On 19 July 2024, the FCA updated its webpage on the Overseas Funds Regime (OFR).
The FCA has added to the webpage a new section titled Operational impact for operators of TMPR funds.
In this section the FCA states that it is important for the fund population data at the beginning of
On 19 July 2024, HM Treasury issued the Government’s response to its earlier consultation on enhancing the special resolution regime.
In the consultation HM Treasury set out proposals for a new mechanism that would be introduced to facilitate the use of certain existing stabilisation powers to manage the failure of small banks, which would enable
On July 18, 2024, the Consumer Financial Protection Bureau (CFPB) issued a proposed interpretive rule to regulate offerings in the paycheck advance marketplace. The proposed interpretive rule would deem many paycheck advance products, sometimes marketed as “earned wage advances” or “earned wage access” (EWA) products, as consumer loans subject to the
The Supervisory Review & Evaluation Process (SREP) is a periodic survey that investment firms need to complete. In 2023, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, AFM) sent two questionnaires to approximately 250 investment firms and has now published generic results of that survey.
The results of
On 18 July 2024, the Bank of England (BoE) published two consultation papers on central counterparty (CCP) resolution – one relates to the BoE’s approach to determining commercially reasonable payments for contracts subject to a statutory tear up in CCP resolution, and the other concerns the BoE’s power to direct
On 18 July 2024, the Payment Systems Regulator (PSR) launched a consultation (CP24/10) on draft guidance to support payment service providers (PSPs) in their assessment of whether an authorised push payment (APP) scam claim raised by a consumer is not reimbursable under the reimbursement requirement because it
On 18 July 2024, the Financial Conduct Authority (FCA) published the results of its multi-firm review on the treatment of politically exposed persons (PEPs), and launched a consultation (GC24/4) on proposed changes to its guidance on the subject.
Background
Financial services firms are required (under the Money Laundering, Terrorist
On 18 July 2024, the Financial Stability Board (FSB) issued a report providing a stocktake of member financial authorities’ initiatives related to the identification and assessment of nature-related financial risks.
The report draws on a survey of participating FSB members and the work done by international organisations on nature-related risks. It summarises current
On 16 July 2024, the Bank for International Settlements published a speech by Klass Knot (Chair of the Financial Stability Board (FSB) and President of the Netherlands Bank). The speech is dated 11 July 2024 and is entitled The AI adventure – how artificial intelligence may shape the economy and the financial system