Another episode of the RT Plus podcast is now available to stream and download. In this latest episode we are very fortunate to be joined once again by the Payment Systems Regulator’s (PSR) Head of Legal, Carole Begent. In this episode we discuss the recent PSR investigation into cartels, the card acquirers market review and … Continue Reading
The RT Plus IFPR Series continues with two further episodes available to stream and download. In this bite-sized series, each episode features a quick run through the issues pertaining to some of the key headlines of the new prudential regime for investment firms in the UK. In these two latest episodes, Compliance Manager, Victoria Pridmore, … Continue Reading
On 20 December, the FCA published a statement on its website regarding the supervision and enforcement of commodity derivative position limits (‘the Statement’). The Statement reiterates the position taken in its December 2020 Supervisory Statement (‘2020 Statement’) that the FCA did not intend to take supervisory or enforcement action for positions that exceed limits where … Continue Reading
The latest episode of the Regulation Tomorrow Podcast is out now to stream and download. In this episode we hear from Celia Cohen in New York who discusses privilege, particularly in the context of internal investigations; Joe Smallshaw and Catherine Pluck discuss the Frensham case and how the FCA treats non-financial misconduct; and Lisa Lee … Continue Reading
On 3 September the Financial Conduct Authority (FCA) published CP21/27, its quarterly consultation on changes to the handbook. As part of this consultation, the FCA is proposing Handbook amendments in the following areas: An amendment to how legal expenses insurance is reported under our value measures reporting To move application forms from the Handbook To … Continue Reading
On 27 August, the European Commission (EC) published its final study on the development of tools and mechanism for the integration of ESG factors into the EU banking prudential framework and into banks’ business strategies and investment policuies. The report looks into the integration of ESG risks within banks’ risk management processes and prudential supervision, … Continue Reading
On 26 August the FCA published a letter (dated 25 May 2021) previously sent to the board of directors at loan-based peer-to-peer (P2P) crowdfunding platforms. In the letter the FCA seeks to set out its views and expectations in a number of areas, specifically: set out our view of the key risks P2P platforms pose … Continue Reading
The European Banking Authority (EBA) published its peer review on the prudential assessment of qualifying holdings today. The EBA’s ad hoc Peer Review Committee’s conclusions included in this Report are based on competent authorities’ self-assessment of how they applied selected areas of the Joint ESAs Guidelines on the prudential assessment of the acquisition of qualifying … Continue Reading
On 26 July, the Financial Conduct Authority (FCA) sent a Dear CEO letter to Portfolio Platforms, setting out reminders of their expectations in the following areas: Operational resilience; SUP 15 notification requirements; Transfer times; and Brexit In respect of operational resilience, the FCA reminds firms that they expect firms to invest in their systems to … Continue Reading
On 26 July, the Prudential Regulation Authority (PRA) published Policy Statement PS19/21 which provides feedback to responses to Consultation Paper (CP) 2/21 ‘International banks: The PRA’s approach to branch and subsidiary supervision’. PS19/21 also contains also contains the PRA’s final Supervisory Statement (SS) 5/21 ‘International banks: The PRA’s approach to branch and subsidiary supervision’ (Appendix … Continue Reading
On 26 July the Financial Conduct Authority (FCA) published policy statement 21/9, which enacts the much anticipated implementation of the Investment Firms Prudential Regime (IFPR). This particular consultation paper follows CP21/7 which was published in April this year. It is in fact the second policy statement on the IFPR, the first being PS 21/6 which … Continue Reading
On 23 July 2021, the European Commission published a consultation looking into the functioning of the EU securitisation framework. The intention to consult was stated in the Commission’s action plan on the Capital Markets Union published in September 2020. This in turn stems from Article 46 of the EU Securitisation Regulation, which requires the Commission … Continue Reading
On 23 July 2021, the Prudential Regulation Authority (PRA) published a direction for modification by consent concerning the Remuneration Part of the PRA Rulebook relating to the identification of individuals as material risk takers (MRTs). It has also published guidelines on the modification, in addition to updating its webpage on waivers and modifications. Article 7 … Continue Reading
The commissioning of independent reviews is something the board of the Financial Ombudsman Service (FOS) undertakes periodically. On 23 July, the FOS website published a press release stating that another independent review had been commissioned into whether the FOS can continue to meet the needs of its customers, both businesses and consumers. The review will … Continue Reading
On 23 July 2021, the European Commission published a letter (dated 8 July 2021) to the European Economic and Financial Affairs Council (ECOFIN) and the Council of the EU, confirming that the RTS application date, under the Sustainable Finance Disclosure Regulation ((EU) 2019/2088) (SFDR), has been delayed until 1 July 2022. This letter is the … Continue Reading
On 22 July, the Bank of England published a Consultation Paper (CP) as part of its review of the UK’s framework for the Minimum Requirement for Own Funds and Eligible Liabilities (MREL). The CP is the second stage of the MREL Review and sets out the Bank’s proposed changes to its MREL framework. It follows … Continue Reading
Bail-in is a key stabilisation tool afforded to the Bank of England by the Banking Act 2009, that ensures investors rather than public funds bear the burden of resolving failing banks. This operational guide published on 22 July provides practical information on the ways in which the Bank of England might execute a bail-in resolution, … Continue Reading
On 22 July, the Treasury published the response to the Call for Evidence on the Overseas Framework, which was initially issued in December 2020. The Call for Evidence received 34 responses, with submissions from stakeholders from a range of sectors spanning banking, legal, wholesale, trading venues, insurance and trade bodies. Submissions also emanated from a … Continue Reading
This Treasury’s consultation invites views and evidence on the steps that the government proposes to take to amend the MLRs. The amendments are required to ensure that the UK continues to meet international standards set by the Financial Action Task Force, whilst also strengthening and ensuring clarity on how the anti-money laundering regime operates, following … Continue Reading
The FCA has issued a statement to address an error made during the on-shoring of the The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the FPO). During the on-shoring of the FPO, the definition of Relevant Market inadvertently failed to include relevant UK markets. Presently, this means that the exemptions under Articles … Continue Reading
The Prudential Regulation Authority’s (PRA) Policy Statement (PS) provides feedback to responses to Consultation Paper (CP) 9/21 ‘Remuneration: Correction to the definition of ‘higher paid material risk taker’. It also contains the PRA’s final policy, as follows: amendments to the Remuneration Part of the PRA Rulebook (Appendix 1); and an updated Supervisory Statement (SS) 2/17 … Continue Reading
Episode 7 of the Regulation Tomorrow podcast is now available to listen to and download. In this month’s podcast we speak to Celia Cohen in New York about recent enforcement trends in the US, with a focus on whistle-blowing; we hear from Anna Carrier in Brussels who discusses the new European commodities regime and we … Continue Reading
Episode 6 of the Regulation Tomorrow Podcast is out now. In the latest edition of our monthly podcast, we take a look at some of the main regulatory news stories from across the globe in the financial services space. We begin with a look at the Woolard Review in the UK with Matthew Gregory, who … Continue Reading
Another episode of our reactive spin off podcast, Regulation Tomorrow Plus, is available to stream and download. In this episode of Regulation Tomorrow Plus, Jonathan Herbst and Katie Stephen discuss this week’s whistleblowing publications by the FCA and what this might mean for financial services firm. Regulation Tomorrow Plus and the Regulation Tomorrow Podcast are … Continue Reading
