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
Commission publishes consultation on the functioning of the EU securitisation framework
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
PRA publishes direction for modification by consent to exclude individuals from identification as risk takers
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.
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FOS board commission independent review
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
Commission confirms delay to the application of the SFDR RTS
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
Bank of England to review its approach to setting a minimum requirement for own funds and eligible liabilities
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
Bank of England publishes an operational guide to executing bail-in
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,
Treasury publishes response to Call for Evidence on Overseas Framework
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
Treasury consults on amendments to Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs)
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
FCA issues statement for firms using certain exemptions to the Financial Promotions Order
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