United Kingdom (and EU regulation)

ECB opinion on a proposal for Regulation amending Regulations (EU) No 260/2012 and (EU) 2021/1230 as regards instant credit transfers in euro

On 7 February 2023, the European Central Bank (ECB) published an opinion on a proposal for a Regulation amending Regulations (EU) No 260/2012 and (EU) 2021/1230 as regards the instant credit transfers in euro. The proposed Regulation is intended to make instant payments in the Euro currency available to citizens and businesses holding a bank … Continue Reading

FCA announces support for firms through the transition to implementing the Consumer Duty

By Matthew Gregory (UK) on February 6, 2023 Posted in Retail, United Kingdom

On 3 February 2023, the FCA announced a programme of engagement to help support firms though the transition to implementing the Consumer Duty. The programme includes setting out in letters the expectations of the Duty and arranging a series of regional in-person events for specific groups of small and medium sized firms. The FCA has … Continue Reading

FCA urges cryptoasset firms marketing to UK consumers to prepare for financial promotions regime

By Hannah Meakin (UK) on February 6, 2023 Posted in Fintech, United Kingdom

On 6 February 2023, the FCA published a statement in which it urged firms marketing cryptoassets to UK consumers to start preparing now for the new financial promotions regime. The FCA plans to publish its final rules for crypto promotions once the relevant legislation has been made. The Government announced in January 2022 its intention … Continue Reading

Monthly Global FinTech regulatory updater

By Simon Lovegrove (UK) and Hannah Meakin (UK) on February 6, 2023 Posted in Africa, Asia, Australia, Canada, Fintech, Fintech, Fintech, Fintech, Fintech, Fintech, Fintech, FinTech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Kingdom, United States

Every month we provide the Global Blockchain Business Council’s Post-Trade Distributed Ledger group with a global regulatory FinTech updater, the latest version of which can be found here. Post Trade Distributed Ledger (PTDL) Group is composed of over 40 prominent market infrastructure stakeholders whose shared vision of the use of distributed ledger technology has brought … Continue Reading

ESMA updates Q&As on the application of the UCITS Directive

By Ilian Petrov (UK) on February 6, 2023 Posted in Collective investment schemes, Collective investment schemes, Collective Investment Schemes, Collective investment schemes, Collective Investment Schemes, France, Italy, The Netherlands, United Kingdom

On 3 February 2023, the European Securities and Markets Authority (ESMA) updated its Questions and Answers (Q&As) on the application of the UCITS Directive. The Q&As have been updated to include a new Q&A in Question 5: Issuer concentration. The new Q&A is as follows: Question: Article 52(1)(b) of the UCITS Directive requires a UCITS … Continue Reading

ESMA updates Q&As on the implementation of Regulation (EU) 2022/858 on a pilot regime for market infrastructures based on DLT

By Simon Lovegrove (UK) on February 6, 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 February 2023, the European Securities and Markets Authority (ESMA) updated its Questions and Answers (Q&As) on the implementation of Regulation (EU) 2022/858 on a pilot regime for market infrastructures based on distributed ledger technology (DLT). The Q&As have been updated to include the following topics:… Continue Reading

ESMA updates Q&As on the Prospectus Regulation

By Albert Weatherill (UK) on February 6, 2023 Posted in France, Germany, Italy, Securities, Securities, Securities, Securities, Securities/Capital markets, The Netherlands, United Kingdom

On 3 February 2023, the European Securities and Markets Authority (ESMA) updated its Questions and Answers (Q&As) on the Prospectus Regulation. The Q&As have been updated to include the following Q&A: Question: Article 1(4)(d) of the prospectus regulation states: “The obligation to publish a prospectus set out in Article 3(1) shall not apply to any … Continue Reading

HM Treasury publishes collection of Fundamental Elements documents by the G7 Cyber Expert Group

By Hannah Meakin (UK) on February 3, 2023 Posted in Fintech, United Kingdom

On 3 February 2023, HM Treasury published the following collection of Fundamental Elements documents produced by the G7 Cyber Expert Group since 2016: G7 Fundamental Elements for Effective Assessment of Cybersecurity in the financial sector (dated October 2017)… Continue Reading

