On 15 March 2024, the Financial Conduct Authority (FCA) announced a review into firms’ treatment of customers in vulnerable circumstances. The supports the FCA’s 2021 commitment. The announcement is in parallel with the Consumer Duty’s overarching objective, as firms are required to act to deliver good outcomes for all customers, including those with characteristics of … Continue Reading
On 15 March 2024, the European Supervisory Authorities (ESAs) published an updated version of their consolidated Q&As on the Packaged Retail and Insurance-based Investment Products (PRIIPs) Key Information Document. The document combines responses given by the European Commission to questions regarding interpretation of EU law according to Article 16(5) of the ESA Regulations, which are … Continue Reading
On 15 March 2024, the Council of the EU published the updated text of the proposed Regulation amending the Single Euro Payments Area Regulation, the Cross-Border Payments Regulation, the Settlement Finality Directive and the Second Payment Services Directive as regards instant credit transfers in euro. On 26 February 2024, the Council of the EU issued … Continue Reading
On 15 March 2024, the Council of the EU published the updated text of the proposed Directive amending the Alternative Investment Fund Managers Directive and the UCITS Directive relating to delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services, and loan origination by alternative investment funds. On 26 February 2024, the … Continue Reading
On 15 March 2024, the European Commission adopted an Implementing Regulation amending the implementing technical standards laid down in Implementing Regulation 2021/451 as regards rules on the supervisory reporting of interest rate risk in the banking book. Commission Implementing Regulation 2021/451 specifies the uniform reporting formats and templates, the instructions and methodology on how to … Continue Reading
On 13 March 2024, the European Parliament issued a press release stating that it had adopted its first reading position on the alternative dispute resolution (ADR) proposal, which allows consumers to, submit complaints against traders to entities offering independent, fast and affordable consumer redress. Since they were established in 2013, the EU’s rules on out-of-court … Continue Reading
On 13 March 2024, the Council of the EU published the text of the draft Directive amending the Bank Recovery and Resolution Directive and the Resolution establishing the Single Resolution Mechanism as regards certain aspects of the minimum requirement for own funds and eligible liabilities. The draft Directive is sometimes known as the ‘daisy-chain proposal’. … Continue Reading
On 14 March 2024, the European Commission (Commission) adopted a Delegated Regulation amending Delegated Regulation 2016/1675 as regards adding Kenya and Namibia to the table in point I of the Annex and deleting Barbados, Gibraltar, Panama, Uganda and the United Arab Emirates from that table. Article 9(2) of the Fourth Anti-Money Laundering Directive (4MLD) empowers … Continue Reading
On 14 March 2024, the FCA published a speech by its CEO, Nikhil Rathi, entitled ‘Investing in outcomes: a regulatory approach to deliver for consumers, markets and competitiveness’. In his speech Mr Rathi touches on some of the big issues investors have on their minds: In relation to the Consumer Duty, Mr Rathi notes that … Continue Reading
On 14 March 2024, HM Treasury (HMT) published a near final version of the Payment Services (Contract Terminations Amendment) Regulations 2024 together with a policy note. The draft statutory instrument and policy note follows HMT’s earlier policy statement published last November on payment service contract termination rule changes. The policy statement was published following a … Continue Reading
On 13 March 2024, the European Commission adopted a Delegated Regulation supplementing the Investment Firms Regulation (IFR) with regards to regulatory technical standards (RTS) specifying the details of the scope and methods for prudential consolidation of an investment firm group. The draft technical standards specify the details of the scope of and methods for prudential … Continue Reading
On 13 March 2024, the European Commission adopted: It is now for European Parliament and the Council of the EU to scrutinise and adopt the delegated acts. Our previous blog on the above delegated acts are here.… Continue Reading
On 13 March 2024, the Single Resolution Board (SRB) issued a public consultation on the minimum bail-in data template (MBDT). The consultation is part of the SRB’s collaboration with the industry in order to fulfil the SRB mandate and implement the new strategy, SRM Vision 2028, which moves from the key elements of resolution planning … Continue Reading
On 13 March 2024, the Chief Executive of the Financial Conduct Authority (FCA), Nikhil Rathi, delivered a speech on the future of pensions at the JP Morgan Pensions and Savings Symposium. Key points Mr Rathi acknowledged that pensions auto-enrolment processes have been a success, but emphasised the importance of addressing the gaps and inadequacies that … Continue Reading
On 12 March 2024, the European Commission (Commission) published a letter containing a provisional request for advice from the European Banking Authority (EBA), regarding regulatory technical standards and guidelines under the future anti-money laundering (AML) and counter terrorist financing (CFT) framework. The request for technical advice is provisional, considering the new AML/CFT framework is not … Continue Reading
On 13 March 2024, the European Banking Authority (EBA) published a final report containing draft regulatory technical standards (RTS) to specify the requirements, templates and procedures for handling complaints received by issuers of asset reference tokens (ARTs) under Article 31 of the Regulation on markets in crypto-assets (MiCAR). The draft RTS set out: The draft … Continue Reading
On 12 March 2024, the Bank of England (BoE) published Policy Statement PS5/24 on solvent exit planning for non-systemic banks and building societies, setting out how these types of firm in the UK should prepare, as part of their business-as-usual (BAU) activities, for an orderly ‘solvent exit’ and, if needed, be able to execute one. … Continue Reading
On 12 March 2024, HM Treasury published a draft statutory instrument (SI): The Payment Services (Amendment) Regulations 2024, along with an accompanying policy note. The draft SI amends the Payment Services Regulations (PSRs) 2017 to allow payment service providers (PSPs) to delay the execution of an outbound payment transaction by up to four business days, … Continue Reading
On 12 March 2024, the Financial Action Task Force (FATF) published guidance on beneficial ownership and transparency of legal arrangements. The guidance, which is non-binding, aims to assist stakeholders from public and private sectors that regulate, supervise, enforce, form, manage, or administer trusts or similar legal arrangements. It focuses on the Recommendation 25 requirements and … Continue Reading
On 11 March 2024, the European Commission (the Commission) published: The European Securities and Markets Authority (ESMA) has a complex fee funding system based on several legal bases in sectoral legislation. There are currently seven delegated acts laying down the calculation and payment modalities of the fees charged to the different types of entities under … Continue Reading
On 11 March 2024, the Financial Conduct Authority (FCA) published a statement updating its position on cryptoasset-backed Exchange Traded Notes (cETNs) for professional investors. The statement explains that the FCA will not object to requests from Recognised Investment Exchanges (RIEs) to create a UK listed market segment for cETNs. These products would be available for … Continue Reading
On 11 March 2024, HM Treasury (HMT) published a consultation on improving the effectiveness of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the MLRs), which place requirements onto a range of businesses to identify and prevent money laundering and terrorist financing. HMT committed to consulting on changes … Continue Reading
On 11 March 2024, the European Commission (the Commission) published: ESMA has a complex fee funding system based on several legal bases in sectoral legislation. There are currently seven delegated acts laying down the calculation and payment modalities of the fees charged to the different types of entities under ESMA’s direct supervision. For example, ESMA … Continue Reading
On 11 March 2024, the European Commission published its report to the European Parliament and the Council of the EU on the implementation of the Fourth Anti-Money Laundering Directive (4MLD). The report is based on information from various sources, namely two surveys conducted by Commission services among Member States, as well as contributions from the … Continue Reading