On 19 November 2024, the Bank of England (BoE) published a consultation paper (CP) setting out proposals to introduce a set of Fundamental Rules for financial market infrastructures (FMIs), which it says are essential to the smooth and safe operation of the UK financial system and broader economy. Alongside
On 19 November 2024, the European Supervisory Authorities (ESAs) together with the European Central Bank (ECB) issued the results of the one-off ‘Fit-for-55’ climate scenarios analysis.
Fit-for-55
The ‘Fit-for-55’ package is a set of legislative proposals and policy initiatives designed as part of the European Green Deal with the aim of
On 12 November 2024, the Dutch Authority for the Financial Markets (Autoriteit Financiele Markten, AFM) published its Consumer Monitor Investors report (Consumentenmonitor Beleggers). The key message in the report is that not all asset managers and investment advisors comply with the obligation to ask investors about their sustainability preferences. Only 25%
On 18 November 2024, the European Securities and Markets Authority (ESMA) issued a final report recommending that the migration to T+1 occurs simultaneously across all relevant instruments and that it is achieved in Q4 2027. ESMA believes that 11 October 2027 would be the optimal date for the transition and that a coordinated
This article was co-authored by Michele Beck, Tom Clark, Masooma Saberi, and Vivian Truong.
In October 2024, the Australian Securities and Investments Commission (ASIC) was successful in its action against a life insurer in relation to misleading statements. ASIC issued or proposed updates in relation to licensing and professional registration activities, OTC derivative transaction reporting
On 18 November 2024, the House of Lords (HoL) Financial Services Regulation Committee published a transcript of oral evidence given on 13 November 2024 by Financial Conduct Authority (FCA) chair Ashley Alder and chief executive Nikhil Rathi, regarding the FCA’s enforcement guidance consultation.
For key takeaways from the oral evidence, please
On 18 November 2024, the Financial Services Compensation Scheme (FSCS) published its Outlook Report for November 2024 and a related statement.
The Outlook Report provides an update on compensation figures and the associated levy for 2024/25 as well as a first look at the 2025/26 forecast. Points to note from the Outlook
In this new edition of Regulation Around the World we review the UK Financial Conduct Authority’s (FCA) Consumer Duty (UK Consumer Duty) and see if other international financial services authorities have already got similar concepts in their frameworks; or whether the UK Consumer Duty not only sets a new UK standard