On 26 May 2023, there was published on the legislation.gov.uk website, The Insider Dealing (Securities and Regulated Markets) Order 2023. This Order updates Schedule 2 of the Criminal Justice Act 1993 (CJA), bringing securities and markets on which an offence can be committed in the CJA broadly in line with the Market Abuse Regulation (MAR). … Continue Reading
On 26 May 2023, the Joint Money Laundering Steering Group (JMLSG) published proposed revisions to Part 1 of its Guidance. The proposed revisions take account of amendments relating to discrepancy reporting, as introduced by the Money Laundering and Terrorist Financing (Amendment) (No.2) Regulations 2022 (affecting Part 1 Chapter 5 Paragraph 5.3129A). There is also a … Continue Reading
In this podcast Jonathan Herbst, Matthew Gregory and Simon Lovegrove discuss the pros and cons of the Memorandum of Understanding establishing a framework for financial services regulatory cooperation between the EU and the UK.… Continue Reading
On 25 May 2023, the European Banking Authority (EBA) published a Consultation Paper containing draft implementing technical standards amending Implementing Regulation 2016/1799 on the mapping of External Credit Assessment Institutions (ECAIs) credit assessments under Article 136(1) and (3) of the Capital Requirements Regulation. The proposed amendments reflect the outcome of a monitoring exercise on the … Continue Reading
On 25 May 2023, the FCA published Consultation Paper CP23/13: Strengthening protections of borrowers in financial difficulty: Consumer credit and mortgages, which sets out proposed changes to FCA sourcebooks to reflect the planned withdrawal of the Tailored Support Guidance (TSG). Introduction During the coronavirus pandemic the FCA introduced the TSG to make clear how firms … Continue Reading
On 25 May 2023, the European Securities and Markets Authority (ESMA) published a statement highlighting the risks arising from the provision of unregulated products and/or services by investment firms. ESMA is concerned that the practice of investment firms offering products and services that are not regulated gives rise to both investor protection and prudential risks. … Continue Reading
On 25 May 2023, a group of central banks, together with the Bank for International Settlements, published a paper on central bank digital currencies (CBDC): ongoing policy perspectives. Since publishing (i) a report in October 2020 setting out the common foundational principles and core features of a CBDC, and (ii) an executive summary and three … Continue Reading
On 24 May 2023, the European Securities and Markets Authority (ESMA) published a final report on the 2022 Common Supervisory Action (CSA) on valuation. Introduction In January 2022, ESMA launched a CSA with Member State national competent authorities (NCAs) on the supervision of the asset valuation rules under the UCITS Directive and Alternative Investment Fund … Continue Reading
On 25 May 2023, the European Systemic Risk Board (ERSB) issued a report which considers the role of financial stability and macroprudential policy for cryptoassets, their service providers and decentralised finance (DeFi) applications. The report also covers the systemic implications of the cryptoasset market, its service providers and DeFi applications in the EU. The report … Continue Reading
On 23 May 2023, the Lending Standards Board (LSB) published a report on access for d/Deaf customers in banking and credit. The report includes insights and considerations aimed at helping the financial services industry to understand d/Deaf cultures and address remaining areas of inaccessibility for d/Deaf people. Within the report, the LSB looks at key … Continue Reading
On 23 May 2023, the European Central Bank (ECB) published a guide on qualifying holding procedures. Article 4(1)(c) of the Regulation establishing the Single Supervisory Mechanism (SSM Regulation) gives the ECB exclusive competence to assess acquisitions and increases of qualifying holdings in credit institutions in the countries participating in the SSM. Article 6(4) of the … Continue Reading
On 23 May 2023, the European Securities and Markets Authority (ESMA) published a Consultation Paper on draft regulatory technical standards (RTS) under the revised European long-term investment fund (ELTIF) Regulation. The draft RTS specify the way the new requirements of the revised ELTIF Regulation, in particular on the redemption policy and matching mechanisms, will apply. … Continue Reading
On 23 May 2023, the International Organization of Securities Commissions (IOSCO) published a consultation report containing 18 proposed recommendations intended to help IOSCO members apply IOSCO’s Objectives and Principles for Securities Regulation and relevant supporting IOSCO standards, recommendations and good practices to crypto-asset activities within their jurisdictions. The proposed recommendations cover six key areas: The … Continue Reading
On 22 May 2023, the FCA published Consultation Paper CP23/12: Expansion of the Dormant Assets Scheme (DAS) – second phase. Introduction The DAS was initially set up to allow banks and building societies to pay dormant monies to an authorised reclaim fund, which would then put this money towards funding good causes. In February 2022, … Continue Reading
On 18 May 2023, UNIDROIT’s Governing Council reported that it had adopted the UNIDROIT principles on digital assets and private law (the principles) at its 102nd session in Rome, Italy. The principles were prepared by a working group on digital assets and private law, which comprised of 25 members, 22 observers from international, regional and … Continue Reading
On 10 May 2023, HM Treasury published a draft of The Amendments of the Law (Resolution of Silicon Valley Bank UK Limited) (No. 2) Order 2023, along with a draft explanatory memorandum. The draft statutory instrument (SI) makes certain amendments to the law in order to enable powers under Part 1 of the Banking Act … Continue Reading
On 10 May 2023, HM Treasury published a letter from the Economic Secretary, Andrew Griffiths, to the Chair of the House of Lords Economic Affairs Committee, regarding further adjustments to the ring-fencing regime in connection with the resolution of Silicon Valley Bank UK (SVB UK). The letter notes that the draft Amendments of the Law … Continue Reading
On 19 May 2023, HM Treasury published a Memorandum of Understanding (MoU) establishing a framework for financial services regulatory cooperation between the European Union and the United Kingdom of Great Britain and Northern Ireland. The MoU has been made pursuant to the Joint Declaration on Financial Services Regulatory Cooperation between the EU and the UK … Continue Reading
On 19 May 2023, the FCA updated its webpage on the Future Regulatory Framework (FRF) Review by adding a new section “New secondary international competitiveness and growth objective”. In this new section the FCA describes 7 drivers of productivity that will shape its work to embed and facilitate the new secondary objective in a manner … Continue Reading
On 18 May 2023, the FCA published the first set of engagement papers on its proposed new regime for public offers and admissions to trading. The publication of the engagement papers follows the FCA’s launch earlier this month of its consultation CP23/10, setting out proposed equity listing rule reforms as part of the Primary Market … Continue Reading
Recently, the FCA published Market Watch 73 which covered the regulator’s market abuse peer review into firms that offer contracts for difference (CfDs) and spread bets. The Market Watch followed the FCA’s earlier Dear CEO letter which was published last December which highlighted the FCA’s expectations of firms offering CfDs (including in relation to the … Continue Reading
On 17 May 2023, the Council of the EU published a draft Commission Delegated Regulation amending Delegated Regulation (EU) 2016/1675 as regards adding Nigeria and South Africa to the table in point I of the Annex and deleting Cambodia and Morocco from that table. The draft Delegated Regulation notes that the Financial Action Task Force … Continue Reading