Podcast on HM Treasury proposals for the UK’s financial services regime for cryptoassets

By Jonathan Herbst (UK), Albert Weatherill (UK) and Hannah Meakin (UK) on February 3, 2023 Posted in Crypto assets, United Kingdom

On 1 February 2023, HM Treasury issued its latest proposals for the UK’s financial services regime for cryptoassets. It also issued a policy statement on its approach to the regulation of cryptoasset financial promotions. In this podcast Jonathan Herbst is joined by Albert Weatherill and Hannah Meakin who provide their views on the key headlines … Continue Reading

FCA publishes financial promotions data for 2022

By Matthew Gregory (UK) on February 3, 2023 Posted in Regulation and compliance, United Kingdom

On 3 February 2023, the FCA published financial promotions data for 2022. Key messages from the FCA are: Sarah Pritchard, Executive Director, Markets said: ‘Our expectations remain the same. Financial promotions must be fair, clear and not misleading. What has changed is the FCA’s approach. By drawing on better technology, we’re finding poor quality or … Continue Reading

ESMA publishes final opinion on trading venue perimeter

By Anna Carrier (BE) on February 2, 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 2 February 2023, the European Securities and Markets Authority (ESMA) published its long-awaited Opinion on the Trading Venue Perimeter. Publication of the opinion follows a public consultation that ESMA held early last year, and stems from ESMA’s commitment to provide guidance on the definition of multilateral systems and, specifically, when systems should be considered … Continue Reading

FCA publishes feedback to CP21/30 and consults on new rules and perimeter guidance

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

On 2 February 2023, the FCA published Consultation Paper CP23/5 Debt packagers: Feedback on CP21/30 and further consultation on new rules and perimeter guidance. Introduction In November 2021, the FCA published CP21/30 which proposed to ban debt packagers from receiving referral fees, after the FCA found evidence that that there was an acute conflict of … Continue Reading

PRA updates webpage on waivers and modifications of rules

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

On 2 February 2023, the Prudential Regulation Authority (PRA) updated its webpage on waivers and modifications of rules. The webpage includes updated information on the Modification by consent of Solvency II Reporting 2.2(1), which will exempt category 3 and 4 insurance firms from reporting to the PRA the solo templates provided in Solvency II Regulations … Continue Reading

EU Council publishes Presidency compromise proposal on the proposed Directive on financial services contracts concluded at a distance

By Jochen Vester (UK) on February 2, 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 2 February 2023, the EU Council published a compromise proposal on the proposed Directive on financial services contracts concluded at a distance. The proposed Directive will repeal the Distance Marketing Directive (DMD) and transfer its contents to the Consumer Rights Directive. The document is stated to be the fourth Presidency compromise proposal relating to … Continue Reading

ESMA final report on the clearing and derivative trading obligations in view of the 2022 status of the benchmark transition

By Hannah Meakin (UK) on February 1, 2023 Posted in Benchmarks – IBOR transition, France, Germany, Italy, The Netherlands, United Kingdom

On 1 February 2023, the European Securities and Markets Authority (ESMA) published a final report on the clearing and derivative trading obligations in view of the 2022 status of the benchmark transition. The report sets out proposed draft regulatory technical standards (RTS) amending the scope of the clearing (CO) and derivative trading (DTO) obligations for … Continue Reading

UK sets out plans to regulate crypto and protect consumers

By Albert Weatherill (UK), Simon Lovegrove (UK) and Anita Edwards on February 1, 2023 Posted in Crypto assets, United Kingdom

Introduction On 1 February 2023, HM Treasury issued its latest proposals concerning the regulation of cryptoassets. These proposals build on HM Treasury’s previous work which focused on stablecoins and the financial promotion of cryptoassets. They deliver on the government’s announcement last April setting out plans for the UK to become a global hub for cryptoasset … Continue Reading

Edinburgh Reforms: Ring fencing

By Simon Lovegrove (UK) and Jochen Vester (UK) on February 1, 2023 Posted in Brexit, United Kingdom

In our latest podcast on the Edinburgh Reforms, we consider the government’s proposals so far for reforming the UK’s ring fencing regime… Continue Reading

