United Kingdom (and EU regulation)

Whistleblowing – latest FCA quarterly data and key practical steps to manage reports

Photo of Katie Stephen (UK)Photo of Paul Griffin (UK)Photo of Rebecca DulieuPhoto of Catherine Pluck (UK)By Katie Stephen (UK), Paul Griffin (UK), Rebecca Dulieu and Catherine Pluck (UK) on Posted in Investigations and enforcement, United Kingdom
Whistleblowing remains a key tool for the Financial Conduct Authority (FCA) to identify actual or potential harm to consumers, markets, the UK economy and wider society. On 4 May 2023, it published its latest whistleblowing data for the final quarter of 2022 (for the months October to December 2022) (Q4 2022). During this quarter, the … Continue Reading

FCA publishes speech on evolving to meet the challenge in changing global markets

Photo of Simon Lovegrove (UK)Photo of Anita EdwardsBy Simon Lovegrove (UK) and Anita Edwards on Posted in Regulation and compliance, United Kingdom
On 16 May 2023, the FCA published a speech given by its Executive Director of Markets and of International, Sarah Pritchard, at the Capital Markets insights launch conference. The speech covers the need for the UK financial services market and the FCA itself to continue to evolve to keep up with changing global markets, looking … Continue Reading

Council adopts MiCA

Photo of Anna Carrier (BE)Photo of Flupke van den BogartBy Anna Carrier (BE) and Flupke van den Bogart on Posted in Crypto assets, Crypto assets, Crypto assets, Crypto assets, Crypto assets, France, Germany, Italy, The Netherlands, United Kingdom
On 16 May 2023, the Council of the EU issued a press release announcing that it had adopted the Regulation on markets in crypto-assets (MiCA). The Council adopted its negotiating mandate on MiCA on 24 November 2021. Trilogues between the co-legislators started on 31 March 2022 and ended in a provisional agreement reached on 30 … Continue Reading

EBA report on holdings of eligible liabilities issued by G-SIIs and O-SIIs

Photo of Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Capital adequacy, Capital Adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, France, Germany, Italy, The Netherlands, United Kingdom
On 16 May 2023, the European Banking Authority (EBA) issued a report on the holdings by EU banks of the minimum requirement for own funds and eligible liabilities (MREL) instruments issued by the most systemic European banks. As of 31 December 2021, the report shows that these holdings appear small and the direct spill over … Continue Reading

ECB Asset Quality Review Manual

Photo of Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Capital adequacy, Capital Adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, France, Germany, Italy, The Netherlands, United Kingdom
On 16 May 2023, the European Central Bank (ECB) published a manual with information necessary to execute Phase 2 of the asset quality review (AQR). The ECB and Member State competent authorities responsible for conducting banking supervision carry out AQRs of banks in accordance with the Single Supervisory Mechanism Regulation. Following completion of the AQR, … Continue Reading

Published in OJ – Commission Delegated Regulation (EU) 2023/960 of 1 February 2023

Photo of Hannah Meakin (UK)By Hannah Meakin (UK) on Posted in France, Germany, Italy, Regulation and compliance, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and Compliance, The Netherlands, United Kingdom
On 16 May 2023, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2023/960 of 1 February 2023 amending the regulatory technical standards laid down in Delegated Regulation (EU) 2017/588 as regards the annual application date of the calculations of the average daily number of transactions for shares, depository … Continue Reading

Published in OJ – Commission Delegated Regulation (EU) 2023/945 of 17 January 2023

Photo of Hannah Meakin (UK)By Hannah Meakin (UK) on Posted in France, Germany, Italy, Regulation and compliance, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and Compliance, The Netherlands, United Kingdom
On 16 May 2023, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2023/945 of 17 January 2023 amending the regulatory technical standards laid down in Delegated Regulation (EU) 2017/583 as regards certain transparency requirements applicable to transactions in non-equity instruments. The Delegated Regulation enters into force on the … Continue Reading

Published in OJ – Commission Delegated Regulation (EU) 2023/944 of 17 January 2023

Photo of Hannah Meakin (UK)By Hannah Meakin (UK) on Posted in France, Germany, Italy, Regulation and compliance, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and Compliance, The Netherlands, United Kingdom
On 16 May 2023, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2023/944 of 17 January 2023 amending and correcting the regulatory technical standards laid down in Delegated Regulation (EU) 2017/587 as regards certain transparency requirements applicable to transactions in equity instruments. The Delegated Regulation enters into force … Continue Reading

