United Kingdom (and EU regulation)

2023 list of global systemically important banks

Photo of Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Africa, Asia, Australia, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Canada, Dubai and Saudi, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States
On 27 November 2023, the Financial Stability Board (FSB) published the 2023 list of global systemically important banks (G-SIBs). FSB member authorities apply the following to G-SIBs: high capital buffer, total loss-absorbing capacity, group wide resolution planning and regular resolvability assessments and higher supervisory expectations including for risk management functions. The new list of G-SIBs … Continue Reading

Basel Committee publishes more details on global systemically important banks

Photo of Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Africa, Asia, Australia, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Canada, Dubai and Saudi, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States
On 27 November 2023, the Basel Committee on Banking Supervision published material related to the identification of the 2023 global systemically important banks (G-SIB), including updated denominators used to calculate banks’ scores, the thresholds used to allocate the banks to buckets and the values of the 13 high-level indicators of all banks in the main … Continue Reading

Basel Committee supervisory newsletter on the adoption of POR and PSMOR

Photo of Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Africa, Asia, Australia, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Canada, Dubai and Saudi, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States
On 27 November 2023, the Basel Committee on Banking Supervision (Basel Committee) published a supervisory newsletter on the adoption of the Principles for Operational Resilience (POR) and the revised Principles for the Sound Management of Operational Risk (PSMOR). The newsletter reports on the Basel Committee’s evaluation of the POR and the PSMOR in early 2023 … Continue Reading

Decisions Decoded: Lessons from enforcement in relation to cyber incidents

Photo of Catherine Pluck (UK)Photo of Katie Stephen (UK)By Catherine Pluck (UK), Katie Stephen (UK) and Rosie Nance on Posted in Investigations and enforcement, United Kingdom
Last month the FCA announced that it had fined Equifax Limited £11,164,400 for failing to manage and monitor the security of UK consumer data it had transferred to its parent company based in the US, Equifax Inc, for processing. In our latest podcast in this series, Catherine Pluck discusses with Katie Stephen and Rosie Nance … Continue Reading

Technical Working Group publishes report on fund tokenisation

Photo of Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Fintech, United Kingdom
On 24 November 2023, a Technology Working Group of industry experts established by HM Treasury’s Asset Management Taskforce issued a report, UK Fund Tokenisation – A Blueprint for Implementation. Tokenisation refers to the issuing of units that are recorded on a distributed ledger, as opposed to units that are recorded on more traditional systems of … Continue Reading

BoE statement of policy on its fees regime for FMI supervision 2023/24

Photo of Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Regulation and compliance, United Kingdom
On 24 November 2023, the Bank of England (BoE) published a statement of policy on its fees regime for financial market infrastructure supervision 2023/24. In this statement of policy, which follows an earlier consultation paper, the BoE confirms: Having considered the responses to the earlier consultation, the BoE does not propose to make any changes … Continue Reading

PRA and FCA issue consultations on prudential assessment of acquisitions and increases in control

Photo of Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Regulation and compliance, United Kingdom
On 24 November 2023, the PRA and FCA issued consultation papers on prudential assessment of acquisitions and increases in control. The PRA consultation paper is PRA CP25/23 and the FCA consultation paper is FCA CP23/23. Part XII of the Financial Services and Markets Act 2000 (FSMA) establishes the UK legal framework for change in control … Continue Reading

Update on the BoE and FCA MoU for supervision of FMI

Photo of Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Clearing and settlement, United Kingdom
The Bank of England (BoE) co-operates with the FCA to supervise financial market infrastructure (FMI) and the framework for this cooperation is set out in a memorandum of understanding (MoU). The BoE and FCA must review the MoU annually to confirm whether the intended arrangements are proving effective. On 24 November 2023, the FCA issued … Continue Reading

EBA consults on new guidelines on preventing the abuse of funds and certain crypto-asset transfers for money laundering and terrorist financing purposes

Photo of Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Anti-Money Laundering, Anti-Money Laundering, Crypto assets, Crypto assets, Crypto assets, Crypto assets, Digital finance, Fintech, Fintech, Fintech, Fintech, Fintech, France, Germany, Money laundering, Money laundering, Money laundering, The Netherlands, United Kingdom
On 24 November 2023, the European Banking Authority (EBA) issued a public consultation on new guidelines on preventing the abuse of funds and certain crypto-asset transfers for money laundering and terrorist financing purposes. Regulation (EU) 2023/1113 on information accompanying transfers of funds and certain crypto-assets recasts Regulation (EU) 2015/847 and extends its scope to the … Continue Reading

Alternative Investment Fund Designation Bill introduced to Parliament

Photo of Anita EdwardsPhoto of Simon Lovegrove (UK)By Anita Edwards and Simon Lovegrove (UK) on Posted in Collective investment schemes, United Kingdom
On 23 November 2023, the UK Parliament published the Alternative Investment Fund Designation Bill, which has been introduced to Parliament. This is Private Member’s Bill, intended to amend the Alternative Investment Fund Managers Regulations 2013 (which implemented the Alternative Investment Fund Managers Directive in the UK) to remove listed investment companies from Alternative Investment Fund … Continue Reading

