On 26 November 2024, the Single Resolution Board (SRB) published its Annual Work Programme for 2025, which sets out its main priorities for the next year (alongside its continued work on standard operations).
The Annual Work Programme for 2025 (which complements the SRB Multi-annual Plan) concentrates on three strategic areas: core business
On 26 November 2024, the Collective Investment Schemes (Temporary Recognition) and Central Counterparties (Transitional Provision) (Amendment) Regulations 2024 came into force and were published on legislation.gov.uk, along with an explanatory memorandum.
The Regulations set out provisions to:
On 26 November 2024, the Financial Conduct Authority (FCA) published a new webpage on cryptoasset financial promotions and fiat-to-crypto on/off ramp services, which reminds firms that they should carefully consider the risks of partnering with unregistered cryptoasset firms that may be illegally promoting to UK consumers.
The FCA notes that, following engagement
On 26 November 2024, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) published a joint consultation paper (PRA CP16/24 / FCA CP24/23) on proposed reforms to the dual-regulated firms’ remuneration regime.
Background
In 2023, the PRA and FCA introduced changes to the remuneration regime to enhance proportionality for
On 28 November 2024, Commission Implementing Regulation (EU) 2024/2902, which lays down implementing technical standards for the application of Regulation (EU) 2023/1114 of the European Parliament and of the Council (MiCAR) with regard to reporting related to asset-referenced tokens and to e-money tokens denominated in a currency that is not an official
On 27 November 2024, the Basel Committee on Banking Supervision (Basel Committee) published various finalised technical amendments to the Basel Framework.
The amendments, which relate to (i) the standardised approach to credit risk and (ii) cryptoasset exposures, were published for consultation in July 2024 and have been finalised as originally proposed.
The Basel Committee plans
On 27 November 2024, the Basel Committee on Banking Supervision (Basel Committee) issued a consultation on a technical amendment to rules in the Basel Framework that relate to the hedging of counterparty credit risk exposures.
The Basel Committee periodically publishes proposals for technical amendments with the aim of helping to promote consistent interpretation
On 27 November 2024, Commission Implementing Regulation (EU) 2024/2545 of 24 September 2024, which lays down implementing technical standards for the application of Regulation (EU) 2023/1114 of the European Parliament and of the Council (MiCAR) with regard to standard forms, templates and procedures for the cooperation and exchange of information between competent
On 27 November 2024, the Financial Conduct Authority (FCA) published a speech, delivered by its chief operating officer, Emily Shepperd, on ‘Setting the foundations for our future strategy’, which discusses the FCA’s new 5-year strategy for 2025-2030.
Ms Shepperd explains that the FCA is in the final year of its current
On 27 November 2024, the Financial Conduct Authority (FCA) published a consultation paper, CP24/24, on proposals to transfer the firm-facing requirements of the MiFID Organisational Regulation (MiFID Org Regulation) into FCA Handbook rules.
Background
The UK version of the MiFID Org Regulation contains conduct rules as well as systems and