United Kingdom (and EU regulation)

Treasury Committee publishes correspondence on proposed intervention power

On 24 November 2022, the House of Commons’ Treasury Committee published correspondence confirming the Government will not proceed with the proposed intervention power in the Financial Services and Markets Bill. The proposed power would have enabled the Government to make, amend or revoke regulators’ rules. The Government adds that it will keep the matter under … Continue Reading

BIS newsletter on bank exposures to non-bank financial intermediaries

On 24 November 2022, the Bank for International Settlements (BIS) published a newsletter on bank exposures to non-bank financial intermediaries. The newsletter highlights the following: The non-bank financial intermediary (NBFI) sector continues to grow and has the potential to cause financial stability concerns, though its size and the associated risk vary amongst member jurisdictions. Recent … Continue Reading

New UK – Singapore MoU boosting FinTech trade and cooperation

On 25 November 2022, the UK and Singapore reached an agreement on a new Memorandum of Understanding (MoU) boosting FinTech trade and cooperation at the seventh UK-Singapore Financial Dialogue in Singapore. The UK and Singapore have agreed on a MoU on the UK-Singapore FinTech Bridge. The FinTech Bridge seeks to support continued growth, investment and … Continue Reading

Commission Delegated Regulation supplementing the CRR with regard to RTS for the calculation of risk-weighted exposure amounts of collective investment undertakings under the mandate-based approach

On 24 November 2022, the European Commission published a Commission Delegated Regulation supplementing the Capital Requirements Regulation (CRR) with regard to regulatory technical standards (RTS) of the calculation of risk-weighted exposure amounts of collective investment undertakings (CIUs) under the mandate-based approach. The provisions in the Commission Delegated Regulation specify how institutions are to calculate the … Continue Reading

Commission Delegated Regulation supplementing the CCP Recovery and Resolution Regulation with regard to RTS specifying the methodology for calculation and maintenance of the additional amount of pre-funded dedicated own resources to be used in accordance with Article 9(14) of that Regulation

On 25 November 2022, the European Commission published a Commission Delegated Regulation supplementing the CCP Recovery and Resolution Regulation (CCPRRR) with regard to regulatory technical standards specifying the methodology for calculation and maintenance of the additional amount of pre-funded dedicated own resources to be used in accordance with Article 9(14) of that Regulation. The Commission … Continue Reading

New Regulation Tomorrow plus podcast – The importance of terminology and the “S” and “G” parts of ESG

In this episode of RT Plus on ESG, Haney Saadah touches on the FCA’s recent consultation paper on sustainability disclosure requirements. He also looks the importance of terminology and why the “S” and “G” parts of ESG are as important as the “E” part. He also provides his views on how firms will approach their … Continue Reading

New Regulation Tomorrow plus podcast – NRF FS&M Bill sound bytes

In this episode of RT Plus focusing on the Financial Services and Markets Bill, Jonathan Herbst provides a general update on the Bill following its passage through the Committee Stage Spotify/ Apple podcasts… Continue Reading

Diversity and inclusion: Driving change in our industry – Speech by Sheldon Mills

On 22 November 2022, the FCA published a speech by Sheldon Mills, Executive Director, Consumers and Competition, FCA, delivered at the Association of British Insurers (ABI) Diversity, Equity and Inclusion (D&I) conference. In his speech, Mr Mills addressed the following: Why diversity and inclusion matters: The FCA is committed to taking action on D&I because … Continue Reading

FCA publishes consultation paper on synthetic US dollar LIBOR and feedback to CP22/11

Introduction On 23 November 2022, the FCA published Consultation Paper 22/11 ‘Consultation on ‘synthetic US dollar LIBOR and feedback to CP22/11’ (CP22/11). In June 2022, the FCA consulted on ceasing ‘synthetic’ sterling LIBOR. The FCA also sought information on US dollar LIBOR exposures in order to help the FCA assess whether to require continued publication … Continue Reading

House of Commons Sub-Committee letter on PRA CP8/22 ‘Remuneration: Unvested pay, Material Risk Takers and public appointments’

On 23 November 2022, the House of Commons’ Sub Committee on Financial Services Regulation (the Sub-Committee) published a letter by its interim chair, Angela Eagle, regarding PRA Consultation Paper 8/22 ‘Remuneration: Unvested pay, Material Risk Takers and public appointments’ (CP8/22). The letter follows the Sub-Committee’s discussion on CP8/22 and sets out the following questions to … Continue Reading

ACER updates its REMIT data reporting guidance

On 24 November 2022, the European Union Agency for the Cooperation of Energy Regulators (ACER) announced that it has updated its REMIT data reporting guidance. Following extensive consultation with stakeholders launched in June 2022 that aimed to improve REMIT data reporting, ACER had published: The updated Transaction Reporting User Manual (TRUM) and its annexes. The … Continue Reading

