Global

  • N/A

EU

  • 12 May 2024 –  On 22 April 2024, there was published in the Official Journal of the European Union (OJ) Directive (EU) 2024/1174 amending the Bank Recovery and Resolution Directive and the Resolution establishing the Single Resolution Mechanism (SRM Regulation) as regards certain aspects of the minimum requirement for own funds and eligible liabilities. The Directive is sometimes known as the ‘daisy-chain proposal’. The Directive enters into force on the twentieth day following its publication in the OJ (12 May 2024).
  • 13 May 2024 – Article 2(3) of the daisy-chain proposal applies from 13 May 2024.
  • 14 May 2024 – On 24 April 2024, there was published in the OJ, Commission Implementing Regulation (EU) 2024/855 of 15 March 2024 amending the implementing technical standards laid down in Implementing Regulation (EU) 2021/451 as regards rules on the supervisory reporting of interest rate risk in the banking book. The Implementing Regulation enters into force on the twentieth day following its publication on the OJ (14 May 2024). It shall apply from 1 September 2024.
  • 14 May 2024 – On 24 April 2024, there was published in the OJ, Commission Delegated Regulation (EU) 2024/856 of 1 December 2023 supplementing the Capital Requirements Directive IV (CRD IV) with regard to regulatory technical standards (RTS) specifying the supervisory shock scenarios, the common modelling and parametric assumptions and what constitutes a large decline. Delegated Regulation 2024/856 enters into force on the twentieth day following its publication on the OJ (14 May 2024).
  • 14 May 2024 – On 24 April 2024, there was published in the OJ, Commission Delegated Regulation (EU) 2024/857 of 1 December 2023 supplementing the CRD IV with regard to RTS specifying a standardised methodology and a simplified standardised methodology to evaluate the risks arising from potential changes in interest rates that affect both the economic value of equity and the net interest income of an institution’s non-trading book activities. Delegated Regulation 2024/857 enters into force on the twentieth day following its publication on the OJ (14 May 2024).
  • 15 May 2024 – On 30 April 2024, the European Securities and Markets Authority (ESMA) published the results of the annual transparency calculations for non-equity instruments, bond liquidity data and quarterly systematic internaliser (SI) calculations under MiFID II and MiFIR. Investment firms are required to perform the SI test by 15 May 2024.
  • 18 May 2024 – On 18 April 2024, the European Supervisory Authorities issued a consultation paper containing a draft RTS on the harmonisation of conditions enabling the conduct of the oversight activities under Article 41(1) point (c) of Regulation (EU) 2022/2554 on digital operational resilience for the financial sector (DORA). The deadline for comments on the consultation paper is 18 May 2024. DORA and the related RTS will apply from 17 January 2025.

UK

  • 14 May 2024 – On 9 April 2024, the Financial Conduct Authority (FCA) published Consultation Paper CP24/6 on the rules that enable the FCA to raise regulatory fees and levies in 2024/2025 to fund the FCA and the Financial Ombudsman Service. CP24/6 also covers rules that enable the FCA to collect certain levies on behalf of government departments. The FCA has requested that comments are submitted by 14 May 2024. It plans to publish its feedback and final rules in a policy statement in July 2024.
  • 17 May 2024 – On 17 May 2023, the Prudential Regulation Authority (PRA) published Policy Statement PS6/23, ‘Model risk management principles for banks’, which contains a new supervisory statement (SS1/23) on the topic, as well as the PRA’s feedback to responses to its earlier consultation CP6/22. The policy will take effect on 17 May 2024.