AML: Council adopts rules which will make cryptoasset transfers traceable

Photo of Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Anti-Money Laundering, Anti-Money Laundering, France, Germany, Italy, Money laundering, Money laundering, Money laundering, The Netherlands, United Kingdom
On 16 May 2023, the Council of the EU issued a press release stating that it had adopted the Regulation on information accompanying transfers of funds and certain cryptoassets and amending Directive (EU) 2015/849 (recast).  The Council agreed its position on the proposed Regulation on 1 December 2021. Trilogue negotiations started on 28 April 2022 … Continue Reading

EBA revised guidelines on methods for calculating contributions to deposit guarantee schemes under the DGS Directive

Photo of Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom
On 15 May 2023, the European Banking Authority (EBA) published a final report on revised guidelines on methods for calculating contributions to deposit guarantee schemes under the Deposit Guarantee Schemes (DGS) Directive. The report is dated 21 February 2023. The revised guidelines, which replace the existing guidelines (EBA/GL/2015/10), improve the method on how to calculate … Continue Reading

UK fraud strategy: loud bark, little bite?

Photo of Thomas Hubbard (UK)Photo of Andrew Reeves (UK)Photo of Annie BirchBy Thomas Hubbard (UK), Andrew Reeves (UK) and Annie Birch on Posted in Anti-corruption and business and human rights, United Kingdom
The UK government recently published its fraud strategy paper: Fraud Strategy: Stopping Scams and Protecting the Public. The prevalence of fraud in the UK cannot be overstated: victims of fraud reported losing £2.35 billion in 2021 and recent research estimates fraud losses in 2021 equate to some £137 billion. The new fraud strategy has three … Continue Reading

New Regulation Tomorrow podcast: Asset Management series – The role of depositaries

Photo of Hannah Meakin (UK)Photo of Taher AhmedPhoto of Anita EdwardsBy Hannah Meakin (UK), Taher Ahmed and Anita Edwards on Posted in Collective investment schemes, Regulation and compliance, United Kingdom
In the third in our series of Regulation Tomorrow podcasts focusing on the future of asset management regulation in the UK, Hannah Meakin, Taher Ahmed and Anita Edwards discuss the role of depositaries in the sector and the FCA’s proposals for reform, as set out in the recent FCA discussion paper, DP23/2. For more information … Continue Reading

SRB keeps MREL policy stable and publishes MREL dashboard Q4 2022

Photo of Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Capital adequacy, Capital Adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, France, Germany, Italy, The Netherlands, United Kingdom
On 15 May 2023, the Single Resolution Board issued a press release stating that it was maintaining its policy on the calibration of the minimum requirement for own funds and eligible liabilities (MREL) with minimal changes this year. The press release adds that the only change concerns the scope of entities subject to internal MREL … Continue Reading

Managing culture – some FCA speeches and papers

Photo of Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Regulation and compliance, United Kingdom
Introduction Every firm’s culture is different. The FCA does not believe that there should be a one size fits all model and does not prescribe what any firm’s culture should be. However, it is of the view that it is the responsibility of everyone in financial services to focus on culture, and it expects leaders … Continue Reading

EBA draft RTS on the prudential consolidation of an investment firm group

Photo of Simon Lovegrove (UK)Photo of Jochen Vester (UK)By Simon Lovegrove (UK) and Jochen Vester (UK) on Posted in Capital adequacy, Capital Adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, France, Germany, Italy, The Netherlands, United Kingdom
On 12 May 2023, the European Banking Authority (EBA) issued a final report containing draft regulatory technical standards (RTS) on the scope and methods for consolidation of an investment firm group under the Investment Firms Regulation (IFR). The final report follows a consultation paper that the EBA published in June 2020 which included draft RTS … Continue Reading

Commission report on the application of the Payment Accounts Directive

Photo of Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in France, Germany, Italy, Payment services, Payment Services, Payment services, Payment services, The Netherlands, United Kingdom
On 12 May 2023, there was published a report from the European Commission to the European Parliament and the Council regarding the application of the Payment Accounts Directive (PAD). The report has been published in response to Article 28 of the PAD which requires the Commission to provide a report on the application of the … Continue Reading

IOSCO Good Practices Relating to the Implementation of the IOSCO Principles for Exchange Traded Funds

