Tracks financial services regulatory developments and provides insight and commentary
On 25 March 2022, the FCA published Consultation Paper 22/5 ‘Proposed changes to allow companies to use a more up to date electronic format for their annual financial reports’ (CP22/5).
The proposals in CP22/5 are relevant to issuers who follow Disclosure, Guidance and Transparency Rules (DTR) 4.1.
Under current rules, issuers who are…
On 25 March 2022, the Competition and Markets Authority (CMA) published its recommendations for the future oversight and governance of Open Banking. The CMA’s recommendations will be taken into consideration in the design of a future entity to succeed the Open Banking Implementation Entity (OBIE). The future entity would build on the significant progress made…
On 25 March 2022, the European Securities and Markets Authority (ESMA) announced that it had amended the recognition decisions and tiering determination decisions in respect of the three recognised UK central counterparties (CCPs) – ICE Clear Europe Ltd, LCH Ltd and LME Clear Ltd – that were adopted by ESMA on 25 September 2020, to…
On 25 March 2022, the European Supervisory Authorities (ESAs) updated their joint supervisory statement on the application of the Sustainable Finance Disclosure Regulation (SFDR). The updated statement includes a new timeline, expectations about the explicit quantification of the product disclosures under Articles 5 and 6 of the Taxonomy Regulation, and the use of estimates. The…
On 25 March 2022, the European Securities and Markets Authority (ESMA) announced a series of updates in relation to the recognition of central counterparties (CCPs) established in third countries under the European Markets Infrastructure Regulation (EMIR). The updates include the review of recognitions of third country CCPs (TC–CCPs) that were already previously recognised,…
On 25 March 2022, the PRA published Policy Statement 3/22 ‘Financial Services Compensation Scheme – Management Expenses Levy Limit 2022/23’ (PS3/22).
In PS3/22 the PRA provides feedback to the responses to Consultation Paper 1/22 ‘Financial Services Compensation Scheme – Management Expenses Levy Limit 2022/23’ (CP1/22). It also contains the final rules…
On 24 March 2022, the UK Government announced that it was starting negotiations on a new Free Trade Agreement (FTA) with Canada. The UK Government states that the new FTA will build on the benefits of the UK-Canada Trade Continuity Agreement and will go further in areas such as innovation, digital, data and the environment.
On 25 March 2022, the FCA published Handbook Notice 97.
This Handbook Notice describes the following instruments that the FCA board approved on 24 March:
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On 24 March 2022, there was published a letter from the European Banking Authority (EBA) to John Berrigan (Director General, Directorate-General for Financial Stability, Financial Services and Capital Markets Union) and others regarding the European Commission’s anti-money laundering / countering the financing of terrorism (AML/CFT) package and issues related to supervisory cooperation and…
On 24 March 2022, the European Central Bank (ECB) published an opinion on a proposal for a Regulation amending the Capital Requirements Regulation (CRR) as regards requirements for credit risk, credit valuation adjustment risk, operational risk, market risk and the output floor. The ECB has published this opinion following requests from the European Parliament and…
