On 11 February 2025, the European Systemic Risk Board (ESRB) issued a report that provides a compliance assessment of the implementation of the ESRB’s recommendation of 2 December 2021 on reform of money market funds (MMFs). The recommendation was addressed to the European Commission (Commission) as is the report.

Simon Lovegrove (UK)
Streamlining firm-specific capital communications
On 12 February 2025, the Prudential Regulation Authority (PRA) issued Policy Statement 2/25: Streamlining firm-specific capital communications (PS2/25).
In PS2/25 the PRA provides feedback on the responses it received to its earlier consultation paper (CP9/24) and sets out its final policy and rules which are intended to streamline firm-specific capital communications…
European Commission issues guidelines on AI system definition in EU AI Act
On 6 February 2025, the European Commission published a set of draft guidelines on the definition of ‘artificial intelligence (AI) system’ for the purposes of the EU AI Act, which began to apply on 2 February 2025.
Background
Under the EU AI Act (which aims to promote innovation while ensuring high levels of…
Treasury Committee writes to FCA and FOS regarding departure of Chief Ombudsman
On 11 February 2025, the Treasury Committee published letters to the Financial Conduct Authority (FCA) and Financial Ombudsman Service (FOS) about the circumstances that surrounded the departure of the Chief Ombudsman, Abby Thomas, last week.
The letters were written following a session in which members of the Committee were not satisfied…
BoE speech on scale and significance of changes to financial market activity
On 11 February 2025, the Bank of England (BoE) published a speech by its Governor, Andrew Bailey, entitled ‘Are we underestimating changes in financial markets?’.
In the speech, Mr Bailey discusses the scale and significance of changes to financial market activity in recent years and what the impact is on financial stability. He…
FCA publishes new webpage on pension dashboards: how to register with MaPS
On 11 February 2025, the Financial Conduct Authority (FCA) published a new webpage, ‘Pension dashboards: how to register with the Money and Pension Service’ (MaPS). The webpage sets out what pension providers need to do in order to register their connection with the pensions dashboard ecosystem provided by MaPS.…
The foundations of trustworthy AI in the financial sector
On 11 February 2025, the Bank of International Settlements published a speech by Denis Beau, First Deputy Governor of the Bank of France, at the Cercle IA et finance.
In his speech Mr Denis discusses, from a supervisor’s perspective, the opportunities and risks of AI and then the conditions necessary for effective regulation of AI…
ECB clarification on ICAAPs and ILAAPs and respective package submissions
On 10 February 2025, the European Central Bank (ECB) issued a document that reminds EU banks of some of the ECB’s main supervisory expectations on sound and effective capital and liquidity management in line with the 2018 ECB guides on the internal capital/liquidity adequacy assessment processes (ICAAP / ILAAP). The document provides certain…
No additional SRF bank levies needed for 2025; Fund continues to meet target level
On 10 February 2025, the Single Resolution Board issued a press release announcing that the Single Resolution Fund’s target level remains reached at the end of 2024. The Single Resolution Fund’s target level, of at least 1% of covered deposits held in Banking Union Member States, is verified annually. As of 31 December 2024, the…
Commission consults on supervisory fees for CTPs
On 10 February 2025, the European Commission issued a consultation on a draft Delegated Regulation that amends Commission Delegated Regulation (EU) 2022/930 as regards fees relating to the supervision by the European Securities and Markets Authority (ESMA) of consolidated tape providers (CTPs).
Key points include:
- The draft Delegated Regulation introduces a