On 10 September 2024, Sarah Breeden, the Bank of England’s (BoE) Deputy Governor for Financial Stability gave a speech on how the BoE thinks about financial stability and some of the challenges it is considering currently. Points covered by the speech include how:
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 extend:
On 10 September 2024, the Prudential Regulation Authority (PRA) announced that it is reviewing the leverage ratio requirements thresholds and is offering a modification by consent (provided certain conditions are met) to disapply the relevant part of the PRA Rulebook until the review is complete.
The PRA had previously noted in a 2021
On 10 September 2024, the Prudential Regulation Authority (PRA) published a letter to Chief Risk Officers to share the thematic findings of a review, in which it asked the Internal Audit (IA) function of a selection of UK deposit taker (UKDT) non-systemic banks and building societies to undertake a
We have published a new briefing note ‘Climate adaptation: what steps should financial institutions be taking now?’
Previous financial services related ESG notes and podcasts can be found on our Financial Services Regulatory Developments in ESG hub.
On 9 September 2024, the Financial Conduct Authority (FCA) published a Guidance Consultation, GC24/5, setting out proposed changes to its Payment Services and Electronic Money Approach Document to support new legislation to tackle authorised push payment (APP) fraud.
Background
The Payment Systems Regulator has introduced an APP fraud reimbursement requirement
On 9 September 2024, the FCA published a new webpage stating that it was offering firms temporary flexibility to comply with the ‘naming and marketing’ rules under the Sustainability Disclosure Requirements (SDR).
The FCA states that:
Following on from the UK Financial Reporting Council (FRC) publishing its plan and budget for 2024-25 earlier this year, the King’s Speech in July signalled that the long-awaited transition of the FRC to a new Audit, Reporting and Governance Authority could now be firmly on the horizon. In an effort to strengthen audit
Following recent FCA outcomes in relation to breaches of requirements imposed by the FCA on regulated firms, in this briefing we consider some lessons learned for clients around managing regulatory interventions, with a focus on VREQs and OIREQs.
In our briefing last summer, ‘Handling regulatory interventions: considerations for responders’ we discussed issues which firms might
On 6 September 2024, the FCA published a speech by Sarah Pritchard (FCA Executive Director of Markets and International) entitled The FCA’s new listing rules and what’s to come.
The speech was delivered at the Capital Markets Industry Taskforce conference and provides an overview of recent developments including the new UK Listing Rules, consultation