United Kingdom (and EU regulation)

PSR consults on proposed revisions to its powers and procedures guidance

By Simon Lovegrove (UK), Matthew Gregory (UK), Albert Weatherill (UK) and Anita Edwards on October 3, 2023 Posted in Payment Services, United Kingdom

On 3 October 2023, the Payment Systems Regulator (PSR) published Consultation Paper CP23/9 on proposed revisions to its Powers and Procedures Guidance (CP23/9). The Powers and Procedures Guidance (PPG) sets out the PSR’s approach to using its powers and how it works in practice. The original PPG was published in 2015 and a revised version … Continue Reading

ESMA launches CSA on MiFID II sustainability requirements

By Simon Lovegrove (UK) on October 3, 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 3 October 2023, the European Securities and Markets Authority (ESMA) announced the launch of a common supervisory action (CSA) on MiFID II sustainability requirements. ESMA will launch this CSA with Member State competent authorities (NCAs), with the goal being to assess the progress made by intermediaries in the application of the key sustainability requirements … Continue Reading

ESMA guidelines on certain aspects of the MiFID II suitability requirements

By Simon Lovegrove (UK) on October 3, 2023 Posted in ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, Regulation and compliance, Regulation and compliance, Regulation and compliance, Regulation and Compliance, Regulation and Compliance, The Netherlands, United Kingdom

On 3 October 2023, the European Securities and Markets Authority’s (ESMA) guidelines on certain aspects of the MiFID II suitability requirements came into force. ESMA expects these guidelines to promote greater convergence in the interpretation of and supervisory approaches to the MIFID II suitability requirements by emphasising a number of important issues and thereby enhancing … Continue Reading

ESMA guidelines on MiFID II product governance requirements

On 3 October 2023, the European Securities and Markets Authority’s (ESMA) guidelines on the MiFID II product governance requirements came into force. The guidelines apply in relation to the manufacturing or distribution of financial instruments and structured deposits. In particular, the guidelines apply in relation to the following requirements:… Continue Reading

EBA issues technical advice under MiCA on classification of stablecoins as significant and on supervisory fees

By Anna Carrier (BE) and Simon Lovegrove (UK) on October 3, 2023 Posted in Digital finance, Digital finance, Digital finance, Digital finance, Digital finance, France, Germany, Italy, Regulation and compliance, Regulation and compliance, Regulation and compliance, Regulation and Compliance, Regulation and Compliance, The Netherlands, United Kingdom

On 29 September 2023, the European Banking Authority (EBA) published Technical Advice on two delegated acts that the European Commission (Commission) is mandated to develop under the Regulation on Markets in Crypto-Assets (MiCA). These include a delegated act on the most relevant indicators in relation to specific criteria for determining whether asset-referenced tokens (ARTs) and … Continue Reading

HM Treasury Policy Statement ‘Payment service contract termination rule changes: Implementation, timings and next steps’

By Simon Lovegrove (UK), Matthew Gregory (UK) and Lizzie Cox on October 2, 2023 Posted in Payment Services, United Kingdom

On 2 October 2023, HM Treasury published a Policy Statement ‘Payment service contract termination rule changes: Implementation, timings and next steps’. On 21 July 2023, the Treasury published a Policy Statement on payment service contract termination rules and freedom of expression, setting out the government’s plans to enhance requirements relating to the process and conduct … Continue Reading

ESMA study on ESG names and claims in the EU fund industry

By Haney Saadah and Simon Lovegrove (UK) on October 2, 2023 Posted in ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

On 2 October 2023, the European Securities and Markets Authority (ESMA) published a study on environmental, social and governance (ESG) names and claims in the EU funds industry. This study contributes to ESMA’s on-going monitoring efforts in the area of greenwashing risks, in particular in the investment management sector and supports on-going regulatory efforts regarding … Continue Reading

ESRB response to ESMA’s final report on extending emergency measures on CCP collateral requirements

