Tracks financial services regulatory developments and provides insight and commentary
On 6 July 2022, the FCA published Policy Statement 22/8 ‘Protecting investors in authorised funds following the Russian invasion of Ukraine’ (PS22/8).
In PS22/8 the FCA responds to feedback to Consultation Paper 22/8 (CP22/8) and sets out final rules and guidance which allow authorised fund managers to create separate unit classes (side pockets) for retail…
On 5 July 2022, HM Treasury published a draft of The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2022.
The draft Regulations make various miscellaneous amendments to existing Brexit related Regulations including the:
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On 6 July 2022, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2022/1159 of 11 March 2022 supplementing the Investment Firms Regulation with regard to regulatory technical standards for public disclosure of investment policy by investment firms.
The provisions of the Delegated Regulation specify uniform disclosure formats and…
Despite financial institutions in the UK and many other jurisdictions being required to have in place sophisticated bribery and corruption (ABC) systems and controls, there has been a recent increase in the number of major ABC enforcement actions involving financial institutions, as well as a significant uptick in civil disputes alleging bribery.
Looking ahead, as…
On 24 June 2022, the Dutch Central Bank (De Nederlandsche Bank, DNB) published the Amendment Regulation specific provisions CRD and CRR 2019 (Wijzigingsregeling Regeling specifieke bepalingen CRD en CRR 2019, the Amendment Regulation) for public consultation.
The Fourth Capital Requirements Directive (CRD4) and the Capital Requirements Regulation…
On 5 July 2022, the FCA published Finalised Guidance 22/4 ‘FCA’s approach to compromises for regulated firms’ (FG22/4).
In FG22/4, the FCA clarifies how it approaches compromises in line with its statutory objectives to protect consumers and the integrity of markets. The FCA has issued FG22/4 as it is seeing an increase in the number…
On 5 July 2022, the Bank of England (BoE) published its Financial Policy Committee’s (FPC) latest Financial Stability Report.
The Financial Stability Report sets out the FPC’s view of the outlook for UK financial stability, including its assessment of the resilience of the UK financial system and the main risks to UK financial stability,…
On 5 July 2022, the European Securities and Markets Authority (ESMA) published the results of its fourth stress test exercise of central counterparties (CCPs).
The results confirm the overall resilience of EU CCPs, as well as third-country tier 2 CCPs, to credit, concentration and operational risks under the tested scenarios and implemented framework. However, the…
On 5 July 2022, the FCA published Consultation Paper 22/12 ‘Improving equity secondary markets’ (CP22/12).
The proposals in CP22/12 are part of the review of the UK wholesale financial markets that the FCA has been conducting with HM Treasury. The FCA has issued consultation proposals as these concern parts of the UK wholesale financial markets…
Anti-money laundering and the prevention of financial crime continues to be a key focus for the FCA, which reiterated in its most recent Business Plan its commitment to continue to use its enforcement powers to pursue those committing financial crime and their enablers. According to the notice published on 23 June 2022, the FCA has…
