Authors: Ray Giblett, James Morris, Liz Hastilow, Rajaee Rouhani, Jeremy Moller, Charles Nugent-Young, Merren Taylor, Timothy Chan, Joshua Kan, Liam Mackay, Mia Blundell and Marc Kopelowitz.
The months of May and June saw several significant developments in the financial services regulatory landscape. Notably, ASIC focused its attention on ESG-related concerns, with Chair Joe Longo
On 30 July 2024, the Law Commission published a supplemental report and draft Bill that, if implemented, would confirm the existence of a third category of personal property into which certain digital and other assets could fall. This follows the publication in June 2023 of the Commission’s final report on digital assets, which set
On 30 July 2024, the Complaints Commissioner, Rachel Kent, published her Annual Report for 2023/24: Reviewing how the financial services regulators consider complaints.
In her first report since taking over the role, the Commissioner notes that she will be pursuing a focussed operations plan and strategy over the coming year, with the aim of
On 30 July 2024, the Prudential Regulation Authority (PRA) published a consultation paper, CP11/24, on International firms: Updates to Supervisory Statement (SS5/21) and branch reporting.
SS5/21 sets out its approach to supervising international banks with activities in the UK. CP11/24 proposes targeted updates to reflect developments since SS5/21 was published
On 30 July 2024, the Prudential Regulation Authority (PRA) and Bank of England (BoE) announced that they have established a new cost benefit analysis panel (CBA Panel).
The CBA Panel will provide advice on the preparation of cost benefit analysis (CBA) when the PRA and BoE propose
On 30 July 2024, the Bank of England (BoE) published a discussion paper (DP) on its approach to innovation in money and payments. The DP asks for responses on “the next step in a wide-ranging conversation on how to deliver an ambitious agenda for the UK payments landscape”.
In the DP
On 30 July 2024, the Financial Conduct Authority (FCA) published an update on its motor finance work and a consultation paper (CP24/15) on extending its temporary changes to handling rules for motor finance complaints.
Background
In January 2024, the FCA announced that it was carrying out a review of the historical use of
The UAE Central Bank (the CBUAE) has issued its Payment Token Services Regulation (the PTSR) for regulating stablecoins-related services in the UAE. The PTSR applies across the UAE except in the Dubai International Financial Centre (the DIFC) and the Abu Dhabi Global Market (the ADGM). We note that the PTSR also
The aim of allowing smaller companies to raise money in London by moving away from the old prospectus and listing regime is surely laudable. To remind everyone, the essential features of the proposals are to:
On 30 July 2024, the European Banking Authority (EBA) published a consultation paper setting out proposals to update the current implementing technical standards (ITS) on reporting for resolution planning and execution purposes that supplement the Bank Recovery and Resolution Directive.
The proposed changes are intended to foster further harmonisation and enhance