Tracks financial services regulatory developments and provides insight and commentary
On 16 April 2025, the Financial Conduct Authority (FCA) published a consultation paper, CP25/8, on data decommissioning: removing reporting and notification requirements.
Background
The FCA explains that it is reviewing the information it collects regularly from firms, as part of its commitment to improving regulatory reporting. Its aim is to streamline the…
Recent regulatory activity and enforcement outcomes have highlighted the obligations on auditors to make reports to regulators in certain circumstances. Given the web of relevant provisions, the number of bodies potentially requiring notification, the client confidentiality overlay and the pressures to which busy professionals are subject, keeping track of who should say what to whom…
Here are four items of interest for regulatory investigations lawyers from the newly published Regulatory Initiatives Grid (RIG), two to look forward to before summer and two for the second half of the year:
On 15 April 2025, the European Commission (“the Commission”) launched a public consultation on a review of Directive 2003/87/EC establishing a system for greenhouse gas emission allowance trading within the Union (ETS Directive) and Decision (EU) 2015/1814 concerning the establishment and operation of a market stability reserve for the Union greenhouse gas emission…
On 15 April 2025, the European Banking Authority (EBA) published its benchmarking report on remuneration and gender pay gap for institutions and investment firms.
Background
The EBA collects remuneration and gender pay gap data from national competent authorities for benchmarking under the Capital Requirements Directive and the Investment Firms Directive (IFD)…
On 14 April 2025, the Council of the EU formally adopted the ‘Stop-the-clock’ Directive under the Omnibus I package. The Directive postpones the dates of application of certain corporate sustainability reporting and due diligence requirements, as well as the transposition deadline of the due diligence provisions.
The Omnibus I package was adopted by the European…
On 15 April 2025, the Financial Stability Board (FSB) published its finalised Format for Incident Reporting Exchange (FIRE), a global standardised format aimed at streamlining cyber and operational incident reporting and enhancing cross-border cooperation.
FIRE is a common framework that financial firms can use to report operational incidents, including cyber…
On 15 April 2025, the European Securities and Markets Authority (ESMA) published draft regulatory technical standards (RTS) and a final report on its guidelines on liquidity management tools (LMTs).
Background
The revised Alternative Investment Fund Managers (AIFMs) Directive (AIFMD) and Undertakings for Collective Investment in…
On 15 April 2025, the Financial Conduct Authority (FCA) announced that it is establishing a presence in the United States and Asia-Pacific (APAC) for the first time, in accordance with its new strategy for 2025-2030.
In the United States, the FCA’s Tash Miah has started working at the British Embassy in…
On 14 April 2025, the Financial Conduct Authority (FCA) published the findings from its multi-firm review of how retail banks and building societies approach the treatment of customers in vulnerable circumstances that involve bereavement and power of attorney (PoA), highlighting examples of good practice and areas for improvement.
Background
As part…
