On 9 September 2024, the European Commission (Commission) published a report by Mario Draghi (former European Central Bank (ECB) President) on the future of European competitiveness.
Banking Union
To increase the financing capacity of the banking sector, the report asserts that the EU should aim to revive securitisation and complete
On 10 September 2024, the Prudential Regulation Authority (PRA) published a letter to Chief Risk Officers to share the thematic findings of a review, in which it asked the Internal Audit (IA) function of a selection of UK deposit taker (UKDT) non-systemic banks and building societies to undertake a
We have published a new briefing note ‘Climate adaptation: what steps should financial institutions be taking now?’
Previous financial services related ESG notes and podcasts can be found on our Financial Services Regulatory Developments in ESG hub.
On 9 September 2024, the Financial Conduct Authority (FCA) published a Guidance Consultation, GC24/5, setting out proposed changes to its Payment Services and Electronic Money Approach Document to support new legislation to tackle authorised push payment (APP) fraud.
Background
The Payment Systems Regulator has introduced an APP fraud reimbursement requirement
On 9 September 2024, the European Banking Authority (EBA) announced that it was launching the 2024 EU-wide transparency exercise.
The EU-wide transparency exercise complements the EBA’s bi-annual stress test and uses supervisory reporting data to provide a clear picture of banks’ capital strength, risk exposures and asset quality. The EBA will carry out
Following on from the UK Financial Reporting Council (FRC) publishing its plan and budget for 2024-25 earlier this year, the King’s Speech in July signalled that the long-awaited transition of the FRC to a new Audit, Reporting and Governance Authority could now be firmly on the horizon. In an effort to strengthen audit
Following recent FCA outcomes in relation to breaches of requirements imposed by the FCA on regulated firms, in this briefing we consider some lessons learned for clients around managing regulatory interventions, with a focus on VREQs and OIREQs.
In our briefing last summer, ‘Handling regulatory interventions: considerations for responders’ we discussed issues which firms might
On 6 September 2024, the FCA published a speech by Sarah Pritchard (FCA Executive Director of Markets and International) entitled The FCA’s new listing rules and what’s to come.
The speech was delivered at the Capital Markets Industry Taskforce conference and provides an overview of recent developments including the new UK Listing Rules, consultation