By Simon Lovegrove (UK) and Jochen Vester (UK) on October 2, 2023 Posted in Capital adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, Capital Adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 2 October 2023, the European Systemic Risk Board (ESRB) published its response to the European Securities and Markets Authority’s (ESMA) final report on extending emergency measures on central counterparty (CCP) collateral requirements. On 14 October 2022, ESMA published a final report on emergency measures on collateral requirements. Previously, the European Commission asked ESMA to … Continue Reading

FCA announces the end of the implementation period for debt packager referral fee ban

By Simon Lovegrove (UK) and Anita Edwards on October 2, 2023 Posted in Regulation and compliance, United Kingdom

On 2 October 2023, the FCA announced the end of the implementation period for the debt packager referral fee ban. In June 2023, the FCA published Policy Statement PS23/5: Debt packagers: Feedback to CP23/5 and final rules, in which the FCA said that existing debt packagers and their existing appointed representatives (ARs)at that time could … Continue Reading

HM Treasury publishes joint statement from FRWG

By Simon Lovegrove (UK) and Anita Edwards on October 2, 2023 Posted in Regulation and compliance, Regulation and compliance, United Kingdom, United States

On 29 September 2023, HM Treasury published a joint statement from the US Department of the Treasury and HM Treasury following the eighth official Financial Regulatory Working Group (FRWG) meeting held on Wednesday 6 September. The statement outlines the key themes discussed at the meeting and some of the key outcomes. They include the following: … Continue Reading

FCA announces end of implementation period for debt packager referral fee ban

By Simon Lovegrove (UK), Anita Edwards and Matthew Gregory (UK) on October 2, 2023 Posted in Regulation and compliance, United Kingdom

On 2 October 2023, the FCA announced the end of the implementation period for the debt packager referral fee ban. The FCA’s Policy Statement PS23/5 (Debt packagers: Feedback to CP23/5 and final rules) was published in June 2023. In it, the FCA said that existing debt packagers and their existing appointed representatives (ARs) at that … Continue Reading

European Commission publishes Commission Delegated Regulation with regards to regulatory technical standards specifying requirements on credit scoring of crowdfunding projects, pricing and crowdfunding offers and risk management policies and procedures

By Simon Lovegrove (UK) on September 29, 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 29 September 2023, the European Commission published Commission Delegated Regulation (EU) of 29 September 2023 supplementing Regulation (EU) 2020/1503 of the European Parliament and of the Council with regard to regulatory technical standards specifying requirements on credit scoring of crowdfunding projects, pricing and crowdfunding offers and risk management policies and procedures. The draft technical … Continue Reading

PRA statement on the evaluation of the Written Auditor reporting policy

By Simon Lovegrove (UK) on September 29, 2023 Posted in General, United Kingdom

On 29 September 2023, the PRA issued a statement setting out its conclusions following an evaluation of the Written Auditor reporting policy, to assess how it is delivering against its original objectives. The statement also sets out how the PRA will continue to refine its approach to the policy to make it a more efficient … Continue Reading

New Regulation Tomorrow Plus podcast: The Consumer Duty and our new Pathfinder tool

By Joe Bamford (UK), Anita Edwards and Matthew Gregory (UK) on September 29, 2023 Posted in Retail, Seminars, webinars and podcasts, United Kingdom

In our latest Regulation Tomorrow Plus podcast, Matthew Gregory, Joe Bamford and Anita Edwards discuss the Consumer Duty, which is now in force for all on-sale products and services, and our new Pathfinder tool which has been developed to help firms ensure they have fully implemented the Duty. … Continue Reading

Handbook Notice No 112

By Simon Lovegrove (UK) on September 29, 2023 Posted in EU policy, regulatory and legislative updates, United Kingdom

On 29 September 2023, the FCA published Handbook Notice No 112. This 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 28 September 2023. On 28 September 2023, the FCA Board made changes to the FCA Handbook, as set … Continue Reading

FCA Dear CEO letter on its platforms’ portfolio supervision strategy

By Simon Lovegrove (UK) on September 29, 2023 Posted in Regulation and compliance, United Kingdom

On 29 September 2023, the FCA published a Dear CEO letter on its platforms’ portfolio supervision strategy. Following the FCA’s strategy letters of February 2020 and July 2021, this Dear CEO letter provides firms with an update on the FCA’s view of the key harms in this sector, the FCA’s expectations of firms and a … Continue Reading

