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Topic: Regulation and compliance

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Patisserie Valerie charges preview impact of new failure to prevent fraud offence

The recent Patisserie Valerie charges against four individuals provide a preview of the type of scenario in which companies could be investigated under the new failure to prevent fraud offence as well as the expanded test for corporate criminal liability. In this blog, we outline the charges brought by the SFO, provide an update on … Continue Reading

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

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 first episode Floortje Nagelkerke and Nikolai de Koning from our Amsterdam office discuss what they are seeing in the Dutch market touching on the local regulator’s work … Continue Reading

Council of the European Union publishes Consumer Credit Directive II

On 21 September 2023, the Council of the European Union published the text of a proposed Directive of the European Parliament and of the Council on credit agreements for consumers and repealing Directive 2008/48/EC. The proposed Directive will replace the Consumer Credit Directive. The European Parliament adopted the proposed Directive on 12 September 2023 at … Continue Reading

FCA publishes new webpage: Landing slots for funds in temporary marketing permissions regime

On 19 September 2023, the FCA published a new webpage on landing slots for funds in the temporary marketing permissions regime (TMPR). The webpage explains that, in the coming months, the FCA will be contacting fund operators with respect to landing slots for exiting the TMPR. It also notes that the process of exiting the … Continue Reading

ECB speech – Treading softly yet boldly: how culture drives risk in banks and what supervisors can do about it

On 19 September 2023, the European Central Bank (ECB) published a speech by Frank Elderson (Member of the ECB Executive Board and Vice-Chair of the ECB Supervisory Board) entitled Treading softly yet boldly: how culture drives risk in banks and what supervisors can do about it. The speech discusses what the ECB assesses in terms … Continue Reading

HM Treasury publishes the Central Counterparties (Transitional Provision) (Extension and Amendment) Regulations 2023

On 14 September 2023, HM Treasury published Statutory Instrument 2023 No.999, the Central Counterparties (Transitional Provision) (Extension and Amendment) Regulations 2023 (the SI). The SI extends transitional provisions provided for in the onshored Capital Requirements Regulation (CRR) and the Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 (the CCP Regulations) as extended … Continue Reading

IOSCO consults on leveraged loans and CLOs good practices for consideration

On 14 September 2023, the International Organization of Securities Commissions (IOSCO) published a consultation report on leveraged loans (LLs) and collateralised loan obligations (CLO) good practices for consideration. Broadly speaking, LLs are loans to highly indebted, non-investment grade, non-financial corporate issuers and are commonly used to fund mergers and acquisitions. They are typically structured as … Continue Reading

FCA publishes speech on open markets and common causes: International collaboration and the modernisation of financial services regulation in the UK

On 14 September 2023, the FCA published a speech, delivered by its Chair, Ashley Alder, at the Eurofi Conference. The speech focuses on international collaboration and the modernisation of financial services regulation in the UK. Mr Alder’s speech includes the following remarks:… Continue Reading

HM Treasury publishes the Greenhouse Gas Emissions Trading Scheme Auctioning (Amendment) Regulations 2023

On 14 September 2023, HM Treasury published statutory instrument 2023 No.994, the Greenhouse Gas Emissions Trading Scheme Auctioning (Amendment) Regulations 2023 (the SI). The Greenhouse Gas Emissions Trading Scheme Auctioning Regulations 2021 (the Auctioning Regulations) provide for the auctioning of allowances used in the UK Emissions Trading Scheme, which was established by the Greenhouse Gas … Continue Reading

MEPs adopt new rules to protect consumers from taking on too much debt

On 12 September 2023, the European Parliament announced that MEPs have adopted a proposed new directive on consumer credits. The new directive on consumer credits, already agreed between Parliament and Council negotiators in December 2022, aims to make the credit markets function smoothly while ensuring a high level of consumer protection. The legislation will cover … Continue Reading

FMSB precious metal compendium

On 12 September 2023, the Financial Markets Standards Board (FMSB) published a compendium: Precious metals market evolution. This compendium consolidates insights from three distinct spotlight reviews considering the potential evolution of precious metals markets. It outlines opportunities for enhancement and offers suggestions for heightening market transparency and efficiency. The compendium looks at key aspects of … Continue Reading

FCA publishes webpage on applying to approve financial promotions for unauthorised persons

On 12 September 2023, the FCA published a new webpage: Applying to approve financial promotions for unauthorised persons, setting out how to apply to the FCA for ‘approver permission’ which will be required under new rules coming into force next year. The webpage is aimed at firms that currently approve, or intend to approve, financial … Continue Reading

