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Topic: Regulation and compliance

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CPMI and IOSCO report ‘Implementation monitoring of the PFMI: level 3 assessment on financial market infrastructures’ cyber resilience’

On 29 November 2022, the Committee on Payments and Market Infrastructures (CPMI) and the International Organisation of Securities Commissions (IOSCO) published a report, ‘Implementation monitoring of the Principles of financial marketing infrastructures (PFMI): level 3 assessment on financial market infrastructures’ cyber resilience’. In April 2012, the CPMI and IOSCO published the PFMI, which set out … Continue Reading

FCA publishes credit rating agency UK market share report for 2021

On 30 November 2022, the FCA its first market share report for UK registered credit rating agencies (CRAs). Post Brexit the FCA supervises UK CRAs in accordance with the EU Regulation on CRAs as amended by the Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019. The report covers the nine registered CRAs in the … Continue Reading

IOSCO final report ‘Investor behaviour and investor education in times of turmoil: Recommended framework for regulators based on lessons learned from the COVID- 19 pandemic’

On 30 November 2022, the International Organisation of Securities Commissions published a report, ‘Investor behaviour and investor education in times of turmoil: Recommended framework for regulators based on lessons learned from the COVID- 19 pandemic’.  The final report highlights the research insights and experiences IOSCO members gained during the COVID-19 pandemic. It explores changes in … Continue Reading

Bank of England transforming data collection communication

On 28 November 2022, the Bank of England (BoE) published a communication providing an update to firms on the joint transformation programme that it is conducting with the FCA to transform data collection from the UK financial sector. In the communication the BoE covers the progress made with the joint transformation programme and the phase … Continue Reading

Commission Delegated Regulation (EU) 2022/2328 supplementing the CRR with regard to RTS specifying exotic underlyings and the instruments bearing residual risks for the purposes of the calculation of own funds requirements for residual risks

On 29 November 2022, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2022/2328 of 16 August 2022 supplementing the Capital Requirements Regulation (CRR) with regard to regulatory technical standards (RTS) specifying exotic underlyings and the instruments bearing residual risks for the purposes of the calculation of own … Continue Reading

PRA publishes Policy Statement 10/22: Depositor protection

On 28 November 2022, the Prudential Regulation Authority (PRA) published Policy Statement 10/22: Depositor Protection (PS10/22). In PS10/22 the PRA sets out final rules and provides feedback to its earlier consultation on depositor protection (Consultation Paper 9/22 (CP9/22)). Earlier consultation In CP9/22, the PRA proposed to delete: Rules 13.4 – 13.8 and amend the rules … 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

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

Published in the OJ – Decisions amending annexes to the EEA Agreement

On 17 November 2022, there was published in the Official Journal of the European Union (OJ), two decisions amending the annexes to the EEA Agreement. Decision of the EEA Joint Committee No 187/2019 of 10 July 2019 amending Annex IX (Financial services) to the EEA Agreement. This Decision inserts into the EEA Agreement the following: … Continue Reading

FSB publishes 2022 annual report on promoting global financial stability

On 16 November 2022, the Financial Stability Board (FSB) published its latest annual report on promoting financial stability. The report, delivered to the G20 leaders ahead of their Bali Summit, describes the FSB’s work to promote global financial stability. Among other things the report makes the following findings: The outlook for financial stability is particularly … Continue Reading

FSB final report ‘Financial policies in the wake of COVID-19: supporting equitable recovery and addressing effects from scarring in the financial sector’

On 14 November 2022, the Financial Stability Board (FSB) published ‘Financial policies in the wake of COVID-19: supporting equitable recovery and addressing effects from scarring in the financial sector’. The final report considers exit strategies through the lens of financial stability and the capacity of the financial system to finance strong and equitable growth. Incorporating … Continue Reading

New briefing note – Spotlight on the Appointed Representatives regime: what you should be doing now

We have published a new briefing note, Spotlight on the Appointed Representatives regime: what you should be doing now. This briefing note follows our first briefing note on the revised Appointed Representatives regime. In this briefing note, we have focussed on five key areas including where the FCA has revised its original consultation proposals. We … Continue Reading

FSB chair writes to G20 leaders ahead of the Bali Summit

On 11 November 2022, the Financial Stability Board (FSB) published a letter from its Chair, Klaas Knot, to G20 leaders ahead of their Summit in Bali on 15-16 November. The letter sets forth that developments since the Rome Summit have been a stark reminder that global financial stability should not be taken for granted. So … Continue Reading

FCA financial promotions quarterly data Q3 2022

On 4 November 2022, the FCA published financial promotions quarterly data for Q3 2022. The data highlights that the FCA had intervened to amend or withdraw 4,151 financial promotions between July and September, the highest since it started publishing the data. Retail lending, investments and banking are the sectors with the highest rate of amends … Continue Reading

ESMA publishes guidelines on the scope of the CRA Regulation

On 31 October 2022, the European Securities and Markets Authority (ESMA) published guidelines on the scope of the Credit Rating Agency (CRA) Regulation. The purpose of the guidelines is to clarify the scope of the CRA Regulation, in particular the provisions concerning: Obligation to register. Credit rating activities and exemptions from registrations. Private credit ratings. … Continue Reading

Growth and competitiveness – speech by Sam Woods

On 27 October 2022, the Bank of England (the Bank) published a speech by Sam Woods, Deputy Governor for Prudential Regulation and Chief Executive Officer of the Prudential Regulation Authority, on growth and competitiveness, given at Mansion House. In his speech, Mr Woods discusses how prudential regulation can contribute to the competitiveness of the United … Continue Reading

Commission Delegated Regulation (EU) 2022/2058 supplementing Regulation (EU) No 575/2013 with regard to regulatory technical standards on liquidity horizons for the alternative internal model approach

On 26 October 2022, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2022/2058 of 28 February 2022 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council  with regard to regulatory technical standards on liquidity horizons for the alternative internal model approach, as referred … Continue Reading

Commission Delegated Regulation (EU) 2022/2060 supplementing Regulation (EU) No 575/2013 with regard to regulatory technical standards specifying the criteria for assessing the modellability of risk factors under the internal model approach and specifying the frequency of that assessment under Article 325be(3) of that Regulation

On 26 October 2022, there was published in the Official Journal of the European Union (OJ), Commission Delegated Regulation (EU) 2022/2060 of 14 June 2022 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards specifying the criteria for assessing the modellability of risk factors under … Continue Reading

FCA letter to the Chairs of the Industry Regulators and Economic Affairs Committees: Liability-driven investment funds

On 25 October 2022, the FCA published a letter addressed to the Chairs of the Industry and Regulators and Economic Affairs Committees regarding liability-driven investment funds (LDI funds), responding to a letter dated 14 October 2022 which had asked the FCA for more information on its work in this area. The FCA letter acknowledges that … Continue Reading

FCA Dear CEO letter – Thematic findings on the effectiveness of governance in credit rating agencies

On 24 October 2022, the FCA published a Dear CEO letter addressing thematic findings on the effectiveness of governance in credit rating agencies (CRAs). The letter has been sent out to all UK registered CRAs, with the FCA stating that it expects these firms to consider the risks outlined and act where necessary. The letter … Continue Reading

Regulation (EU) 2022/3036 published, amending Regulation (EU) No 575/2013 and Directive 2014/59/EU as regards the prudential treatment of global systemically important institutions with a multiple-point-of-entry resolution strategy and methods for the indirect subscription of instruments eligible for meeting the minimum requirement for own funds and eligible liabilities

On 25 October 2022, Regulation (EU) 2022/3036 of the European Parliament and of the Council of 19 October 2022 was published in the Official Journal of the European Union, amending Regulation (EU) No 575/2013 and Directive 2014/59/EU as regards the prudential treatment of global systemically important institutions with a multiple-point-of-entry resolution strategy and methods for … Continue Reading

EBA launches call for interest for two expert groups and a call for input to advise on its work under the recast Funds Transfers Regulation

On 21 October 2022, The European Banking Authority (EBA) issued a call for expression of interest to join two Technical Expert Groups – on crypto assets service providers and anti-money laundering and countering the financing of terrorism, and on restrictive measures regimes – and a call for input on the Joint Guidelines to prevent the … Continue Reading

Consumer Duty: Board checklist for implementation plan approval

In order for the FCA to be confident that firms will be in a position to comply with the new Consumer Duty from 31 July 2023 (for existing products), the FCA has outlined two interim deadlines that it expects firms to meet. These include a requirement for manufacturers to be able to share information on … Continue Reading
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