On 27 September 2024, the European Systemic Risk Board (ESRB) published a speech by Olli Rehn (First Vice-Chair of the ESRB and Governor of the Suomen Pankki) entitled Old and new frontiers of the ESRB: Systemic risk, non-banks and data analysis.
The speech covers three issues – the ESRB’s track record, key
On 27 September 2024, the PRA published a letter that it had sent to chief financial officers of selected PRA-regulated deposit-takers which provides thematic feedback from the PRA’s review of written auditor reports received in 2024 covering IFRS 9 expected credit loss accounting (ECL) and accounting for climate risk.
A key message in
On 26 September 2024, the Department for Energy Security and Net Zero updated its webpage on the UK Emissions Trading Scheme (UK ETS): free allocation review by adding a note on extending the UK ETS first Free Allocation period to 2026. The note states that the UK ETS Authority is consulting operators in
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On 25 September 2024, following a public consultation, the Financial Services and the Treasury Bureau (FSTB) published consultation conclusions and legislative proposals aimed at promoting paperless communication for Hong Kong companies. The final proposals largely mirror those in the original consultation paper and a draft amendment bill (Amendment Bill) to the
On 26 September 2024, the European Commission adopted a Delegated Regulation supplementing the Regulation on markets in cryptoassets (MiCAR) with regard to regulatory technical standards (RTS) establishing a template document for cooperation arrangements between Member State competent authorities (NCAs) and supervisory authorities of third countries. The Delegated Regulation also
On 25 September 2024, the Bank of England (BoE) published a speech on TRUSTED AI: Ethical, safe, and effective application of artificial intelligence at the BoE, which was delivered by its Chief Data Officer, James Benford, at the Central Bank AI Conference.
In the speech, Mr Benford explains that recent advances in
On 25 September 2024, the Bank of England (BoE) announced that it is establishing an artificial intelligence (AI) consortium, which will act as a platform for public-private engagement to gather input from stakeholders on the capabilities, development and use of AI in UK financial services.
The AI consortium
The AI consortium’s
On 25 September 2024, the Payment Systems Regulator (PSR) confirmed that the maximum reimbursement limit for victims of Faster Payments authorised push payment (APP) scams will be £85,000.
The PSR had previously published a consultation on the proposed limit on 4 September 2024. The maximum reimbursement value had previously been set
On 25 September 2024, the Financial Conduct Authority (FCA) published Consultation Paper 24/20 on proposed changes to the safeguarding regime for payments and e-money firms. The aim of the proposals is to make safeguarding rules stronger and clearer for these firms so that customers get as much of their money back as quickly