FCA issues policy statement with final rules on gateway for firms that approve financial promotions

On 12 September 2023, the FCA published policy statement PS23/13: Introducing a gateway for firms who approve financial promotions. PS23/13 sets out the FCA’s final policy position and near final rules and guidance on the gateway, which was introduced by the government through the Financial Services and Markets Act 2023. Once the new gateway comes … Continue Reading

Published in the OJ: Commission Implementing Regulation 2023/1718 with regard to closely correlated currencies in accordance with the CRR

On 11 September 2023, there was published in the Official Journal of the European Union (OJ) Commission Implementing Regulation (EU) 2023/1718 of 8 September 2023 amending the implementing technical standards laid down in Implementing Regulation (EU) 2015/2197 with regard to closely correlated currencies in accordance with the Capital Requirements Regulation. The Implementing Regulation inserts a … Continue Reading

ECON Committee debates EU clearing review

On 29 August 2023, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) held a debate on the European Commission’s (Commission) proposal amending the European Market Infrastructure Regulation (Regulation (EU) 648/2012) (EMIR) as part of the clearing review. The clearing review proposals were adopted and published by the Commission in December 2022 with the … Continue Reading

European Parliament adopts its report on REMIT review

On 7 September 2023 members of the European Parliament’s Industry, Research and Energy Committee (ITRE) adopted a final report on the European Commission’s proposal to amend the Wholesale Energy Market  Integrity and Transparency (REMIT) Regulation. By way of background, the package of legislative measures published by the European Commission (Commission) in March 2023 was designed … Continue Reading

European Commission publishes Commission Delegated Regulation  with regard to specifying the criteria for the identification of shadow banking entities referred to in Article 394(2)

On 6 September 2023, the European Commission published Commission Delegated Regulation (EU) of 6 September 2023 supplementing Regulation (EU) No 575/2013 of the European Parliament and of Council with regard to regulatory technical standards (RTS) specifying the criteria for the identification of shadow banking entities referred to in Article 394(2) of Regulation (EU) No 575/2013. … Continue Reading

FSB progress report on enhancing the resilience of NBFI

On 6 September 2023, the Financial Stability Board (FSB) published a progress report on enhancing the resilience of non-bank financial intermediation (NBFI). The March 2020 turmoil underscored the need to strengthen resilience in the NBFI sector, as key funding markets experienced acute stress and public authorities needed to take a wide range of measures to … Continue Reading

The Financial Services and Markets Act 2000 (Exemptions from Financial Promotion General Requirement) Regulations 2023

On 6 September 2023, The Financial Services and Markets Act 2000 (Exemptions from Financial Promotion General Requirement) Regulations 2023 was published. The Financial Services and Markets Act 2023 introduces a regulatory ‘gateway’ for the approval of financial promotions. The ‘gateway’ will require any authorised person wishing to approve financial promotions of an unauthorised person to … Continue Reading

FCA publishes findings from its assessments of firms’ sanctions systems and controls

On 6 September 2023, the FCA published a new webpage – Sanctions systems and controls: firms’ response to increased sanctions due to Russia’s invasion of Ukraine. The new webpage sets out key findings from the FCA’s assessments of sanctions systems and controls in financial services firms. It includes examples of good practice and areas for … Continue Reading

Economic Crime and Corporate Transparency Bill: update

Background  On 4 September 2023, the UK House of Commons debated the House of Lords’ amendments to the Economic Crime and Corporate Transparency Bill (the Bill). The House of Commons voted to include an exemption for small and medium-sized enterprises (SMEs), and remove the extension of the proposed offence to failure to prevent money laundering. … Continue Reading

FSB letters ahead of the New Delhi Summit

On 5 September 2023, the Financial Stability Board (FSB) published two letters from its Chair, Klaas Knot, addressed to G20 leaders ahead of the New Delhi Summit. The first letter outlines the work the FSB has undertaken under the leadership of India’s G20 Presidency to address existing vulnerabilities in the financial system and enhance its … Continue Reading

ESRB issues note on policy options to address risks in corporate debt and real estate investment funds from a financial stability perspective

On 4 September 2023, the European Systemic Risk Board (ESRB) published an issues note on policy options to address risks in corporate debt and real estate investment funds from a financial stability perspective. The issues note sets out a high-level approach to addressing risks in investment funds that invest in assets which are either inherently … Continue Reading
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