On 13 September 2023, the European Commission published an initiative setting out a draft Delegated Directive that will amend the thresholds in the Accounting Directive for determining the size category of a company to account for the impact of inflation. Since 2013, the size thresholds have remained unchanged. An increase will result in micro, small … Continue Reading
On 12 September 2023, the European Parliament announced that MEPs have adopted a proposed new directive on consumer credits. The new directive on consumer credits, already agreed between Parliament and Council negotiators in December 2022, aims to make the credit markets function smoothly while ensuring a high level of consumer protection. The legislation will cover … 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 11 September 2023, there was published in the Official Journal of the European Union (OJ) Commission Implementing Regulation (EU) 2023/1718 of 8 September 2023 amending the implementing technical standards laid down in Implementing Regulation (EU) 2015/2197 with regard to closely correlated currencies in accordance with the Capital Requirements Regulation. The Implementing Regulation inserts a … Continue Reading
On 8 September 2023, the FCA published a letter to the wholesale banking sector, following its portfolio analysis and strategy forum. The letter sets forth the FCA’s supervisory work programme over the next two years which will shape its engagement with the wholesale banking sector. The letter also sets out the FCA’s areas of supervisory … Continue Reading
On 29 August 2023, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) held a debate on the European Commission’s (Commission) proposal amending the European Market Infrastructure Regulation (Regulation (EU) 648/2012) (EMIR) as part of the clearing review. The clearing review proposals were adopted and published by the Commission in December 2022 with the … Continue Reading
On 7 September 2023 members of the European Parliament’s Industry, Research and Energy Committee (ITRE) adopted a final report on the European Commission’s proposal to amend the Wholesale Energy Market Integrity and Transparency (REMIT) Regulation. By way of background, the package of legislative measures published by the European Commission (Commission) in March 2023 was designed … Continue Reading
On 8 September 2023, the Green Technical Advisory Group (GTAG) published the following two reports: The objective of this paper is twofold. Firstly, it provides the GTAG’s recommendations on how activities previously considered environmentally sustainable, i.e., ‘green’, are affected when the UK Green Taxonomy is implemented. Secondly, it covers how taxonomy-aligned activities, products and investments … Continue Reading
On 7 September 2023, the FCA published its response to the International Sustainability Standards Board’s (ISSB) request for information in its consultation on agenda priorities. The ISSB issued the consultation in May 2023, seeking feedback on its priorities for its next two-year work plan following the publication of the first two standards (IFRS S1 and … 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
On 7 September 2023, a joint trade association comprising of the EFAMA, BFPI Ireland, EACB, FIA EPTA, Federation of the Dutch Pension Funds, Finance Denmark, Nordic Securities Association, AIMA, ICI Global, FIA and ISDA published a statement on the European Commission’s (the Commission) proposed active account requirement (AAR) under EMIR 3.0. This proposal would require … Continue Reading
On 7 September 2023, the Network for Greening the Financial System (NGFS) published the beta version of its conceptual framework for nature-related financial risks to guide policies and action by central banks and financial supervisors. The framework creates a shared science-based understanding of, and common language for, nature-related financial risks to help central banks and … Continue Reading
On 6 September 2023, the European Commission published Commission Delegated Regulation (EU) of 6 September 2023 supplementing Regulation (EU) No 575/2013 of the European Parliament and of Council with regard to regulatory technical standards (RTS) specifying the criteria for the identification of shadow banking entities referred to in Article 394(2) of Regulation (EU) No 575/2013. … Continue Reading
On 6 September 2023, the European Central Bank (ECB) published Occasional Paper No 328 – The road to Paris: stress testing the transition towards a net-zero economy. The ECB states that this Occasional Paper contributes to the field of climate stress testing by introducing the following three key innovations: The results of this exercise demonstrate … Continue Reading
On 6 September 2023, the Financial Stability Board (FSB) published a progress report on enhancing the resilience of non-bank financial intermediation (NBFI). The March 2020 turmoil underscored the need to strengthen resilience in the NBFI sector, as key funding markets experienced acute stress and public authorities needed to take a wide range of measures to … Continue Reading
On 6 September 2023, The Financial Services and Markets Act 2000 (Exemptions from Financial Promotion General Requirement) Regulations 2023 was published. The Financial Services and Markets Act 2023 introduces a regulatory ‘gateway’ for the approval of financial promotions. The ‘gateway’ will require any authorised person wishing to approve financial promotions of an unauthorised person to … Continue Reading
On 6 September 2023, the FCA published a speech delivered by Sarah Pritchard, Executive Director of Markets and International, at the Financial Crime Summit 2023. The speech addresses calibrating controls to build confident markets. In her speech, Ms Pritchard makes the following remarks:… Continue Reading
On 6 September 2023, the FCA published a new webpage – Sanctions systems and controls: firms’ response to increased sanctions due to Russia’s invasion of Ukraine. The new webpage sets out key findings from the FCA’s assessments of sanctions systems and controls in financial services firms. It includes examples of good practice and areas for … Continue Reading
On 6 August 2023, the FCA published a letter from its Chief Executive, Nikhil Rathi, to the Treasury Committee Chair, Harriet Baldwin, regarding aspects of the FCA’s work. The letter provides the FCA’s responses to questions posed by Ms Baldwin in a letter dated 2 August 2023, which followed an evidence session with the Committee. … Continue Reading
On 5 September 2023, the Financial Services Consumer Panel (FSCP) published a final report on financial services firms’ personal data use, in which it considers whether that use is leading to bias and detriment for consumers with protected characteristics. The report addresses the assumption that some groups of consumers are experiencing bias and detriment, related … Continue Reading
