1 November

UK

PRA CP6/24

On 30 April 2024, the Prudential Regulation Authority (PRA) published an occasional consultation paper, CP6/24, which sets out its proposals to make minor amendments to PRA rules and to add a new rule to the Policyholder Protection Part of the PRA Rulebook. CP6/24 also includes, at Chapter 5, joint PRA and Financial Conduct Authority (FCA) proposals to make changes to technical standards relating to risk mitigation techniques for over-the-counter derivative contracts not cleared by a central counterparty. The PRA and FCA propose that the implementation date for the changes in Chapter 5 would be 1 November 2024.

Securitisation (Amendment) Regulations 2024

On 22 May 2024, the Securitisation (Amendment) Regulations 2024 were made. Most provisions of the Regulations will come into force on 1 November 2024.

Securitisation (Smarter Regulatory Framework and Consequential Amendments) Instrument 2024

On 24 May 2024, the FCA published Handbook Notice No 119, which described the changes made to the FCA Handbook by the Executive Regulation and Policy Committee and the FCA Board under their legislative and other statutory powers. Among the instruments that were approved were the Securitisation (Smarter Regulatory Framework and Consequential Amendments) Instrument 2024 which comes into force on 1 November 2024.

FRC discussion paper on the future of digital reporting in the UK

On 13 August 2024, the Financial Reporting Council (FRC) announced the publication of a discussion paper by a cross-regulatory group on the future of digital reporting in the UK. The deadline for comments on the discussion paper is 1 November 2024.

Financial Services and Markets Act 2023 (Commencement No 7) Regulations 2024

On 2 September 2024, the Financial Services and Markets Act 2023 (Commencement No 7) Regulations 2024 were made.

The Regulations revoke certain instruments listed in the Financial Services and Markets Act 2023 (FSMA 2023) relating to securitisation on 1 November 2024.

Change In Control (Aggregation of Holdings) Instrument 2024

On 3 October 2024, the FCA published Handbook Notice 122. This Handbook Notice described the changes to the FCA Handbook and other material made by the FCA Board under its legislative and other statutory powers on 18 September 2024 and 3 October 2024. Among other things the FCA Board approved the Change in Control (Aggregation of Holdings) Instrument 2024. This instrument follows CP24/11 and amends SUP 11.3 and 11 Annex 6G. In particular, it replaces wording in SUP 11.3.1BG to refer readers to the final non-Handbook guidance in relation to the prudential assessment of acquisitions and increases in control.

3 November

UK

PSR consults on draft statement of policy on cost benefit analysis framework

On 18 September 2024, the Payment Systems Regulator (PSR) published a consultation paper, CP24/12, on a draft statement of policy on its cost benefit analysis framework. The deadline for comments on CP24/12 is 3 November 2024.

4 November

UK

FCA publishes finalised guidance for firms supporting existing mortgage borrowers impacted by rising costs of living

On 10 April 2024, the FCA published finalised guidance (FG24/2) for firms supporting existing mortgage borrowers impacted by the rising cost of living. FG24/2 comes into effect on 4 November 2024.

The Building Societies Act 1986 (Amendment of Small Business Turnover Limit) Order 2024

On 14 October 2024, there was published on the legislation.gov.uk website The Building Societies Act 1986 (Amendment of Small Business Turnover Limit) Order 2024. This Order amends section 7(10) and (11) of the Building Societies Act 1986 (the 1986 Act) by increasing the turnover limit in a relevant financial year for the definition of a small business in section 7(10) of the 1986 Act from £1 million to £6.5 million. It also makes a corresponding amendment to the reference to the equivalent limit in any other currency in subsection (11)(c). The Order comes into force on 4 November 2024.

8 November

UK

BoE announces establishment of new AI consortium

On 25 September 2024, the Bank of England (BoE) announced that it was establishing an artificial intelligence (AI) consortium, which will act as a platform for public-private engagement to gather input from stakeholders on the capabilities, development and use of AI in UK financial services. The BoE launched a call for interest for membership of the AI consortium, with a closing date of 8 November 2024.

PRA CP12/24 ‘Resolution assessments: Amendments to reporting and disclosure dates’

On 8 October 2024, the PRA published Consultation Paper 12/24 ‘Resolution assessments: Amendments to reporting and disclosure dates’ (CP12/24). The deadline for comments on CP12/24 is 8 November 2024.

