On 4 December 2024, the European Systemic Risk Board (ESRB) issued a press release announcing that it had published a report which provides a response to the European Commission’s (Commission) targeted consultation assessing the adequacy of macroprudential policy for non-bank financial intermediation (NBFI).
Among other things the report notes
On 3 December 2024, the European Securities and Markets Authority (ESMA) published the speech given by its chair, Verena Ross, at the FESE 50th Anniversary Celebration.
Key points in the speech include:
On 4 December 2024, the Financial Stability Board (FSB) issued a press release following its plenary in Hong Kong on 3 and 4 December.
Key points from the press release include that the FSB:
On 4 December 2024, the Council of the EU issued a press release stating that it had reached agreement on the proposed framework for Financia Data Access (FIDA) that aims to open the access of financial institutions to each other’s customer data. The FIDA framework complements the proposed Payment Services Regulation by covering
On 26 November 2024, the Single Resolution Board (SRB) published its Annual Work Programme for 2025, which sets out its main priorities for the next year (alongside its continued work on standard operations).
The Annual Work Programme for 2025 (which complements the SRB Multi-annual Plan) concentrates on three strategic areas: core business
On 21 November 2024, the International Organization of Securities Commissions (IOSCO) issued a consultation report on pre-hedging.
Definition
For the purposes of the consultation report, IOSCO proposes to define pre-hedging as “trading undertaken by a dealer, in compliance with applicable laws and rules, including those governing frontrunning, trading on material non-public information/insider dealing
On 20 November 2024, the European Supervisory Authorities (ESAs) published a final report on joint guidelines on the system established by the ESAs for the exchange of information relevant to the assessment of the fitness and propriety of holders of qualifying holdings, directors and key function holders of financial institutions and financial market
On 18 November 2024, the Financial Stability Board (FSB) issued its 2024 annual report which looks at progress in implementing the G20 reforms and outlines action to be undertaken in 2025.
The annual report notes that certain long-standing financial system vulnerabilities remain, and these include:
In this new edition of Regulation Around the World we review the UK Financial Conduct Authority’s (FCA) Consumer Duty (UK Consumer Duty) and see if other international financial services authorities have already got similar concepts in their frameworks; or whether the UK Consumer Duty not only sets a new UK standard
On 14 November 2024, the following were published in the Official Journal of the EU: