On 12 September 2024, HM Treasury (HMT) published a Policy Paper ‘Applying the FSMA 2000 model of regulation to the Capital Requirements Regulation’.
The Financial Services and Markets Act (FSMA) 2023 revoked assimilated law on financial services so that areas of regulation covered by assimilated law can be made consistent
On 12 September 2024, the Financial Conduct Authority (FCA) published a document setting out its approach to the recognition of funds under the Overseas Funds Regime (OFR), along with a number of related documents.
The approach document is intended to assist anyone that is applying for an overseas investment fund to
On 12 September 2024, the Property (Digital Assets etc) Bill was published, along with explanatory notes.
The Bill, which had its first reading in the House of Lords on 11 September 2024, provides that something may be capable of attracting property rights even if does not fit into either of the two categories
On 12 September 2024, the Financial Conduct Authority (FCA) published Consultation Paper CP24/19 on Consumer Credit Regulatory Returns: Credit Broking, Debt Adjusting, Debt Counselling and Providing Credit Information Services (CP24/19). CP24/19 sets out the FCA’s proposal to issue a new regulatory reporting return for consumer credit firms who engage in one
On 10 September 2024, Sarah Breeden, the Bank of England’s (BoE) Deputy Governor for Financial Stability gave a speech on how the BoE thinks about financial stability and some of the challenges it is considering currently. Points covered by the speech include how:
On 10 September 2024, the Central Counterparties (Transitional Provision) (Extension and Amendment) Regulations 2024 were made and published on legislation.gov.uk, along with an explanatory memorandum.
The Regulations extend:
On 10 September 2024, the Prudential Regulation Authority (PRA) announced that it is reviewing the leverage ratio requirements thresholds and is offering a modification by consent (provided certain conditions are met) to disapply the relevant part of the PRA Rulebook until the review is complete.
The PRA had previously noted in a 2021
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
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 FCA published a new webpage stating that it was offering firms temporary flexibility to comply with the ‘naming and marketing’ rules under the Sustainability Disclosure Requirements (SDR).
The FCA states that: