On 29 November 2023, the House of Commons Environmental Audit Committee published its report on the financial sector and the UK’s net zero transition.

The report follows an inquiry, launched by the Committee in May 2022 to examine the role of financial institutions in meeting the UK Government’s climate and environment targets.

In this report

On 29 November 2023, the European Commission published a targeted consultation document – Selection of a unique product identifier for public transparency in over-the-counter (OTC) derivatives transactions.

The provisional agreement on the reform of the Markets in Financial Instruments Regulation includes reforms to the scope of pre- and post-trade transparency reporting for OTC

On 29 November 2023, the European Banking Authority (EBA) published a consultation paper on draft regulatory technical standards (RTS) on the conditions for assessing the materiality of extensions and changes to the use of alternative internal models and changes to the subset of the modellable risk factors referred to in Article

On 29 November 2023, the Basel Committee on Banking Supervision (Basel Committee) published a consultative document – Disclosure of climate-related financial risks.

The Basel Committee is analysing how a Pillar 3 disclosure framework for climate-related financial risks would further its mandate to strengthen the regulation, supervision, and practices of banks worldwide with the

On 29 November 2023, the FCA published Consultation Paper CP23/24 on Capital deduction for redress: personal investment firms (PIFs).

The consultation sets out the FCA’s proposals to require PIFs to be more prudent and set aside capital for potential redress liabilities at an early stage. The changes are being proposed due to the