February 2024

On 28 February 2024, the Payment Systems Regulator (PSR)’s Managing Director, Chris Hemsley, delivered a speech at the Fraud Leader’s Summit in which he discussed the new requirements the PSR is bringing in later this year to tackle authorised push payment (APP) scams.

Mr Hemsley opened the speech by outlining how

On 28 February 2024, the Quoted Companies Alliance (QCA) published its response to the FCA Consultation Paper CP23/31 on the Primary Markets Effectiveness Review.

The response overall welcomes the FCA’s proposals for widening the sponsor competency requirements in the new listing regime. However, it flags that the proposals would benefit from being more

On 28 February 2024, a statutory instrument (SI) – the Russia (Sanctions) (EU Exit) (Amendment) (Regulations) 2024 – was published on legislation.gov.uk. The SI amends the Russia (Sanctions) (EU Exit) Regulations 2019.  

The SI was published alongside an explanatory memorandum, which notes that the legislation will ban the import of Russian diamonds

On 28 February 2024, the Financial Markets Standards Board (FMSB) published for consultation a transparency draft of a standard for client onboarding documentation and processes. The draft identifies current inefficiencies within the UK’s regulatory requirements and guidance for ‘Know Your Client’ (KYC) due diligence. The shortcomings highlighted include:

  • The guidance rarely

On 27 February 2024, the European Parliament published the text of a legislative resolution confirming that it had adopted at first reading the attached text of the proposed Directive amending the Bank Recovery and Resolution Directive and the Regulation establishing the Single Resolution Mechanism, as regards certain aspects of the minimum requirement for own funds

In our 2024 FinTech Outlook, our lawyers from across Europe, the Middle East, Asia and the US share their insights on what to expect across the regulatory landscape in relation to FinTech and cryptoassets in 2024.

On 27 February 2024, the Financial Stability Board (FSB) published a Peer Review Report on the Thematic Review on Money Market Fund (MMF) Reforms. The peer review takes stock of the measures adopted or planned by FSB member jurisdictions in response to the 2021 FSB report Policy Proposals to Enhance MMF

On 26 February 2024, the Financial Action Task Force (FATF) announced it is considering revisions to Recommendation 16 (R.16), its Interpretive Note (INR.16) and the related glossary of specific terms, to adapt them to the changes in payment business models and messaging standards.

In the press release, the FATF

On 20 February 2024, the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2024 (the Order) was published, along with an explanatory memorandum. The Order amends the regulatory framework, to make operating a pension dashboard service which connects to the Money and Pensions Service (MaPS) dashboards digital architecture a

On 27 February 2024, the European Securities and Markets Authority (ESMA) published a final report which takes into account the feedback provided by respondents to its earlier consultation paper on draft technical advice to the European Commission (Commission) on fees charged to Tier 1 third-country central counterparties (CCPs) under