Commission Delegated Regulation supplementing the CRR with regard to RTS specifying the types of factors to be considered for the assessment of the appropriateness of risk weights for exposures secured by immovable property and the conditions to be taken into account for the assessment of the appropriateness of minimum loss given default values for exposures secured by immovable property

By Jochen Vester (UK) on February 1, 2023 Posted in Capital adequacy, Capital Adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 1 February 2023, there was published in the Official Journal of the European Union (OJ) a Commission Delegated Regulation supplementing the Capital Requirements Regulation (CRR) with regard to regulatory technical standards (RTS) specifying the types of factors to be considered for the assessment of the appropriateness of risk weights for exposures secured by immovable … Continue Reading

Commission Delegated Regulation amending the RTS laid down in Delegated Regulation 2017/588 as regards the annual application date of the calculations of the average daily number of transactions for shares, depository receipts and exchange-traded funds for the purposes of the tick sizes

By Hannah Meakin (UK) on February 1, 2023 Posted in France, Germany, Italy, Regulation and compliance, Regulation and Compliance, Regulation and compliance, Regulation and Compliance, Regulation and compliance, The Netherlands, Uncategorized, United Kingdom

On 1 February 2023, the European Commission published a Commission Delegated Regulation (EU) which amends the regulatory technical standards laid down in Delegated Regulation 2017/588 as regards the annual application date of the calculations of the average daily number of transactions for shares, depository receipts and exchange-traded funds for the purposes of the tick sizes. … Continue Reading

BoE consults on proposals to move Senior Managers Regime forms from the PRA Rulebook

By Simon Lovegrove (UK) on January 31, 2023 Posted in FCA / PRA Handbook, United Kingdom

On 31 January 2023, the Bank of England (BoE) published Consultation Paper CP2/23 – Moving Senior Managers Regime forms from the Prudential Regulation Authority (PRA) Rulebook. CP2/23 sets out the PRA’s proposals to remove certain Senior Managers and Certification Regime (SM&CR) forms from the PRA Rulebook and to extend the length of employment history required … Continue Reading

BoE publishes CBEST thematic findings

By Hannah Meakin (UK) on January 31, 2023 Posted in Fintech, United Kingdom

On 31 January 2023, the Bank of England (BoE) published a letter sharing the thematic findings from the latest annual cycle of CBEST assessments conducted by the BoE, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) (collectively, the regulators) on participating banks, insurers, asset and investment managers and financial market infrastructure. CBEST … Continue Reading

EBA clarifies the application of strong customer authentication requirements to digital wallets

By Simon Lovegrove (UK) on January 31, 2023 Posted in France, Germany, Payment Services, Payment services, Payment services, Payment services, The Netherlands, United Kingdom

On 31 January 2023, the European Banking Authority (EBA) issued three new Q&As which together with three existing Q&As clarify the application of strong customer authentication (SCA) to the enrolment of a payment card to a digital wallet and to the initiation of payment transactions with digitised versions of a payment card. They also clarify … Continue Reading

EBA consultation on the amending ITS on supervisory reporting to introduce new IRRBB reporting

By Simon Lovegrove (UK) on January 31, 2023 Posted in Capital adequacy, Capital Adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 31 January 2023, the European Banking Authority (EBA) issued a consultation on draft implementing technical standards (ITS) on supervisory reporting with respect to the IRRBB. The draft ITS have been developed in accordance with Article 430(7) of the Capital Requirements Regulation, which mandates the EBA to develop uniform formats, definitions, frequencies and reference and … Continue Reading

ESMA consults on the review of the methodology on stress test scenarios for MMFs

By Simon Lovegrove (UK) on January 31, 2023 Posted in Collective investment schemes, Collective Investment Schemes, Collective investment schemes, Collective investment schemes, Collective Investment Schemes, France, Germany, Italy, The Netherlands, United Kingdom

On 31 January 2023, the European Securities and Markets Authority (ESMA) issued a consultation on the review of the methodology included in the guidelines on stress test scenarios under the Money Market Fund Regulation. The proposed changes concern amendments to the liquidity scenario which is intended to take into account the interaction between liquidity and … Continue Reading