In this Regulation Tomorrow Plus podcast, Jonathan Herbst, Hannah Meakin and Anita Edwards discuss the obligations that firms have under UK REMIT to record and retain communications relating to their trading in wholesale energy products, in light of a large fine issued to a firm last month by Ofgem, the energy regulator, for breaches of … Continue Reading
On 21 September 2023, the FCA published a letter setting out a final warning for cryptoasset firms marketing to UK consumers and those supporting them to get ready for the financial promotion regime. In the letter, the FCA highlights the following: Going forward, the letter sets forth that, if firms believe they are going to … Continue Reading
On 19 September 2023, the FCA published a report setting out the findings of its initial data exercise on UK bank account access and closures. The report also explains what further work the FCA will undertake to examine the information provided and address gaps in the data. In order to better understand the scale and … Continue Reading
On 19 September 2023, HM Treasury published the draft Greenhouse Gas Emissions Trading Scheme (Amendment) (No.2) Order 2023 (the draft SI). The draft SI amends the Greenhouse Gas Emissions Trading Scheme Order 2020 (also known as the UK ETS Order), Commission Delegated Regulation (EU) 2019/331, Commission Implementing Regulation (EU) 2019/1842 and the Greenhouse Gas Emissions … Continue Reading
On 20 September 2023, HM Treasury published Statutory Instrument (SI) 2023 No. 1018, the Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2023. The SI extends, by twelve months, the transitional arrangements under Parts 2 and 3 of the Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2019 (SI 2019/589) which enable specified categories of Gibraltar-based firms … Continue Reading
On 14 September 2023, HM Treasury published Statutory Instrument 2023 No.999, the Central Counterparties (Transitional Provision) (Extension and Amendment) Regulations 2023 (the SI). The SI extends transitional provisions provided for in the onshored Capital Requirements Regulation (CRR) and the Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 (the CCP Regulations) as extended … Continue Reading
On 14 September 2023, HM Treasury published statutory instrument 2023 No.994, the Greenhouse Gas Emissions Trading Scheme Auctioning (Amendment) Regulations 2023 (the SI). The Greenhouse Gas Emissions Trading Scheme Auctioning Regulations 2021 (the Auctioning Regulations) provide for the auctioning of allowances used in the UK Emissions Trading Scheme, which was established by the Greenhouse Gas … Continue Reading
On 12 September 2023, the Financial Markets Standards Board (FMSB) published a compendium: Precious metals market evolution. This compendium consolidates insights from three distinct spotlight reviews considering the potential evolution of precious metals markets. It outlines opportunities for enhancement and offers suggestions for heightening market transparency and efficiency. The compendium looks at key aspects of … Continue Reading
On 12 September 2023, the FCA published a new webpage: Applying to approve financial promotions for unauthorised persons, setting out how to apply to the FCA for ‘approver permission’ which will be required under new rules coming into force next year. The webpage is aimed at firms that currently approve, or intend to approve, financial … Continue Reading
On 12 September 2023, the FCA published policy statement PS23/13: Introducing a gateway for firms who approve financial promotions. PS23/13 sets out the FCA’s final policy position and near final rules and guidance on the gateway, which was introduced by the government through the Financial Services and Markets Act 2023. Once the new gateway comes … Continue Reading
On 7 September 2023, the FCA published a letter to firms setting out its findings from meetings with various cryptoasset firms regarding their preparations for the cryptoasset financial promotions regime, and additional actions it is taking to support firms in complying with the regime. The FCA’s rules on financial promotions for cryptoassets, which were set … Continue Reading
On 7 September 2023, the Bank of England (BoE) published a speech given by Arif Merali, senior advisor for the BoE, at a Libor transition panel discussion in London. Mr Merali answers questions on the transition away from Libor, considering how we got to where we are today, what remains to be done and lessons … Continue Reading
In our latest Regulation Tomorrow Plus podcast, Jonathan Herbst, Hannah Meakin and Anita Edwards discuss the key points covered in the FCA’s recent portfolio letter to CEOs of ‘principal trading firms’ and consider the next steps.… Continue Reading
On 31 August 2023, the FCA published Market Study MS23/1.4: Wholesale Data Market Study: Update Report. The FCA launched the market study on 2 March 2023, following persistent user concerns about how well wholesale data markets were working. The study focuses on competition in the provision of benchmarks, credit ratings data and market data vendor … Continue Reading
On 29 August 2023, the FCA updated its statement on the use of the temporary transitional power to modify the UK’s derivatives trading obligation (DTO). The updated statement announces that the FCA has varied its transitional direction for the DTO under the UK Markets in Financial Instruments Regulation (UK MiFIR). The FCA explains that, with … Continue Reading
On 29 August 2023, the FCA updated its statements of policy on the operation of the MiFID transparency regime. The section on the double volume cap (DVC) has now been deleted from the document. This reflects the removal by the Financial Services and Markets Act 2023 of Article 5 of the UK Markets in Financial … Continue Reading
In the latest episode of our Split the difference podcast series, which explores divergence and convergence between the EU and UK regulatory regimes in the markets space, Jonathan Herbst, Hannah Meakin, Floortje Nagelkerke, Anna Carrier and Catherine Pluck discuss Consolidated Tape in the EU and UK. The episode can be found here.… Continue Reading
Every month we provide the Global Blockchain Business Council’s Post-Trade Distributed Ledger group with a global regulatory FinTech updater, the latest version of which can be found here. Post Trade Distributed Ledger (PTDL) Group is composed of over 40 prominent market infrastructure stakeholders whose shared vision of the use of distributed ledger technology has brought … Continue Reading
Our global financial services team has launched a new platform, CryptoNavigator, which provides a mixture of plug-and-play products and tailored advisory services to help firms navigate ever expanding regulatory requirements across the cryptoassets landscape. These include products and services to provide support with financial promotions and authorisations, as well as a global legal and regulatory … Continue Reading
On 2 August 2023, the Bank of England (BoE) published a consultation paper on Ensuring continuity of critical clearing services: The BoE’s approach to discretionary payments by central counterparties (CCPs). The consultation paper sets out the BoE’s proposed approach to its power to temporarily restrict or prohibit discretionary payments to shareholders or employees of recognised … Continue Reading
In the latest in our podcast series, Split the difference, which explores divergence between the EU and UK regulatory regimes in the markets space, Jonathan Herbst, Hannah Meakin, Floortje Nagelkerke and Simon Lovegrove explore the regulatory approach to branches.… Continue Reading
On 28 July 2023, the Financial Stability Board (FSB) published its final reflections on the LIBOR transition. The end of June 2023 marked the end of the remaining USD LIBOR panel. Only three of the US dollar LIBOR settings will continue in a synthetic form after June 2023 and are intended to cease at end-September … Continue Reading
On 21 July 2023, the Bank of England (BoE) issued a consultation paper setting out proposals for the fee rates to meet its 2023/4 funding requirement for its financial market infrastructure (FMI) supervisory activity and the policy activity that supports it. The consultation paper also sets out the BoE’s application of special project fees for … Continue Reading
On 20 July 2023, the House of Commons’ Treasury Committee published the government’s response to its report on Regulating Crypto. In the report, which was published in May 2023, the cross-party Committee of MPs called for consumer trading in unbacked crypto to be regulated as gambling. The Committee had outlined concerns that the government’s proposals … Continue Reading
