On 26 July 2024, the FCA published Handbook Notice 121.
In this Handbook Notice the FCA briefly covers the following instruments that the FCA Board has approved:
Handbook Notice 121
FCA sets out rules and proposals to build up UK wholesale markets
On 26 July 2024, the Financial Conduct Authority (FCA) published several Policy Papers designed to strengthen the UK’s capital markets.
Three Consultation Papers (CPs) set out proposed rules for the new Public Offers and Admissions to Trading Regime (POATR), which will replace the existing UK Prospectus Regulation. A Policy
Key dates next week
Global
- N/A
EU
- 1 August 2024 –EU Artificial Intelligence Act comes into force on 1 August 2024.
UK
- 31 July 2024 – The Consumer Duty comes into effect for closed products and services on 31 July 2024.The first annual governing body report is also due by this date.
- 31 July 2024 – On 28
DORA – Draft RTS to specify the elements which a financial entity needs to determine and assess when subcontracting ICT services supporting critical or important functions
On 26 July 2024, the European Supervisory Authorities (ESAs) published a Final Report on draft regulatory technical standards (RTS) to specify the elements which a financial entity needs to determine and assess when subcontracting ICT services supporting critical or important functions as mandated by Article 30(5) of the Digital Operational Resilience
PRA publishes policy statement on approach to rule permissions and waivers
On 25 July 2024, the Prudential Regulation Authority (PRA) published Policy Statement PS12/24 on its approach to rule permissions and waivers. In PS12/24, the PRA sets out its final statement of policy (SoP) on the topic, along with feedback to Consultation Paper CP3/24.
The PRA explained in CP3/24, published on
PSR publishes finalised guidance on extensions and exemptions for financial firms
On 24 July 2024, the Payment Systems Regulator (PSR) published Policy Statement PS24/4 setting out its finalised new guidance on how it will make decisions on whether to grant exemptions or extensions to a specific direction or requirement.
Background
The PSR uses specific directions and requirements to require firms to make changes that
FCA publishes final rules for access to cash regime
On 24 July 2024, the Financial Conduct Authority (FCA) published Policy Statement PS24/8, which sets out the final rules for its access to cash regime.
Background
The FCA consulted in December 2023 on establishing an access to cash regulatory regime, which would require banks and building societies designated by the Government to
ESMA opinion on the functioning of the Sustainable Finance Framework
ESMA opinion on the functioning of the Sustainable Finance Framework
On 24 July 2024, the European Securities and Markets Authority (ESMA) set out an opinion on the functioning of the EU Sustainable Finance Framework, setting out possible long-term improvements. The opinion is the last component of ESMA’s reply to the European Commission’s request
Commission Delegated Regulation amending the CRR with regard to the date of application of the own funds requirements for market risk
On 24 July 2024, the European Commission adopted a Delegated Regulation amending the Capital Requirements Regulation (CRR) with regard to the date of application of the own funds requirements for market risk.
The Delegated Regulation postpones the entry into application of the new market risk requirements as binding own funds requirements by a
Commission clarifies requirements on the Instant Payments Regulation
On 23 July 2024, the European Commission issued Q&As on Instant Payments Regulation (IPR) implementation.
The IPR entered into force on 8 April 2024 and a first set of obligations for payment service providers will have to be complied with as of 9 January 2025.
The Q&As are the product of two online