Recent FCA outcomes and a speech by the ECB earlier this month are stark reminders that financial resilience alone is not a sufficient safeguard to operate in today’s increasingly complex risk environment – firms must have robust, resilient operational systems in place, as well. (See our comments on the ECB speech).
From an enforcement
On 19 September 2024, HM Treasury (HMT) and the Financial Conduct Authority (FCA) announced their plans to reform UK retail disclosure rules. They also confirmed that they will temporarily exempt investment trusts from assimilated EU law requirements.
Reforming the UK retail disclosure rules
As part of the ongoing reform programme for
On 17 September 2024, the European Parliament approved the final texts of twenty corrigenda relating to proposals that were adopted earlier this year but had not completed lawyer-linguist reviews before the European Parliament elections. The new Parliament had to approve the texts under the corrigenda procedure. The proposals include the Regulation on horizontal cybersecurity requirements
On 18 September 2024, the Financial Conduct Authority (FCA) published an update on how firms across the financial services sector have assessed their products and services against the price and value outcome of the Consumer Duty. The update collates insights from the first year of the implementation of the outcome and is intended
Speak up and other internal investigations are on the rise (see our article here) amid increasing scrutiny from the media, public, authorities and other stakeholders of how investigations are conducted. Indeed, in higher profile matters the way in which an investigation is conducted can receive as much attention as the underlying issues.
The recent
On 18 September 2024, the Payment Systems Regulator (PSR) published a consultation paper, CP24/12, on a draft statement of policy on its cost benefit analysis (CBA) framework.
The Financial Services and Markets Act 2023 introduced additional CBA accountability requirements for the PSR, including a requirement to publish a statement of
On 18 September 2024, the FCA issued an update on progress in the cash savings market since its previous update in December 2023. The update in December 2023 followed the publication of the FCA’s review in July 2023 which set out a 14-point action plan.
Specifically, the update focuses on the 8 FCA-specific actions set
On Tuesday 17 September, Commission Present-elect Ursula von der Leyen published her long-awaited list of European Commissioner-designates and the allocation of their portfolios. The presentation of the Commissioner-designates and their responsibilities is a key step in the transition to the 2024-2029 legislative term. The process for selecting candidate Commissioners has been complex so far, as
On 17 September 2024, there was published in the Official Journal of the EU a Corrigendum to Regulation 2023 as regards the requirements pertaining to the investment policies and operating conditions of European long-term investment funds and the scope of eligible investment assets, the portfolio composition and diversification requirements and the borrowing of cash and