Tracks financial services regulatory developments and provides insight and commentary
On 12 December 2022, the FCA updated their webpage on the Climate Financial Risk Forum (CFRF).
The webpage now contains information and guides from session 3. Session 3 of the CFRF began on 27 April 2022. The session will run for approximately 12 months. There are three working groups: 1) data, disclosure and…
As of 1 January 2023, the reporting obligation for third country alternative investment fund managers (AIFMs) and alternative investment funds (AIFs) will start to apply. Non-EU AIFMs and AIFs will be required to report to the Dutch Authority for Financial Markets (Autoriteit Financiële Markten, the AFM) on their…
On 12 December 2022, the FCA published a firm wide review on understanding approaches to D&I in financial services.
In July 2021, the FCA published a joint Discussion Paper with the PRA and the Bank of England. The Discussion Paper discussed the current state of diversity and inclusion in the financial services industry, setting out…
On 12 December 2022, the European Securities Authorities (ESAs) (European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA)) published joint advice in response to the European Commission’s earlier call for advice on the review of the…
On 12 December 2022, the European Central Bank (ECB) published the Single Supervisory Mechanism (SSM) supervisory priorities for 2023-2025.
ECB Banking Supervision, in close collaboration with Member State national competent authorities, has reviewed its strategic priorities for the next three years. The review builds on an assessment of the main risks and…
The month of November saw a flurry of regulatory activity by APRA and ASIC across strategic focus areas: crypto-asset regulation, enforcement of design and distribution obligations, reforming operational risk requirements for super funds and improving governance practices across the superannuation industry at investment and board levels. Meanwhile, AUSTRAC launched two consultations on proposed changes and…
On 8 December 2022, the Financial Services and Markets Bill had its first reading in the House of Lords. Its second reading in the Lords is scheduled for 10 January 2023.
On 9 December 2022, the Chancellor of the Exchequer Jeremy Hunt MP unveiled at an industry roundtable in Edinburgh over 30 regulatory reforms. These “Edinburgh Reforms” follow on from the Chancellor’s Autumn Statement in which he highlighted financial services as one of the UK’s five key growth sectors.
The reforms build on the government’s vision…
On 8 December 2022, the European Banking Authority (EBA) published a Consultation Paper: Draft Implementing Technical Standards (ITS) on amending Commission Implementing Regulation (EU) 2016/2070 with regard to the benchmarking of internal models.
The EBA benchmarking exercise forms the basis for both, supervisory assessment and horizontal analysis on the outcome of…
On 8 December 2022, the Payment Systems Regulator (PSR) published a Consultation Paper: Authorised push payment scams measure 1 Metric C process: revised approach.
In November 2021, the PSR consulted on a package of measures to tackle authorised push payment (APP) scams. The measures focussed on the publication of scam…