Published in the OJ – Corrigendum to Commission Implementing Regulation (EU) 2022/1860

On 24 November 2022, there was published in the Official Journal of the European Union (OJ) Corrigendum to Commission Implementing Regulation (EU) 2022/1860 of 10 June 2022 laying down implanting technical standards for the application of the European Market Infrastructure Regulation with regards to the standards, formats, frequency and methods and arrangements for reporting… Continue Reading

Landmark US-UK Data Access Agreement Enters into Force

On 3 October 2022, the Data Access Agreement (DAA) between the UK and US (see our earlier blog here) came into force.  In this blog post we look at this landmark agreement and consider its impact. What is the US-UK Data Access Agreement? Under the new agreement, on receipt of a qualifying lawful order telecommunication … Continue Reading

FCA launches new web page on raising standards in new firms and financial promotions

On 22 November 2022, the FCA launched a new webpage on raising standards in new firms and financial promotions. The FCA’s ‘Early and High Growth Oversight’ provides enhanced supervision for newly authorised firms. It provides enhanced supervision for firms as they get used to their regulatory status and supports them to understand their obligations so … Continue Reading

The Financial Services (Miscellaneous Amendments) Regulations 2022

On 22 November 2022, HM Treasury published the Financial Services (Miscellaneous Amendments) Regulations 2022. The Regulations contains a range of measures to address deficiencies in retained European Union (EU) law. Among other things the Regulations provide that: HM Treasury can use its power under article 5(4) of the Short Selling Regulation in relation to Gibraltar … Continue Reading

EBA Guidelines on the use of remote customer onboarding solutions under Article 13(1) of 4MLD

On 22 November 2022, the European Banking Authority (EBA) published a final report on guidelines on the use of remote customer onboarding solutions under Article 13(1) of the Fourth Money Laundering Directive (4MLD). This final report sets out a strategic objective to embrace digital finance for the good of consumers and businesses and identifies EU … Continue Reading

European Commission proposes gas market correction mechanism

On Tuesday, 22 November 2022, the European Commission (the Commission) adopted a proposal for a Council Regulation establishing a market correction mechanism to protect citizens and the economy against excessively high prices. The proposal sets out the details for a temporary market correction mechanism to cap the price of front-month Title Transfer Facility (TTF) derivatives … Continue Reading

FOS publishes the Independent Assessor’s Annual Report 2021 – 2022

On 22 November 2022, the Financial Ombudsman Service (FOS) published the Independent Assessor’s Annual Report 2021-2022. During the financial year, the assessor investigated 568 services complaints out of 4131, received by the FOS. This shows that for the most part, customers that raised complaints were either satisfied with the response they received from the FOS … Continue Reading

FCA announces Code of Conduct for ESG data and ratings providers

On 22 November 2022, the FCA announced the formation of a group to develop a voluntary code of conduct for environmental, social and governance (ESG) data and ratings providers (the Code). In an earlier FCA Feedback Statement on ESG integration in UK capital markets, the FCA expressed their support for introducing regulatory oversight of certain … Continue Reading

European Commission publishes call for advice to the EBA on green loans and mortgages

On 22 November 2022, the European Commission (Commission) issued a call for advice to the European Banking Authority (EBA) on green loans and mortgages. In its ‘Strategy on Financing the Transition to a Sustainable Economy’ (Strategy) of July 2021, the Commission outlined four policy areas in which further work is needed. One of the four … Continue Reading

ESMA annual report – 2022 on the application of waivers and

On 21 November 2022, the European Securities and Markets Authority (ESMA) published its annual report 2022 on the application of waivers and deferrals. Articles 4(4) and 992) of MiFIR require ESMA to monitor the application of pre-trade transparency waivers and to submit an annual report to the European Commission on how equity and non-equity waivers … Continue Reading

ESMA final report on draft RTS amending Article 19 of Commission Delegated Regulation (EU) 2018/1229

On 21 November 2022, the European Securities and Markets Authority (ESMA) published a final report on draft regulatory technical standards (RTS) amending Article 19 of Commission Delegated Regulation (EU) 2018/1229 (RTS on Settlement Discipline). Between 11 July and 9 September 2022, ESMA conducted a public consultation seeking stakeholders’ views on possible amendments to the RTS … Continue Reading

FCA concerned about problem behaviours linked to trading app design

On 21 November 2022, the FCA announced that it has warned stock trading app operators to review design features, including those with game-like elements, which risk promoting consumers to take actions against their own interests. Features the FCA have warned operators to avoid include, sending frequent notifications with the latest market news and providing consumers … Continue Reading

FSB publishes list of globally systemically important Banks

On 21 November 2022, the Financial Stability Board (FSB) published the 2022 list of globally systemically important banks (G-SIBs). The list is based on end-2021 data and an assessment methodology designed by the Basel Committee on Banking Supervision, which was revised in 2018. The revised methodology is applied for the first time this year. The … Continue Reading
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