Simon Lovegrove (UK)

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FCA consults on regulatory fees and levies for 2023/24

On 29 November 2022, the FCA published Consultation Paper 22/23 ‘Regulatory fees and levies: policy proposals for 2023/24’ (CP22/23). In CP22/23 the FCA sets out its proposed policy changes to the way in which it will raise FCA fees from 2023/24. Each chapter of CP22/23 covers a self-contained area of policy: Chapter 2 sets out … Continue Reading

Commission Delegated Regulation (EU) 2022/2328 supplementing the CRR with regard to RTS specifying exotic underlyings and the instruments bearing residual risks for the purposes of the calculation of own funds requirements for residual risks

On 29 November 2022, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2022/2328 of 16 August 2022 supplementing the Capital Requirements Regulation (CRR) with regard to regulatory technical standards (RTS) specifying exotic underlyings and the instruments bearing residual risks for the purposes of the calculation of own … Continue Reading

BoE Policy Statement on fees regime for FMI supervision 2022/23

On 25 November 2022, the Bank of England (BoE) published a Policy Statement on fees for financial market infrastructure supervision 2022/23. The Policy Statement confirms the following: The final fee rates in relation to the BoE’s 2022/23 funding requirement for its financial market infrastructure (FMI) supervisory activity and the policy activity that supports this, as … Continue Reading

PRA publishes Policy Statement 10/22: Depositor protection

On 28 November 2022, the Prudential Regulation Authority (PRA) published Policy Statement 10/22: Depositor Protection (PS10/22). In PS10/22 the PRA sets out final rules and provides feedback to its earlier consultation on depositor protection (Consultation Paper 9/22 (CP9/22)). Earlier consultation In CP9/22, the PRA proposed to delete: Rules 13.4 – 13.8 and amend the rules … Continue Reading

European Commission Platform on Sustainable Finance Technical Working Group publishes report on supplementary methodology and technical screening criteria

On 28 November 2022, the European Commission (Commission) Platform on Sustainable Finance Technical Working Group published a report on supplementary methodology and technical screening criteria. The report is a supplement to the recommendations published by the Platform on sustainable finance in March 2022 and should be read in that context. The recommendations and criteria within … Continue Reading

BoE Policy Statements on fees for non-UK CCPs and CSDs

On 25 November 2022, the Bank of England (BoE) published Policy Statements regarding its fees regimes for: Incoming central securities depositories (CSDs). Incoming central counterparties (CCPs). Currently, incoming CCPs can provide services in the UK under a temporary recognition regime. By the time this expires, incoming CCPs will need to be recognised by the BoE … Continue Reading

Treasury Committee publishes correspondence on proposed intervention power

On 24 November 2022, the House of Commons’ Treasury Committee published correspondence confirming the Government will not proceed with the proposed intervention power in the Financial Services and Markets Bill. The proposed power would have enabled the Government to make, amend or revoke regulators’ rules. The Government adds that it will keep the matter under … Continue Reading

BIS newsletter on bank exposures to non-bank financial intermediaries

On 24 November 2022, the Bank for International Settlements (BIS) published a newsletter on bank exposures to non-bank financial intermediaries. The newsletter highlights the following: The non-bank financial intermediary (NBFI) sector continues to grow and has the potential to cause financial stability concerns, though its size and the associated risk vary amongst member jurisdictions. Recent … Continue Reading

New UK – Singapore MoU boosting FinTech trade and cooperation

On 25 November 2022, the UK and Singapore reached an agreement on a new Memorandum of Understanding (MoU) boosting FinTech trade and cooperation at the seventh UK-Singapore Financial Dialogue in Singapore. The UK and Singapore have agreed on a MoU on the UK-Singapore FinTech Bridge. The FinTech Bridge seeks to support continued growth, investment and … Continue Reading

Commission Delegated Regulation supplementing the CCP Recovery and Resolution Regulation with regard to RTS specifying the methodology for calculation and maintenance of the additional amount of pre-funded dedicated own resources to be used in accordance with Article 9(14) of that Regulation

On 25 November 2022, the European Commission published a Commission Delegated Regulation supplementing the CCP Recovery and Resolution Regulation (CCPRRR) with regard to regulatory technical standards specifying the methodology for calculation and maintenance of the additional amount of pre-funded dedicated own resources to be used in accordance with Article 9(14) of that Regulation. The Commission … Continue Reading

