United Kingdom (and EU regulation)

FCA publishes speech on the role of regulation in encouraging investment in the City

By Simon Lovegrove (UK) and Anita Edwards on September 25, 2023 Posted in Regulation and compliance, United Kingdom

On 25 September 2023, the FCA published a speech by Sarah Pritchard, its Executive Director for Markets and Executive Director for International, delivered at the City and Financial Global: Future of UK Capital Markets Regulation event. In her speech, Ms Pritchard discusses the role of regulation in encouraging investment in the City. The speech includes … Continue Reading

FCA and PRA consult on measures to boost diversity and inclusion in the financial sector

By Simon Lovegrove (UK), Anita Edwards and Haney Saadah on September 25, 2023 Posted in ESG, United Kingdom

On 25 September 2023, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) published consultations setting out their proposals to introduce a new regulatory framework on diversity and inclusion (D&I) in the financial sector. The FCA’s consultation paper, CP23/20, is on D&I in the financial sector – ‘working together to drive change’, and … Continue Reading

New Regulation Tomorrow Plus podcast: Firms’ obligations to record and retain communications under UK REMIT

By Hannah Meakin (UK), Anita Edwards and Jonathan Herbst (UK) on September 25, 2023 Posted in Regulation and compliance, Seminars, webinars and podcasts, United Kingdom

In this Regulation Tomorrow Plus podcast, Jonathan Herbst, Hannah Meakin and Anita Edwards discuss the obligations that firms have under UK REMIT to record and retain communications relating to their trading in wholesale energy products, in light of a large fine issued to a firm last month by Ofgem, the energy regulator, for breaches of … Continue Reading

European Parliament ECON Committee holds first debate on CMDI package

On 20 September 2023, the European Parliament Economic and Monetary Affairs (ECON) Committee held its first exchange of views on the European Commission’s (Commission) crisis management and deposit insurance (CMDI) legislative package. The legislative package contains amending proposals to the EU regime for the recovery and resolution of credit institutions. The legislative package consists of: … Continue Reading

FSB report on stocktake of international data standards relevant to cross-border payments

On 25 September 2023, the Financial Stability Board (FSB) published a report: Stocktake of international data standards relevant to cross-border payments. The report looks at national and regional data frameworks relevant to the functioning, regulation and supervision of cross-border payment arrangements. Furthermore, the report takes forward one of the priority actions under the G20 Cross-border … Continue Reading

UNEP publishes second biennial progress report on implementation of the UN Principles for responsible banking

By Haney Saadah and Simon Lovegrove (UK) on September 25, 2023 Posted in Africa, Asia, Australia, Canada, Dubai and Saudi, ESG, ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

On 22 September 2023, the United Nations Environment Programme (UNEP) published the second biennial progress report on implementation of the UN Principles for responsible banking. The report highlights the key achievements of member banks in integrating sustainability considerations such as climate change mitigation into their strategies, transforming governance structures, understanding their impacts better, setting targets … Continue Reading

Edinburgh Reforms tracker – where are we now?

By Simon Lovegrove (UK) on September 25, 2023 Posted in Regulation and compliance, United Kingdom

On 9 December 2022, the Chancellor of the Exchequer, Jeremy Hunt MP, unveiled at an industry roundtable in Edinburgh over 30 regulatory reforms. These “Edinburgh Reforms” followed on from the 2022 Chancellor’s Autumn Statement in which he highlighted financial services as one of the UK’s five key growth sectors. The reforms themselves are intended to … Continue Reading

Patisserie Valerie charges preview impact of new failure to prevent fraud offence

By Andrew Reeves (UK) and Naomi Miles on September 22, 2023 Posted in Anti-corruption and business and human rights, Horizon scanning, Investigations and enforcement, Regulation and compliance, Senior Managers, United Kingdom

The recent Patisserie Valerie charges against four individuals provide a preview of the type of scenario in which companies could be investigated under the new failure to prevent fraud offence as well as the expanded test for corporate criminal liability. In this blog, we outline the charges brought by the SFO, provide an update on … Continue Reading

New Regulation Tomorrow Plus podcast: EMEA regulatory insights series – Netherlands

