On 15 August 2023, the FCA published a letter requesting information on Politically Exposed Persons (PEPs). The letter sets forth that, following Royal Assent of the Financial Services and Markets Act 2023 (the Act) on 29 June 2023, the FCA will be undertaking a review, which will assess how FCA regulated firms are complying with … Continue Reading
On 4 July 2023, the FCA published Policy Statement 23/10: FCA regulated fees and levies 2023/24 (PS23/10), which includes feedback on its earlier consultation and sets out the final 2023/24 periodic regulatory fees and levy rates for the FCA, the Financial Ombudsman Service, and levies collected on behalf of government departments. In PS23/10, the FCA … Continue Reading
On 30 June 2023, the FCA published Handbook Notice No 110. The Handbook Notice describes the changes to the FCA Handbook and other material made by the FCA Board under its legislative and other statutory powers. On 25 May 2023, the Board of the FCA made the relevant changes to the Handbook as set out … Continue Reading
On 30 June 2023, the PRA published Consultation Paper 11/23: PRA statement on the review of rules (CP11/23). Under the Financial Services and Markets Act 2023 (FSM Act), the PRA will take on wider rule-making responsibilities in areas that were previously covered by retained EU law. The PRA will become subject to additional accountability measures, … Continue Reading
On 2 June 2023, the FCA published Quarterly Consultation No 40. In Quarterly Consultation No 40 the FCA is proposing to: The deadline for comments to Quarterly Consultation No 40 is 10 July 2023.… Continue Reading
On 21 March 2023, the FCA published an update on its operating service metrics for authorisations timelines. Using a ‘Red/Amber/Green’ (RAG) rating system, the update notes that, for 2021/22, there were 8 green metrics, 5 amber and 6 red. In January/February 2023, 12 were green, 5 amber and 2 red. The FCA expects to see … Continue Reading
On 26 January 2023, the FCA published its latest Regulation Round-up. Regulation Round-up is the FCA’s monthly newsletter to firms on hot topics, events and sector news. Among other things in Regulation Round-up the FCA:… Continue Reading
On 25 January 2023, the FCA published a new webpage setting out feedback on good and poor quality applications under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs). The feedback is intended to help applicants when they prepare their application for registration. The webpage covers:… Continue Reading
On 24 November 2022, the European Union Agency for the Cooperation of Energy Regulators (ACER) announced that it has updated its REMIT data reporting guidance. Following extensive consultation with stakeholders launched in June 2022 that aimed to improve REMIT data reporting, ACER had published: The updated Transaction Reporting User Manual (TRUM) and its annexes. The … Continue Reading
On 1 July 2022, the FCA updated its webpage on ‘change in control’. The update provides that: Given recent delays in allocating FCA-led notifications to case officers over recent months, the FCA has recruited additional case officers. Currently, there is a delay of approximately one and a half months between submission of a complete notification … Continue Reading
As the economy starts to recover following the impact of the COVID-19 pandemic, regulatory changes are under way in the anti-money laundering and market abuse space. In addition, the events in Ukraine, and the wide range of financial sanctions imposed on Russia in response, are having a significant impact on financial markets and must now … Continue Reading
On 31 March 2022, the European Union Agency for the Cooperation of Energy Regulators (ACER) published an updated version of its Transaction Reporting User Manual (TRUM) and its Annex II. The update follows a five month consultation and the amendments provide guidance on the reporting of transactions related to the transportation of natural gas, which … Continue Reading
On 23 March 2022, Ofgem announced that it was implementing the changes to its REMIT Procedural Guidelines and REMIT Penalties Statement that it consulted on last year. This includes the decision to remove the middle and late settlement windows, and to allow the director with responsibility for enforcement to make decisions in settlement cases. The … Continue Reading
On 11 March 2022, the PRA published Policy Statement 2/22 ‘Operational Resilience and Operational Continuity in Resolution: CRR firms, Solvency II firms, and Financial Holding Companies’ (PS2/22). In PS2/22 the PRA sets out its feedback to the responses to Consultation Paper 21/21 ‘Operational Resilience and Operational Continuity in Resolution: CRR firms, Solvency II firms, and … Continue Reading
On 21 February 2022, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2022/229 of 7 January 2022 which amends the list of high-risk third countries with strategic anti-money laundering (AML) and counter-terrorist financing (CTF) deficiencies set out in Delegated Regulation (EU) 2016/1675. Delegated Regulation 2016/1675 is provided for … Continue Reading
On 18 February 2022, the FCA updated its webpage on ‘Submit a change in control notification’. The update states that the FCA has seen a significant increase in section 178 notifications. Due to these high volumes, the FCA has experienced delays in allocating FCA-led notifications to case officers. Currently, there is a delay of approximately … Continue Reading
On 17 February 2022, the Joint Money Laundering Steering Group published a revision to Part II Sector 17 (Syndicated Lending) of its Guidance, being the insertion of Paragraph 17.29A. The new text is available under the “Revisions” tab under “Guidance”, and has been submitted to HM Treasury for Ministerial approval.… Continue Reading
When passporting rights ended on 31 December 2020, European firms conducting regulated activities in the UK had to either stop doing business in the UK; or apply to remain under the ‘Temporary Permissions Regime’ (TPR). The TPR is in place to allow European firms to go through an orderly transition after Brexit, and continue their … Continue Reading
The RT Plus IFPR Series continues with two further episodes available to stream and download. In this bite-sized series, each episode features a quick run through the issues pertaining to some of the key headlines of the new prudential regime for investment firms in the UK. In these two latest episodes, Compliance Manager, Victoria Pridmore, … Continue Reading
A new RT Plus episode covering the FCA authorisation process is out now to stream and download. In this episode, Head of Risk Consulting EMEA Advisory, Lisa Lee Lewis, is joined by Compliance Manager, Victoria Pridmore, to discuss various aspects of the authorisation process. They look at recent issues and updates from the FCA in … Continue Reading
On 16 December 2021, the Bank of England (BoE) updated its Strengthening Accountability webpage by stating that it has now published an inventory of senior manager responsibilities. The BoE state that this document responds to the feedback in the ‘Evaluation of the Senior Managers and Certification Regime’ report that it would be useful to have … Continue Reading
On 14 December 2021, the Agency for the Cooperation of Energy Regulators (ACER) published the 26th Edition of its Questions and Answers on REMIT. These Q&As contain a summary of frequently asked questions about Regulation (EU) No 1227/2011 of 25 October 2011 on wholesale energy market integrity and transparency (REMIT) and the ACER’s answers to … Continue Reading