New Regulation Tomorrow plus podcast – The importance of terminology and the “S” and “G” parts of ESG

In this episode of RT Plus on ESG, Haney Saadah touches on the FCA’s recent consultation paper on sustainability disclosure requirements. He also looks the importance of terminology and why the “S” and “G” parts of ESG are as important as the “E” part. He also provides his views on how firms will approach their … Continue Reading

Diversity and inclusion: Driving change in our industry – Speech by Sheldon Mills

On 22 November 2022, the FCA published a speech by Sheldon Mills, Executive Director, Consumers and Competition, FCA, delivered at the Association of British Insurers (ABI) Diversity, Equity and Inclusion (D&I) conference. In his speech, Mr Mills addressed the following: Why diversity and inclusion matters: The FCA is committed to taking action on D&I because … Continue Reading

House of Commons Sub-Committee letter on PRA CP8/22 ‘Remuneration: Unvested pay, Material Risk Takers and public appointments’

On 23 November 2022, the House of Commons’ Sub Committee on Financial Services Regulation (the Sub-Committee) published a letter by its interim chair, Angela Eagle, regarding PRA Consultation Paper 8/22 ‘Remuneration: Unvested pay, Material Risk Takers and public appointments’ (CP8/22). The letter follows the Sub-Committee’s discussion on CP8/22 and sets out the following questions to … Continue Reading

Published in the OJ – Corrigendum to Commission Implementing Regulation (EU) 2022/1860

On 24 November 2022, there was published in the Official Journal of the European Union (OJ) Corrigendum to Commission Implementing Regulation (EU) 2022/1860 of 10 June 2022 laying down implanting technical standards for the application of the European Market Infrastructure Regulation with regards to the standards, formats, frequency and methods and arrangements for reporting… Continue Reading

FCA launches new web page on raising standards in new firms and financial promotions

On 22 November 2022, the FCA launched a new webpage on raising standards in new firms and financial promotions. The FCA’s ‘Early and High Growth Oversight’ provides enhanced supervision for newly authorised firms. It provides enhanced supervision for firms as they get used to their regulatory status and supports them to understand their obligations so … Continue Reading

The Financial Services (Miscellaneous Amendments) Regulations 2022

On 22 November 2022, HM Treasury published the Financial Services (Miscellaneous Amendments) Regulations 2022. The Regulations contains a range of measures to address deficiencies in retained European Union (EU) law. Among other things the Regulations provide that: HM Treasury can use its power under article 5(4) of the Short Selling Regulation in relation to Gibraltar … Continue Reading

EBA Guidelines on the use of remote customer onboarding solutions under Article 13(1) of 4MLD

On 22 November 2022, the European Banking Authority (EBA) published a final report on guidelines on the use of remote customer onboarding solutions under Article 13(1) of the Fourth Money Laundering Directive (4MLD). This final report sets out a strategic objective to embrace digital finance for the good of consumers and businesses and identifies EU … Continue Reading

FOS publishes the Independent Assessor’s Annual Report 2021 – 2022

On 22 November 2022, the Financial Ombudsman Service (FOS) published the Independent Assessor’s Annual Report 2021-2022. During the financial year, the assessor investigated 568 services complaints out of 4131, received by the FOS. This shows that for the most part, customers that raised complaints were either satisfied with the response they received from the FOS … Continue Reading

FCA announces Code of Conduct for ESG data and ratings providers

On 22 November 2022, the FCA announced the formation of a group to develop a voluntary code of conduct for environmental, social and governance (ESG) data and ratings providers (the Code). In an earlier FCA Feedback Statement on ESG integration in UK capital markets, the FCA expressed their support for introducing regulatory oversight of certain … Continue Reading

European Commission publishes call for advice to the EBA on green loans and mortgages

On 22 November 2022, the European Commission (Commission) issued a call for advice to the European Banking Authority (EBA) on green loans and mortgages. In its ‘Strategy on Financing the Transition to a Sustainable Economy’ (Strategy) of July 2021, the Commission outlined four policy areas in which further work is needed. One of the four … Continue Reading

ESMA annual report – 2022 on the application of waivers and

On 21 November 2022, the European Securities and Markets Authority (ESMA) published its annual report 2022 on the application of waivers and deferrals. Articles 4(4) and 992) of MiFIR require ESMA to monitor the application of pre-trade transparency waivers and to submit an annual report to the European Commission on how equity and non-equity waivers … Continue Reading
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