Published in the OJ: Commission Implementing Regulation 2023/2083 with regard to the templates to be used by credit institutions for the provision to buyers of information on their credit exposures in the banking book

By Simon Lovegrove (UK) on September 29, 2023 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 29 September 2023, there was published in the Official Journal of the European Union (OJ) Commission Implementing Regulation (EU) 2023/2083 of 26 September 2023 laying down implementing technical standards for the application of Article 16(1) of the Credit Servicers Directive with regard to the templates to be used by credit institutions for the provision … Continue Reading

New Regulation Tomorrow Plus podcast: FCA policy statement on the new gateway for firms approving financial promotions (PS23/13)

By Hannah Meakin (UK) and Anita Edwards on September 29, 2023 Posted in Seminars, webinars and podcasts, United Kingdom

On 12 September 2023, the FCA published policy statement PS23/13 on the new regulatory gateway for firms that approve financial promotions. In this latest Regulation Tomorrow Plus podcast, Hannah Meakin, Georgia Jones and Anita Edwards discuss the FCA’s plans for implementing and operating the gateway, as well as highlighting some of the areas firms should … Continue Reading

Council commences discussions on digital euro proposal

By Simon Lovegrove (UK) and Flupke van den Bogart on September 29, 2023 Posted in Digital finance, Digital finance, Digital finance, Digital finance, Digital finance, EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, France, Germany, Italy, The Netherlands, United Kingdom

On 25 September 2023, the Council of the European Union (Council) Working Group on Financial Services held a discussion on the European Commission (Commission) proposal on the establishment of a digital euro. Since 2021, the Commission and the European Central Bank (ECB) have been preparing the establishment of the digital euro. Considerate of the fact … Continue Reading

ESAs publish joint report on the extent of voluntary disclosure of principal adverse impacts under SFDR

By Simon Lovegrove (UK) and Haney Saadah on September 28, 2023 Posted in ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

On 28 September 2023, the European Supervisory Authorities (ESAs) published their second joint report on the extent of voluntary disclosure of principal adverse impacts (PAI) under the Sustainable Finance Disclosure Regulation (SFDR). Like the approach taken for the first report in 2022, the ESAs launched a survey of Member State competent authorities to assess the … Continue Reading

FCA publishes portfolio letter on its supervision strategy for corporate finance firms

By Albert Weatherill (UK), Simon Lovegrove (UK) and Anita Edwards on September 28, 2023 Posted in Regulation and compliance, United Kingdom

On 28 September 2023, the FCA published a portfolio letter addressed to the CEOs of corporate finance firms (CFFs). The letter outlines the harms to consumers and markets that the FCA thinks are most likely to arise from the business models of CFFs, and sets out its strategy to address these harms and its expectations … Continue Reading

FCA publishes data on improving the appointed representatives regime through greater use of data

By Simon Lovegrove (UK) and Anita Edwards on September 28, 2023 Posted in Regulation and compliance, United Kingdom

On 28 September 2023, the FCA published data on improving the appointed representatives (ARs) regime through greater use of data. The publication includes data from the FCA’s 2021 and 2022 data requests sent to principal firms and authorisation information collected from firms. It also outlines how the FCA is improving the AR regime and what … Continue Reading

HM Treasury and PRA issue consultations on ring-fencing

By Simon Lovegrove (UK) and Jochen Vester (UK) on September 28, 2023 Posted in Banking, United Kingdom

Introduction On 28 September 2023, HM Treasury published a consultation setting out near-term proposals for the UK ring-fencing regime. It also set out the responses to its earlier call for evidence on the longer-term future of the ring-fencing regime. The PRA also published a consultation in respect of third-country branches and subsidiaries within ring-fenced body … Continue Reading

ESMA publishes Annual Work Programme for 2024

By Simon Lovegrove (UK) on September 28, 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 28 September 2023, the European Securities and Markets Authority (ESMA) published its Annual Work Programme for 2024. In its Annual Work Programme, ESMA sets out the following objectives for 2024:… Continue Reading