On 19 October 2021, the European Commission adopted its 2022 Work Programme which sets out an agenda for the next steps towards a post-COVID-19 Europe that is greener, fairer, more digital and more resilient. The Work Programme delivers on President Ursula von de Leyen’s six headline ambitions which were published in the Political Guidelines for … Continue Reading
On 18 October 2021, the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) both published sectoral reports on the supervisory independence of Member State competent authorities (NCAs). Both European Supervisory Authorities (ESAs) will use the findings in the reports to consider how to further develop the monitoring and fostering of supervisory … Continue Reading
On 15 October 2021, the FCA published a press release regarding Charles Randell stepping down as chair of the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) in spring 2022. Charles Randell has sent a letter to Rishi Sunak, Chancellor of the Exchequer asking him to begin the process of appointing his successor. During … Continue Reading
On 15 October 2021, the European Securities and Markets Authority (ESMA) issued a press release stating that its next chair will be Verena Ross. Ms Ross will take up her position on 1 November 2021. … Continue Reading
On 5 October 2021, the European Banking Authority (EBA) published its annual work programme for 2022, describing its activities and tasks as well as key strategic areas of work for next year. For 2022, the EBA has set five vertical priorities: Monitoring and updating the prudential framework for supervision and resolution. Revisiting and strengthening the … Continue Reading
The commissioning of independent reviews is something the board of the Financial Ombudsman Service (FOS) undertakes periodically. On 23 July, the FOS website published a press release stating that another independent review had been commissioned into whether the FOS can continue to meet the needs of its customers, both businesses and consumers. The review will … Continue Reading
On 13 July 2021, the Bank of England published the latest Financial Stability Report. The Report sets out the Financial Policy Committee’s view on the stability of the UK financial system and what it is doing to remove or reduce any risks to it. Highlights from the Report include: The UK financial system has provided … Continue Reading
The Financial Conduct Authority (FCA) has published a web page setting out its expectations for buildings insurance providers in terms of offering fair value insurance for leasehold properties. Recently, leaseholders of apartments have been paying more for buildings insurance, especially where the exterior has been covered with cladding. The FCA says that insurers and intermediaries … Continue Reading
On 3 March 2021, HM Treasury published a letter from Rishi Sunak MP, Chancellor of the Exchequer, to Andrew Bailey, Governor of the Bank of England concerning the remit and recommendations for the Financial Policy Committee (FPC). Among other things the letter notes that in line with the FPC’s responsibility to monitor systemic risks it … Continue Reading
On Thursday, 21 January, the Portuguese presidency of the Council holds its first working group on the review of the European Commission’s proposal for a Regulation on digital operational resilience for the financial sector (DORA). The Council is still in its initial phase of examining the proposal. The Council Presidency Is taking an issue-by-issue approach, … Continue Reading
On 10 December 2020, the Department for International Trade issued a press release stating that the International Trade Secretary, Liz Truss MP, was in Singapore to sign a Free Trade Agreement (FTA). The press release added that the Secretary of State would also be travelling to Vietnam to conclude another rollover trade agreement. The press … Continue Reading
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
We wish all of our blog subscribers a Merry Christmas and a Happy New Year. Our next blogs will be posted on Monday 6 January 2020, which means that they will arrive in your inbox on Tuesday 7 January 2020.… Continue Reading
We have recently passed one million visitors to our Regulation tomorrow blog! My thanks to my colleagues for their contributions to the blog and to clients and contacts for using this resource.… Continue Reading
On 8 November 2019, the UK Parliament updated its webpage on the Financial Services Duty of Care Bill 2019 (the Bill). Following the dissolution of the 2017-2019 Parliament, the Bill will make no further progress. For more information on the Bill, see our previous blog here. In October 2019, the FCA expressed its intentions to … Continue Reading
On 29 October 2019, the Financial Services Duty of Care Bill 2019-20 (the Bill) had its first reading in the House of Lords. If the Bill becomes law it will amend the Financial Services and Markets Act 2000 (FSMA) by inserting a new section 137CA, “FCA general rules: duty of care”. This new section extends … Continue Reading
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
On 20 September 2019, the FCA announced that it had appointed Sheree Howard as its Executive Director of Risk and Compliance Oversight.… Continue Reading
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
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
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
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
Between 23 and 26 May 2019 citizens of 28 European Union (EU) Member States elected 751 new Members of the European Parliament (MEPs). With a record high turnout of 51% across the EU-28, voters have expressed a powerful vote against some of the governing political parties. Here is our analysis of the preliminary results: Germany … Continue Reading
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