By Simon Lovegrove (UK), Nikolai de Koning and Floortje Nagelkerke (NL) on September 22, 2023 Posted in France, Germany, Italy, Regulation and compliance, Regulation and compliance, Regulation and compliance, Regulation and Compliance, Regulation and Compliance, Seminars, webinars and podcasts, The Netherlands, United Kingdom

In our EMEA regulatory insights series colleagues from our EMEA offices provide an update on the key regulatory issues they are seeing in their local market. In this first episode Floortje Nagelkerke and Nikolai de Koning from our Amsterdam office discuss what they are seeing in the Dutch market touching on the local regulator’s work … Continue Reading

European Parliament ECON Committee holds first discussion on Retail Investment Package

By Flupke van den Bogart and Simon Lovegrove (UK) on September 22, 2023 Posted in France, Germany, Italy, Retail, Retail, Retail, Retail, Retail, The Netherlands, United Kingdom

On 19 September 2023, the European Parliament Economic and Monetary Affairs (ECON) Committee held its first exchange of views on the Retail Investment Package. The Retail Investment Package, which was published by the European Commission (Commission) on 24 May 2023, aims to empower retail investors to take more informed investment decisions that would better correspond … Continue Reading

EBA launches 2023 EU-wide transparency exercise

By Simon Lovegrove (UK) on September 22, 2023 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 22 September 2023, the European Banking Authority (EBA) launched its annual EU-wide transparency exercise. The exercise will disclose capital positions, financial assets, risk exposure amounts, sovereign exposures and asset quality information of the EU banking sector in the second half of 2022 and in the first half of 2023. The exercise forms part of … Continue Reading

FCA publishes final warning for cryptoasset firms marketing to UK consumers

By Hannah Meakin (UK), Simon Lovegrove (UK) and Anita Edwards on September 22, 2023 Posted in Crypto assets, United Kingdom

On 21 September 2023, the FCA published a letter setting out a final warning for cryptoasset firms marketing to UK consumers and those supporting them to get ready for the financial promotion regime. In the letter, the FCA highlights the following: Going forward, the letter sets forth that, if firms believe they are going to … Continue Reading

Regulation Tomorrow Plus: Access to cash

By Simon Lovegrove (UK) and Matthew Gregory (UK) on September 21, 2023 Posted in Banking, Seminars, webinars and podcasts, United Kingdom

The Financial Services and Markets Act 2023 introduces a requirement for the FCA to exercise new functions for the purpose of “seeking to ensure reasonable provision of cash access services in the United Kingdom, or a part of the United Kingdom”. In this Regulation Tomorrow Plus podcast Matthew Gregory and Simon Lovegrove discuss HM Treasury’s … Continue Reading

Council of the European Union publishes Consumer Credit Directive II

By Simon Lovegrove (UK) and Matthew Gregory (UK) on September 21, 2023 Posted in France, Germany, Italy, Regulation and compliance, Regulation and compliance, Regulation and compliance, Regulation and Compliance, Regulation and Compliance, The Netherlands, United Kingdom

On 21 September 2023, the Council of the European Union published the text of a proposed Directive of the European Parliament and of the Council on credit agreements for consumers and repealing Directive 2008/48/EC. The proposed Directive will replace the Consumer Credit Directive. The European Parliament adopted the proposed Directive on 12 September 2023 at … Continue Reading

JMLSG revised guidance receives ministerial approval

By Simon Lovegrove (UK), Haney Saadah and Katie Stephen (UK) on September 21, 2023 Posted in Money laundering, United Kingdom

On 20 September 2023, the Joint Money Laundering Steering Group (JMLSG) received HM Treasury ministerial approval of revisions to Part II Sector 22 (Cryptoasset providers and custodian wallet providers) of its Guidance. This also includes the new Sector 22 Annex 1 relating to cryptoasset transfers (Travel Rule) and related updates to Sector 22.… Continue Reading

GFANZ consults on defining transition finance and considerations for decarbonisation contribution methodologies

By Haney Saadah and Simon Lovegrove (UK) on September 21, 2023 Posted in ESG, United Kingdom

On 19 September 2023, the Glasgow Financial Alliance for Net Zero (GFANZ) launched a consultation which outlines preliminary considerations regarding defining transition finance and potential for decarbonisation contribution methodologies. In 2022, GFANZ identified four strategies necessary for financing a whole economy transition to net zero, which collectively comprise ‘transition finance’. These finance or enable the … Continue Reading

