Tracks financial services regulatory developments and provides insight and commentary
On 10 April 2025, the Prudential Regulation Authority (PRA) published Consultation Paper 8/25 ‘Regulated fees and levies: Rates proposals for 2025/26’ (CP8/25).
CP8/25 is the PRA’s annual consultation on regulated fees and levies. The PRA’s Annual Funding Requirement (AFR) for 2025/26 is composed solely of the budgeted cost of…
On 10 April 2025, the Prudential Regulation Authority (PRA) published its Business Plan 2025/26.
Among other things the Business Plan notes that:
On 9 April 2025, a public consultation was launched for the draft bill to implement the revised Alternative Investment Fund Managers Directive (Directive 2011/61/EU, the AIFMD) and the Undertakings for Collective Investment in Transferable Securities Directive (Directive 2009/65/EC, the UCITS Directive).
The draft bill introduces new rules for alternative investment funds (AIFs…
On 9 April 2025, the European Securities and Markets Authority (ESMA) published a Final Report on a Common Supervisory Action (CSA) on ESG disclosures under the Benchmarks Regulation (BMR).
The CSA was launched in December 2023 and sought to assess how benchmark administrators supervised in the EU comply with…
On 9 April 2025, the European Securities and Markets Authority (ESMA) published a letter from its chair to Maria Luís Albuquerque (Commissioner for Financial Services and the Savings and Investments Union, DG FISMA) regarding the qualification of fractional shares under the Markets in Financial Instruments Directive II (MiFID II).
ESMA is…
On 8 April 2025, the European Securities and Markets Authority (ESMA) published a Final Report containing technical advice on amendments to the research provisions in the MiFID II Delegated Directive (Commission Delegated Directive (EU) 2017/593 of 7 April 2016) in the context of the Listing Act (Regulation (EU) 2024/2809 and Directive (EU) 2024/2810).…
On 9 April 2025, the Financial Policy Committee (FPC) published the latest in its series of papers called Financial Stability in Focus.
In this issue the FPC focuses on artificial intelligence (AI) in the financial system.
The FPC is considering the potential macroprudential implications of more widespread, and changing, use…
On 9 April 2025, the Financial Policy Committee (FPC) published a record of its meetings on 4 and 8 April 2025.
The record includes the following comments:
On 9 April 2025, the Prudential Regulation Authority (PRA) published a Dear Chief Financial Officer letter setting out its expectations on significant risk transfer financing.
The Dear CFO letter highlights certain practices the PRA has observed in relation to illiquid and structured financing portfolios across regulated firms.
The letter covers:
On 8 April 2025, the Bank of England (BoE) published its response following its discussion paper on reviewing access to Real-Time Gross Settlement (RTGS) accounts for settlement.
In its response the BoE provides its comments on the feedback it received to its discussion paper which encouraged respondents to think strategically about…
