On 13 November 2024, the Financial Stability Board (FSB) issued a public statement that sought to clarify the importance of resolution preparedness for those banks that are not global systemically important (G-SIB) but may be systemically significant or critical if they fail.
The public statement is informed by a workshop that
On 13 November 2024, there was published in the Official Journal of the EU a Commission Notice containing FAQs which clarify the interpretation of certain provisions on sustainability reporting introduced by the Corporate Sustainability Reporting Directive into the Accounting Directive, the Audit Directive, the Audit Regulation, and the Transparency Directive with the aim of facilitating
On 12 November 2024, the Bank of England (BoE) published an updated procedures document for its Enforcement Decision Making Committee (EDMC). The update follows the publication of the BoE’s policy statement on its approach to enforcement and proposed changes to statements of policy and procedure following the Financial Services and Markets
On 12 November 2024, the Bank of England (BoE) published a policy statement on its approach to enforcement and proposed changes to statements of policy and procedure following the Financial Services and Markets Act 2023 (FSMA 2023). The policy statement provides feedback on responses to the BoE’s consultation paper on the
On 12 November 2024, the Financial Conduct Authority (FCA) published a letter to CEOs of credit rating agencies (CRAs), setting out its supervisory strategy for firms in that portfolio. The letter sets out the FCA’s view of the key risks in the sector, its expectations of CRAs and a summary
On 12 November 2024, the European Banking Authority (EBA) issued a consultation paper concerning draft guidelines that address the mandate given to the European Supervisory Authority under Article 123(1) of the Capital Requirements Regulation as amended by Regulation (EU) 2024/1623 (CRR) to specify proportionate diversification methods for retail exposures under which
Market Watch 81 might on a first pass appear relatively uncontroversial in giving feedback on the FCA’s recent findings on transaction reporting. I would say that one should think again on this and suggest that there is a lot of food for thought here.
The basics on the Market Watch are set out in our
On 12 November 2024, the European Banking Authority (EBA) published its final methodology, draft templates and template guidance for the 2025 EU-wide stress test. The EU-wide stress test is to assess the resilience of EU banks to a common set of adverse economic developments, identifying potential risks, informing supervisory decisions and increasing market
On 11 November 2024, the International Organization of Securities Commissions (IOSCO) issued a consultation report on revised recommendations for liquidity risk management for collective investment schemes (CIS), especially for open-ended funds. IOSCO is also consulting on complementary guidance for the effective implementation of the recommendations for liquidity risk management.
The recommendations
On 11 November 2024, HM Treasury (HMT) published its response to the consultation on near-term reforms to the UK ring-fencing regime. It also published the draft Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2024 (draft Order) on legislation.gov.uk, along with a draft explanatory