On 22 April 2024, a statutory instrument – the Financial Services and Markets Act 2000 (Disapplication or Modification of Financial Regulator Rules in Individual Cases) Regulations 2024 (the SI) – was published.
The Financial Services and Markets Act 2023 (FSMA 2023) introduced several new legislative powers which work together as a set
On 22 April 2024, a draft statutory instrument, the Securitisation (Amendment) Regulations 2024 (the draft SI), which makes amends to the Securitisation Regulations 2024, was published alongside a draft Explanatory Memorandum.
The draft SI forms part of HM Treasury’s programme to deliver a Smarter Regulatory Framework for financial services. The Securitisation Regulations
On 21 April 2024, the House of Commons Treasury Committee published a press release and related correspondence highlighting a ‘surge’ in the number of complaints received by the Financial Ombudsman Service (FOS) in relation to debanking.
The Committee flags that data provided in a letter from Abby Thomas, Chief Executive of the FOS
On 22 April 2024, there was published in the Official Journal of the European Union (OJ) Directive (EU) 2024/1174 amending the Bank Recovery and Resolution Directive and the Resolution establishing the Single Resolution Mechanism as regards certain aspects of the minimum requirement for own funds and eligible liabilities. The Directive is sometimes known
On 22 April 2024, the Bank of England (BoE) published a speech by Nathanael Benjamin, its Executive Director of Financial Stability Strategy and Risk, on the private equity market and its growth in size, complexity and interconnectedness, as well as its role in financing companies. The speech outlines recent developments and asks questions
On 22 April 2024, the Financial Markets Standards Board (FMSB) published its final Statement of Good Practice (SoGP)for the application of a model risk management framework to electronic trading algorithms.
The FMSB was established in 2015 in light of the recommendations of the Fair and Effective Markets Review in the UK
On 22 April 2024, the Financial Conduct Authority (FCA) published a speech by its chief executive, Nikhil Rathi, entitled ‘Navigating the UK’s Digital Regulation Landscape: Where are we headed?’. In the speech, Mr Rathi announced the FCA’s plans to focus on Big Tech, which are included in Feedback Statement FS24/1 (published alongside the
The SFO has published its 5-year strategy document (the Strategy Document), highlighting a number of areas of focus, from international coordination with counterparts to capitalising on technology and incentivising their workforce.
This follows Director of the SFO, Nick Ephgrave’s, speech in February 2024 setting out key priorities (see our recent Investigations and Enforcement horizon
On 19 April 2024, the Joint Regulatory Oversight Committee (JROC) published a report containing its recommendations for the open banking future entity.
The report follows a consultation with industry through the Future Entity Working Group, which presented its findings to the JROC in December 2023.
In the report the JROC is consulting on