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Christopher Woolard appointed Interim Chief Executive of FCA

On 24 January 2020, the FCA announced that HM Treasury, with the advice of the Board of the FCA, has appointed Christopher Woolard as Interim Chief Executive. The appointment follows Andrew Bailey’s departure to become Governor of the Bank of England. HM Treasury will be running an open competition for the permanent Chief Executive and … Continue Reading

Joint Statement on the inaugural meeting of joint EU-Japan financial regulatory forum

On 15 October 2019, the European Commission (Commission) and the Financial Services Agency of Japan (JFSA) published a joint statement (dated 11 October) on the inaugural meeting of the joint EU-Japan regulatory forum held in Tokyo. Senior officials present at the meeting included representatives from the Bank of Japan, the European Central Bank, the European … Continue Reading

New leadership of the European Commission announced: Valdis Dombrovskis to keep financial services portfolio

On 10 September 2019 the President-elect of the European Commission, Ursula von der Leyen, announced the list of Commissioner-designates and the allocation of their respective portfolios. Under a new structure of the College of Commissioners with its eight Vice-Presidents, the responsibility for DG Financial Stability, Financial Services and Capital Markets Union (DG FISMA) will remain … Continue Reading

Updated MOU between CMA and FCA

On 7 August 2019, the Competition and Markets Authority (CMA) published two updated memorandums of understanding (MOU) between itself and the FCA on concurrent competition powers, and the use of concurrent powers under consumer protection legislation. The MOUs have been updated to reflect the changes introduced by the Financial Guidance and Claims Act 2018, which … Continue Reading

BoE policy statement on fees regime for FMI supervision 2019/20

On 31 July 2019, the Bank of England (BoE) published a policy statement on the fees regime for the supervision of financial market infrastructure (FMI). The policy statement provides feedback to responses from an earlier consultation paper published in April 2019 on the 2019/20 fees regime for FMI supervision. The policy statement also sets out: … Continue Reading

Updated MOU between Bank of England and FCA

On 18 July 2019, HM Treasury published an updated memorandum of understanding (MOU) between the Bank of England (BoE) (exercising its prudential regulation functions) and the FCA setting out the high-level framework they will use to co-ordinate and co-operate in carrying out their respective responsibilities. The MOU has been updated to reflect the expansion of … Continue Reading

Markus Ferber elected EPP’s new whip in ECON committee

Markus Ferber, a German MEP, has been elected the new whip for the European People’s Party in the European Parliament’s Committee on Economic and Monetary Affairs (ECON). Mr Ferber previously was the first vice chair of the ECON committee and succeeds Burkhard Balz who is leaving the Parliament to join the board of German Bundesbank … Continue Reading

European Secured Notes: EBA assessment published

On 24 July 2018, the European Banking Authority (EBA) published a report setting out the outcome of its assessment of the European Commission’s call for advice on European Secured Notes (ESNs). The report makes 5 recommendations on key aspects for consideration by the European Commission when structuring the legislative framework for ESNs: Small and medium-sized … Continue Reading

SONIA compliance with IOSCO principles for financial benchmarks confirmed by BoE

On 25 July 2018, the Bank of England (BoE) published its statement of compliance (as at 14 May 2018) with the International Organization of Securities Commission (IOSCO) principles for financial benchmarks. The IOSCO principles, which the statement shows BoE in compliance with, ensure international best practice in the BoE’s administration of the Sterling Overnight Index … Continue Reading

Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) (Amendment) Order 2018

On 24 July 2018, the Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) (Amendment) Order 2018 (SI 2018/897) (Amendment Order) was published. The Amendment Order, which comes into force on 31 October 2018, amends the definition of “core deposit” in the Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) … Continue Reading

FCA publishes response to Environment Audit Committee recommendations on green finance

On 6 July 2018, the FCA published its response to the recommendations made by the Environment Audit Committee in its June 2018 report, Greening Finance: embedding sustainability in financial decision making. The FCA’s comments included: The FCA will consult on rule changes requiring independent governance committees to report on their firm’s policies on evaluating environmental, … Continue Reading

FCA publishes papers on cost benefit analyses and field trials

On 24 July 2018, the FCA published two papers relating to the way it assesses the potential impact of its policies prior to implementing rules. The theme of the papers reflect the FCA’s increased focus on impact evaluation which was established in its Mission 2017. The first paper (How we analyse the costs and benefits … Continue Reading

2013 Autumn Statement: financial services implications

The Chancellor of the Exchequer, George Osborne, has made his Autumn Statement. The statement touches on the following financial services aspects: bank levy; information on lending to small and medium-sized enterprises; tax treatment of Solvency II compliant instruments; stamp duty in relation to exchange traded funds; and limited liability partnership reform. View Autumn Statement 2013, … Continue Reading