Photo of Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Africa, Asia, Australia, Canada, Collective investment schemes, Collective investment schemes, Collective investment schemes, Collective Investment Schemes, Collective investment schemes, Collective Investment Schemes, Collective investment schemes, Collective Investment Schemes, Dubai and Saudi, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States
On 12 May 2023, the International Organization of Securities Commissions (IOSCO) published Good Practices Relating to the Implementation of the IOSCO Principles for Exchange Traded Funds. Exchange traded funds (ETFs) are an increasingly popular investment vehicle, which offer investors exposure to underlying markets for stocks, bonds and other assets; portfolio diversification; and access to a … Continue Reading

FCA Consultation Paper 23/11 ‘Remuneration: Enhancing proportionality for dual-regulated firms’

Photo of Simon Lovegrove (UK)Photo of Taher AhmedBy Simon Lovegrove (UK) and Taher Ahmed on Posted in Remuneration, United Kingdom
On 12 May 2023, the FCA published Consultation Paper 23/11 ‘Remuneration: Enhancing proportionality for dual-regulated firms’ (CP23/11). The FCA implemented remuneration provisions for dual-regulated firms in the dual-regulated firms Remuneration Code (SYSC 19D). These requirements are similar to PRA rules in the Remuneration Part of its Rulebook. The FCA has three other Remuneration Codes. These … Continue Reading

PRA Policy Statement 5/23 ‘Risks from contingent leverage’

Photo of Simon Lovegrove (UK)Photo of Anita EdwardsBy Simon Lovegrove (UK) and Anita Edwards on Posted in Capital adequacy, United Kingdom
On 11 May 2023, the PRA published Policy Statement 5/23 ‘Risks from contingent leverage’ (PS5/23). PS5/23 provides feedback to responses to Consultation Paper 12/22 ‘Risks from contingent leverage’ (CP12/22) and also provides the final policy. Previous consultation In CP12/22, the PRA proposed to: The PRA considered that the proposals would help firms better understand the … Continue Reading

Published in the OJ: Corrigenda to Commission Implementing Standards (EU) 2022/1860

Photo of Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Clearing and settlement, Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and Settlement, France, Germany, Italy, The Netherlands, United Kingdom
On 11 May 2023, 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 implementing technical standards for the application of Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to the standards, formats, frequency … Continue Reading

New Regulation Tomorrow podcast: Asset Management series – The role of host AFMs and appointed representatives

Photo of Hannah Meakin (UK)Photo of Taher AhmedPhoto of Anita EdwardsBy Hannah Meakin (UK), Taher Ahmed and Anita Edwards on Posted in Collective investment schemes, Regulation and compliance, United Kingdom
In the second in our series of Regulation Tomorrow podcasts focusing on the future of asset management regulation in the UK, Hannah Meakin, Taher Ahmed and Anita Edwards discuss potential reforms to regulatory hosting structures and appointed representatives, a topic discussed in the FCA’s recent discussion paper, DP23/2. For more information on DP23/2, see our … Continue Reading

FCA speech: Countdown to the Consumer Duty

Photo of Matthew Gregory (UK)By Matthew Gregory (UK) on Posted in Retail, United Kingdom
On 10 May 2023, the FCA published a speech by its Executive Director of Consumers and Competition, Sheldon Mills, in which he discusses the countdown to the Consumer Duty. Mr Mills begins by reminding firms that they have less than three months to implement the Consumer Duty, which comes into force on 31 July 2023. … Continue Reading

ESMA letter on the prioritisation of 2023 deliverables

Photo of Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in France, Germany, Italy, Regulation and compliance, Regulation and compliance, Regulation and compliance, Regulation and Compliance, The Netherlands, United Kingdom
On 10 May 2023, the European Securities and Markets Authority (ESMA) published a letter from its Chair, Verena Ross, to John Berrigan (Director-General, DG for Financial Stability, Financial Services and Capital Markets Union, European Commission) regarding the prioritisation of ESMA’s 2023 deliverables. The letter explains that, in order to ensure ESMA’s ability to deliver on … Continue Reading

FCA proposes multi-occupancy building insurance reform

Photo of Clare DouglasPhoto of Maria Ross (UK)By Clare Douglas and Maria Ross (UK) on Posted in Insurance, United Kingdom
On 21 April 2023, the Financial Conduct Authority (FCA) published a consultation paper (CP23/8) (CP) on proposed rule changes to address issues identified within the multi-occupancy building insurance market which are leading to poor outcomes for leaseholders. Background Over the past few years, the cost of building insurance to residential leaseholders and other property owners … Continue Reading
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