On 27 November 2023, the Financial Stability Board (FSB) published the 2023 list of global systemically important banks (G-SIBs). FSB member authorities apply the following to G-SIBs: high capital buffer, total loss-absorbing capacity, group wide resolution planning and regular resolvability assessments and higher supervisory expectations including for risk management functions. The
On 27 November 2023, the Basel Committee on Banking Supervision published material related to the identification of the 2023 global systemically important banks (G-SIB), including updated denominators used to calculate banks’ scores, the thresholds used to allocate the banks to buckets and the values of the 13 high-level indicators of all banks in
On 27 November 2023, the Basel Committee on Banking Supervision (Basel Committee) published a supervisory newsletter on the adoption of the Principles for Operational Resilience (POR) and the revised Principles for the Sound Management of Operational Risk (PSMOR). The newsletter reports on the Basel Committee’s evaluation of the POR
Last month the FCA announced that it had fined Equifax Limited £11,164,400 for failing to manage and monitor the security of UK consumer data it had transferred to its parent company based in the US, Equifax Inc, for processing. In our latest podcast in this series, Catherine Pluck discusses with Katie Stephen and Rosie Nance
On 24 November 2023, a Technology Working Group of industry experts established by HM Treasury’s Asset Management Taskforce issued a report, UK Fund Tokenisation – A Blueprint for Implementation.
Tokenisation refers to the issuing of units that are recorded on a distributed ledger, as opposed to units that are recorded on more traditional systems
On 24 November 2023, the PRA and FCA issued consultation papers on prudential assessment of acquisitions and increases in control.
The PRA consultation paper is PRA CP25/23 and the FCA consultation paper is FCA CP23/23.
Part XII of the Financial Services and Markets Act 2000 (FSMA) establishes the UK legal framework for
The Bank of England (BoE) co-operates with the FCA to supervise financial market infrastructure (FMI) and the framework for this cooperation is set out in a memorandum of understanding (MoU). The BoE and FCA must review the MoU annually to confirm whether the intended arrangements are proving effective.
On
On 24 November 2023, the European Banking Authority (EBA) issued a public consultation on new guidelines on preventing the abuse of funds and certain crypto-asset transfers for money laundering and terrorist financing purposes.
Regulation (EU) 2023/1113 on information accompanying transfers of funds and certain crypto-assets recasts Regulation (EU) 2015/847 and extends its scope
On 23 November 2023, the UK Parliament published the Alternative Investment Fund Designation Bill, which has been introduced to Parliament.
This is Private Member’s Bill, intended to amend the Alternative Investment Fund Managers Regulations 2013 (which implemented the Alternative Investment Fund Managers Directive in the UK) to remove listed investment companies from Alternative Investment