FCA publishes initial findings on bank account access and closures

By Matthew Gregory (UK), Simon Lovegrove (UK), Anita Edwards and Hannah Meakin (UK) on September 21, 2023 Posted in Payment Services, United Kingdom

On 19 September 2023, the FCA published a report setting out the findings of its initial data exercise on UK bank account access and closures. The report also explains what further work the FCA will undertake to examine the information provided and address gaps in the data. In order to better understand the scale and … Continue Reading

HM Treasury publishes draft Greenhouse Gas Emissions Trading Scheme (Amendment) (No. 2) Order 202

By Hannah Meakin (UK), Haney Saadah, Simon Lovegrove (UK) and Anita Edwards on September 21, 2023 Posted in ESG, United Kingdom

On 19 September 2023, HM Treasury published the draft Greenhouse Gas Emissions Trading Scheme (Amendment) (No.2) Order 2023 (the draft SI). The draft SI amends the Greenhouse Gas Emissions Trading Scheme Order 2020 (also known as the UK ETS Order), Commission Delegated Regulation (EU) 2019/331, Commission Implementing Regulation (EU) 2019/1842 and the Greenhouse Gas Emissions … Continue Reading

FCA publishes new webpage: Landing slots for funds in temporary marketing permissions regime

By Simon Lovegrove (UK) and Anita Edwards on September 20, 2023 Posted in Collective investment schemes, Regulation and compliance, United Kingdom

On 19 September 2023, the FCA published a new webpage on landing slots for funds in the temporary marketing permissions regime (TMPR). The webpage explains that, in the coming months, the FCA will be contacting fund operators with respect to landing slots for exiting the TMPR. It also notes that the process of exiting the … Continue Reading

HM Treasury publishes the Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2023

By Simon Lovegrove (UK), Hannah Meakin (UK) and Anita Edwards on September 20, 2023 Posted in Brexit, United Kingdom

On 20 September 2023, HM Treasury published Statutory Instrument (SI) 2023 No. 1018, the Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2023. The SI extends, by twelve months, the transitional arrangements under Parts 2 and 3 of the Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2019 (SI 2019/589) which enable specified categories of Gibraltar-based firms … Continue Reading

ECB speech – Treading softly yet boldly: how culture drives risk in banks and what supervisors can do about it

By Simon Lovegrove (UK) on September 20, 2023 Posted in France, Germany, Italy, Regulation and compliance, Regulation and compliance, Regulation and compliance, Regulation and Compliance, Regulation and Compliance, The Netherlands, United Kingdom

On 19 September 2023, the European Central Bank (ECB) published a speech by Frank Elderson (Member of the ECB Executive Board and Vice-Chair of the ECB Supervisory Board) entitled Treading softly yet boldly: how culture drives risk in banks and what supervisors can do about it. The speech discusses what the ECB assesses in terms … Continue Reading

TNFD publishes recommendations

By Haney Saadah and Simon Lovegrove (UK) on September 19, 2023 Posted in Africa, Asia, Australia, Canada, Dubai and Saudi, ESG, ESG, ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

On 19 September 2023, the Taskforce on Nature-related Financial Disclosures (TNFD) published its recommendations. The TNFD was launched in 2021. It is a global, market-led, science-based, and government-supported initiative with the mission to develop and deliver a risk management and disclosure framework for organisations to report and act on evolving nature-related issues. The aim of … Continue Reading

FSB consults on financial resources and tools for central counterparty resolution

On 19 September 2023, the Financial Stability Board (FSB) published a consultation report on financial resources and tools for central counterparty (CCP) resolution. In the consultation report the FSB sets out a proposal for a toolbox approach as a global standard for CCP financial resources and tools for resolution. In a toolbox approach, resolution authorities … Continue Reading

BoE publishes speech on the PRA’s new competitiveness and growth objective

By Simon Lovegrove (UK) and Anita Edwards on September 19, 2023 Posted in FCA / PRA Handbook, United Kingdom

On 19 September 2023, the Bank of England (BoE) published a speech by Victoria Saporta, Executive Director of Prudential Policy, which was delivered at the conference on the role of financial regulation in international competitiveness and economic growth held at the BoE. In her speech, Ms Saporta highlights the following: Ms Saporta concludes by noting … Continue Reading