11 November

EU

Consultation on draft Implementing Technical Standards on Pillar 3 data hub

On 11 October 2024, the EBA issued a consultation on draft implementing technical standards on Pillar 3 data hub. The deadline for comments on the consultation is 11 November 2024.

13 November

UK

The Critical Benchmarks Regulations 2024 (No. 1051)

On 22 October 2024, there was published on legislation.gov.uk The Critical Benchmarks Regulations 2024 together with an explanatory memorandum. These Regulations come into force on 13 November 2024.

14 November

EU

Daisy Chains Act

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 (BRRD) and the Resolution establishing the Single Resolution Mechanism (SRMR) as regards certain aspects of the minimum requirement for own funds and eligible liabilities. The Directive is sometimes known as the ‘Daisy-Chains Act’. The amendments to the SRMR apply from 13 May 2024 (for amendments deriving from Article 2(3)) and from 14 November 2024 (for amendments deriving from Article 2(1) and (2)).

On 30 September 2024, the Single Resolution Board (SRB) issued a communication on the changes to its minimum requirements for own funds and eligible liabilities (MREL) requirements which are to be implemented in line with the Daisy Chains Act. In accordance with Article 4 of the Daisy Chains Act the amendments to Article 12d SRMR shall apply from 14 November 2024.

15 November

UK

FMSB updates SoGP on front office supervision of wholesale traded markets

On 7 October 2024, the Financial Markets Standards Board (FMSB) issued a transparency draft of an updated version of its statement of good practice for front office supervision of wholesale traded markets. The deadline for comments on the transparency draft is 15 November 2024.

21 November

EU

ESMA’s guidelines on funds’ names start applying from 21 November 2024

On 21 August 2024, ESMA announced that it had published the translations in all official EU languages of its guidelines on funds’ names using ESG or sustainability-related terms. The guidelines start applying from 21 November 2024.

22 November

EU

European Commission consults on macroprudential policies for NFBI

On 22 May 2024, the European Commission (Commission) announced it was launching a consultation on macroprudential policies for Non-Bank Financial Intermediation. The deadline for comments on the targeted consultation is 22 November 2024.

25 November

UK

FCA updates webpage on UK SFTR news

On 24 October 2023, the FCA updated its webpage on UK SFTR news.

The updated webpage noted that, on 1 August 2023, the FCA published draft UK SFTR Validation Rules and XML schemas to support the ongoing reporting of securities financing transactions under the UK SFTR and invited comments from stakeholders. The amendments were in response to industry feedback and to address data quality issues.

Following consideration of the feedback received, the FCA has made minor amendments to the draft versions where appropriate and has published final versions of the UK SFTR Validation Rules and XML schemas on its UK SFTR reporting webpage.

The changes to the Validation Rules and XML schemas will be applicable from 25 November 2024.

29 November

UK

Financial Services Regulation Committee is reappointed and reopens its inquiries

On 5 August 2024, the House of Lords Financial Services Regulation Committee announced that it had been reappointed by the House of Lords following the State Opening of Parliament, and that it would resume its inquiries into the secondary international competitiveness and growth objective given to the FCA and the PRA. The deadline for submissions is 29 November 2024.

The Central Counterparties (Transitional Provision) (Extension and Amendment) Regulations 2024

On 10 September 2024, the Central Counterparties (Transitional Provision) (Extension and Amendment) Regulations 2024 were made and published on legislation.gov.uk, along with an explanatory memorandum. The Regulations come into force on 29 November 2024.

BNPL: A brave new world for consumer credit

On 17 October 2024, HM Treasury issued a consultation paper which sets out the government’s approach to regulating buy now pay later (BNPL). The consultation paper builds on HM Treasury’s previous consultations that ran between February 2023 and April 2023. The deadline for responses to the consultation paper is 29 November 2024.

EU

EBA survey to entities within scope of EMIR 3 IM model authorisation

On 29 October 2024, the EBA, in cooperation with the other European Supervisory Authorities, issued a short survey addressed to entities within the scope of the initial margin model authorisation regime introduced by the upcoming revised European Market Infrastructure Regulation (EMIR 3). The deadline for responding to the survey is 29 November 2024, via an online tool that can be accessed under the following link: https://ec.europa.eu/eusurvey/runner/IMMVEMIR3