On 11 October 2024, the Basel Committee on Banking Supervision (Basel Committee) published a report providing an update to G20 Finance Ministers and Central Bank Governors on its analytical work of the 2023 banking turmoil. Specifically, the report provides an update on the analytical work on liquidity risk dynamics that were observed during the turmoil
On 11 October, the AIMA Productive Finance Working Group published an updated version of the model Long-Term Asset Fund Instrument of Incorporation and Authorised Contractual Scheme co-ownership deed, following confirmation from the Financial Conduct Authority.
On 10 October 2024, the draft Consumer Composite Investments (Designated Activities) Regulations 2024 were published (the draft Regulations) were published on legislation.gov.uk, along with a draft explanatory memorandum.
The draft Regulations replace assimilated law relating to the Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation, establishing a new legislative framework for
On 10 October 2024, the Technology Working Group (supported by the Investment Association) published its third and final report – Artificial Intelligence: Current and Future Usage Within Investment Management.
The Technology Working group, which is industry-led, was established to identify how the UK investment management industry could harness the potential of innovative new technologies. Its
On 10 October 2024, the Financial Conduct Authority (FCA) updated its Climate Financial Risk Forum (CFRF) webpage to add links to three new guides on key areas of climate risk: Nature-related Risk: Handbook for Financial Institutions, Short-term Scenarios, and Mobilising Adaptation Finance to Build Resilience.
The handbook on
On 9 October 2024, the International Organization of Securities Commissions (IOSCO) issued its final report on investor education surrounding crypto-assets.
The report follows up on an earlier report published in 2020 and provides updated information on crypto-assets that will be useful to regulators when designing investor education initiatives for retail investors. The report
On 9 October 2024, the Investment Association (IA) updated its ‘Principles of Remuneration’.
The Principles of Remuneration outlines IA member views on the commonly accepted approach to executive pay for the majority of companies.
On 9 October 2024, there was published on legislation.gov.uk, The Payment Services (Amendment) Regulations 2024 together with an explanatory memorandum.
The Regulations come into force on 30 October 2024.
The Regulations introduce the ability for payment service providers to slow down the sending of an in-scope payment where the payer’s payment service provider has
On 9 October 2024, the Global Foreign Exchange Committee (GFXC) announced that it was seeking feedback proposals arising from its Three-Year Review of the FX Global Code (the Code).
The proposals include amendments to five of the Code’s fifty-five principles which are intended to clarify market participants’ responsibility to mitigate FX settlement
On 9 October 2024, the FCA published Market Watch 80.
In this Market Watch the FCA makes certain observations about what firms can do to ensure compliance with SYSC 6.1.1R when dealing for overseas clients who operate aggregated accounts that provide no visibility of the ultimate beneficial owners.