On 19 March 2025, the Prudential Regulation Authority (PRA) published a consultation paper, CP3/25 – Recognised exchanges policy and transfer of main indices.
Background
HM Treasury made amendments in November 2024 to the definition of ‘recognised exchange’ (RE) in Article 4(1)(72)(c) of the assimilated Capital Requirements Regulation (UK CRR
On 19 March 2025, there was published on the European Securities and Markets Authority’s (ESMA) website the official translations of the guidelines on the conditions and criteria for the qualification of crypto-assets as financial instruments. The guidelines specify the conditions and criteria for determining whether a crypto-asset should qualify as a financial instrument
On 18 March 2025, the Chancellor of the Exchequer, Rachel Reeves, met with a group of fintech CEOs and confirmed the next steps to test distributed ledger technology (DLT) in the UK gilt market. As part of those next steps, Ms Reeves announced details of the launch of the procurement process for the
On 18 March 2025, the European Securities and Markets Authority published the official translations of the joint European Supervisory Authority (ESA) guidelines on the estimation of aggregated annual costs and losses caused by major ICT-related incidents under the Regulation on digital operational resilience for the financial sector (DORA).
The joint guidelines
On 18 March 2025, the draft Pension Fund Clearing Obligation Exemption (Amendment) Regulations 2025 (the draft Regulations) were published on legislation.gov.uk, along with a draft explanatory memorandum.
The draft Regulations relate to the temporary exemption which pension scheme arrangements (i.e. pension funds) currently have from the clearing obligation, which requires them to clear
On 18 March 2025, HM Treasury (HMT) and the Chancellor of the Exchequer, Rachel Reeves, published a near-final version of a statutory instrument (SI) to reform the Markets in Financial Instruments Directive Organisation Regulation (MiFID Org Regulation). The draft Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 (the draft
On 13 March 2025, the Pensions Dashboard Programme (PDP) published an updated set of standards.
Background
The PDP, as part of the Money and Pensions Service, has powers under the Pension Schemes Act 2021 and the Pensions Dashboards Regulations 2022 to set standards relating to the practical operation of pensions dashboards services
The UK has announced the abolition of the Payment Systems Regulator (PSR), as part of its efforts to cut red tape and drive economic growth.
The move follows complaints from payment services firms that they were having to engage with three different regulators, costing them time, money and resource.
The government has therefore
There’s a huge amount in flux for UK financial services firms at the moment as the regulators grapple with the challenge set by HM Government’s call for them to support its central mission to drive growth in the economy.
Today saw the release of a number of reforms to regulators and the regulatory system announced