UK Finance publishes report on the impact of AI financial services: opportunities, risks and policy considerations

Photo of Anita EdwardsPhoto of Hannah Meakin (UK)By Anita Edwards and Hannah Meakin (UK) on Posted in Fintech, United Kingdom
On 23 November 2023, UK Finance published a report on the impact of artificial intelligence (AI) in financial services, including opportunities, risks and policy considerations. The report examines the state of play of AI in the financial sector – where it is being deployed, where it shows promise for the future and how to make … Continue Reading

FCA publishes speech on culture and conduct

Photo of Simon Lovegrove (UK)Photo of Haney SaadahBy Simon Lovegrove (UK) and Haney Saadah on Posted in ESG, United Kingdom
On 23 November 2023, the FCA published a speech by Emily Shepperd, Chief Operating Officer and Executive Director of Authorisations, delivered at City and Financial’s Culture and Conduct Forum. The speech focuses on how to “flex” an organisation’s power through culture. In her speech, Ms Shepperd makes the following comments: For further updates on regulatory … Continue Reading

New Regulation Tomorrow Plus podcast: EMEA regulatory insights series – Australia

Photo of Simon Lovegrove (UK)Photo of James Morris (AU)By Simon Lovegrove (UK) and James Morris (AU) on Posted in Africa, Asia, Australia, Canada, Dubai and Saudi, France, Germany, Italy, Regulation, Regulation and compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, Regulation and Compliance, Regulation and Compliance, Regulation and compliance, Regulatory Compliance, The Netherlands, United Arab Emirates, United Kingdom, United States
In our EMEA regulatory insights series colleagues from our EMEA offices provide an update on the key regulatory issues they are seeing in their local market. In this third episode James Morris from our Sydney office discuss what they are seeing in the Australian market touching on reforms to payment systems regulation, buy now pay … Continue Reading

HMT publishes Policy Paper: UK Retail Disclosure Framework – Draft SI and Policy Note

Photo of Matthew Gregory (UK)Photo of Simon Lovegrove (UK)Photo of Anita EdwardsBy Matthew Gregory (UK), Simon Lovegrove (UK) and Anita Edwards on Posted in Brexit, Retail, United Kingdom
On 22 November 2023, HM Treasury (HMT) published a near-final draft Statutory Instrument (SI) and accompanying Policy Note on the UK Retail Disclosure Framework. These documents, published alongside the Chancellor’s Autumn Statement, set out HMT’s planned approach to replacing the EU Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation and creating a new UK retail … Continue Reading

HMT publishes report on the Future of Payments Review

Photo of Simon Lovegrove (UK)Photo of Anita EdwardsPhoto of Matthew Gregory (UK)By Simon Lovegrove (UK), Anita Edwards and Matthew Gregory (UK) on Posted in Brexit, Payment Services, United Kingdom
On 22 November 2023, HM Treasury (HMT) published a report on the Future of Payments Review. The report, published alongside the Chancellor’s Autumn Statement, considers how payments are likely to be made in the future and makes recommendations on the steps needed to successfully deliver world leading retail payments, further boosting UK fintech competitiveness. The … Continue Reading

HMT publishes draft SI and policy note – the Short Selling Regulations 2024

Photo of Simon Lovegrove (UK)Photo of Anita EdwardsBy Simon Lovegrove (UK) and Anita Edwards on Posted in Brexit, United Kingdom
On 22 November 2023, HM Treasury (HMT) published a draft statutory instrument (SI), the Short Selling Regulations 2024, and accompanying policy note. The documents were published alongside the Chancellor’s Autumn Statement. HMT is publishing the draft SI to replace the EU-inherited Short Selling Regulation, as part of its programme to deliver a Smarter Regulatory Framework … Continue Reading

HMT publishes government response – sovereign debt and credit default swaps: Short Selling Regulation

Photo of Anita EdwardsPhoto of Simon Lovegrove (UK)By Anita Edwards and Simon Lovegrove (UK) on Posted in Regulation and compliance, United Kingdom
On 22 November 2023, HM Treasury (HMT) published its response to the July 2023 consultation on sovereign debt and credit default swaps in relation to the Short Selling Regulation. The response, published alongside the Chancellor’s Autumn Statement, sets out HMT’s final policy position for the regulation of the short selling of sovereign debt and credit … Continue Reading

