On 30 May 2024, the Council of the EU announced that it has adopted the Directive updating the Capital Requirements Directive as regards supervisory powers, sanctions, third-country branches, and environmental, social and governance risks (CRD VI) and the Regulation updating the Capital Requirements Regulation as regards requirements for credit risk, credit valuation adjustment
On 30 May 2024, the Council of the EU announced that it has adopted a package of new anti-money laundering (AML) rules aimed at protecting EU citizens and the EU’s financial system against money laundering and the financing of terrorism.
The package of legislation consists of:
On 30 May 2024, four Commission Delegated Regulations supplementing the Regulation on markets in cryptoassets (MiCAR) were published in the Official Journal of the EU.
The Delegated Regulations supplement MiCAR in relation to the following topics:
On 30 May 2024, the European Securities and Markets Authority (ESMA) issued a statement providing initial guidance for firms that use artificial intelligence (AI) technologies when providing investment services to retail clients.
ESMA states that, when using AI, it expects firms to comply with relevant MiFID II requirements, particularly in relation
On 30 May 2024, the Single Resolution Board (SRB) published its Multi-Annual Plan 2024-2028, setting out its priorities and activities over the next five years based on the Single Resolution Mechanism (SRM) Vision 2028 strategy, as well as the SRB’s core mission and tasks.
The SRB explains that there will be
On 30 May 2024, two Commission Delegated Regulations supplementing the Regulation on digital operational resilience for the financial sector (DORA) were published in the Official Journal of the EU.
The Delegated Regulations supplement DORA in relation to the following topics:
On 29 May 2024, the Payment Systems Regulator (PSR) published a policy statement, PS24/1, setting out its decision to update the list of legal entities subject to Specific Directions 14, 15 and 16, which were the remedies introduced in 2022 as a result of the PSR’s card acquiring market review.
Those Directions were
On 29 May 2024, a new statutory instrument (SI) – the Financial Services and Markets Act 2000 (Commodity Derivatives and Emission Allowances) (Amendment) Order 2024 – was published on legislation.gov.uk, along with an explanatory memorandum.
Background to the SI
HM Treasury (HMT) made changes in May 2023, through the Financial
On 24 May 2024, the Digital Markets, Competition and Consumers Bill received Royal Assent.
The Bill, which was introduced in April 2023, is intended to create a regime to empower the Competition and Markets Authority (CMA) to regulate and increase competition in digital markets. It also updates powers to enforce competition
On 29 May 2024, the European Securities and Markets Authority (ESMA) issued a statement reminding issuers about the legislative framework that applies to ‘pre-close calls’ and encouraging them to follow good practices during those calls, with the aim of helping maintain fair, orderly and effective markets.
ESMA published the reminder after recent news