Horizon Scanning – Investigations and Enforcement – November 2023

Photo of Andrew Reeves (UK)Photo of David Harris (UK)Photo of Stuart Neely (UK)Photo of Annie BirchPhoto of Claudia Van GruisenPhoto of Thomas Hubbard (UK)Photo of Naomi MilesPhoto of Madeleine ParkerBy Andrew Reeves (UK), David Harris (UK), Stuart Neely (UK), Annie Birch, Claudia Van Gruisen, Thomas Hubbard (UK), Naomi Miles and Madeleine Parker on Posted in Anti-corruption and business and human rights, Beyond Sanctions: Key considerations for financial services firms, Financial Services, Horizon scanning, Investigations and enforcement, Money laundering, Regulation and compliance, Uncategorized, United Kingdom
Introduction As anticipated in our previous horizon scan (see here), the end of 2023 has brought about significant developments in financial crime enforcement and a real focus on fraud. Looking ahead to 2024, we predict that developments affecting organisations doing business in the UK will include: a focus from organisations on fraud, in particular preparing … Continue Reading

ESMA explanatory notes covering key topics of the Sustainable Finance framework

Photo of Simon Lovegrove (UK)Photo of Haney SaadahBy Simon Lovegrove (UK) and Haney Saadah on Posted in ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom
On 22 November 2023, the European Securities and Markets Authority (ESMA) published three explanatory notes covering key topics of the Sustainable Finance (SF) framework. The explanatory notes are purely descriptive and cover: For further updates on regulatory developments in the ESG space please visit our Financial Services Regulatory Developments in ESG hub.… Continue Reading

EBA final report on draft RTS on the assessment methodology under which competent authorities verify an institution’s compliance with the internal model approach as per Article 325az(8) of the CRR

Photo of Jochen Vester (UK)Photo of Simon Lovegrove (UK)By Jochen Vester (UK) and Simon Lovegrove (UK) on Posted in Capital adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, Capital Adequacy, France, Germany, Italy, The Netherlands, United Kingdom
On 22 November 2023, the European Banking Authority (EBA) published a final report on the draft regulatory technical standards (RTS) on the assessment methodology under which Member State competent authorities verify an institution’s compliance with the internal model approach as per Article 325az(8) of the Capital Requirements Regulation (CRR). The draft RTS have been developed … Continue Reading

Basel Committee newsletter on the implementation of the principles for the effective management and supervision of climate-related financial risks

Photo of Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Africa, Asia, Australia, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Canada, Dubai and Saudi, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States
On 22 November 2023, the Basel Committee on Banking Supervision (Basel Committee) published a newsletter on the implementation of the Principles for the effective management and supervision of climate-related financial risks (the Principles). The Basel Committee published the Principles, which seek to improve banks’ climate-related financial risk management and supervisors’ practices, as part of its … Continue Reading

HMT publishes response to consultation on the Digital Securities Sandbox

Photo of Hannah Meakin (UK)Photo of Simon Lovegrove (UK)Photo of Anita EdwardsBy Hannah Meakin (UK), Simon Lovegrove (UK) and Anita Edwards on Posted in Crypto assets, Fintech, United Kingdom
On 22 November 2023, HM Treasury (HMT) published its response to the July 2023 consultation on the Digital Securities Sandbox (DSS). The response sets out the Government’s final approach to implementing the DSS, which will facilitate the use of digital assets in financial markets. The DSS will be the first Financial Market Infrastructure (FMI) Sandbox … Continue Reading

Published in the OJ: Commission Delegated Regulation (EU) 2023/2486 of 27 June 2023 supplementing the Taxonomy Regulation by establishing the technical screening criteria for determining the conditions under which an economic activity qualifies as contributing substantially to the sustainable use and protection of water and marine resources, to the transition to a circular economy, to pollution prevention and control, or to the protection and restoration of biodiversity and ecosystems and for determining whether that economic activity causes no significant harm to any of the other environmental objectives and amending Commission Delegated Regulation (EU) 2021/2178 as regards specific public disclosures for those economic activities

Photo of Simon Lovegrove (UK)Photo of Haney SaadahBy Simon Lovegrove (UK) and Haney Saadah on Posted in ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom
On 21 November 2023, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2023/2486 of 27 June 2023 supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council by establishing the technical screening criteria for determining the conditions under which an economic activity qualifies as contributing substantially to … Continue Reading

Published in the OJ: Commission Delegated Regulation (EU) 2023/2485 of 27 June 2023 amending Delegated Regulation (EU) 2021/2139 establishing additional technical screening criteria for determining the conditions under which certain economic activities qualify as contributing substantially to climate change mitigation or climate change adaptation and for determining whether those activities cause no significant harm to any of the other environmental objectives

Photo of Simon Lovegrove (UK)Photo of Haney SaadahBy Simon Lovegrove (UK) and Haney Saadah on Posted in ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom
On 21 November 2023, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2023/2485 of 27 June 2023 amending Delegated Regulation (EU) 2021/2139 (Taxonomy Climate Delegated Act) establishing additional technical screening criteria for determining the conditions under which certain economic activities qualify as contributing substantially to climate change mitigation or … Continue Reading
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