Regulation and Compliance

On 21 May 2024, the European Securities and Markets Authority (ESMA) published the keynote address that its Chair, Verena Ross, gave at the Macroprudential policy for investment funds conference.

Key points in the keynote address include:

  • When comparing to the financial landscape 15 years ago, the non-bank financial sector is larger and more

We recently saw an interesting speech from the UK on how artificial intelligence (AI) could impact financial stability.

In France, the regulatory authorities have also been looking at AI.

Here are some snippets.

A while ago, the French Prudential Supervision and Resolution Authority (ACPR) issued an important discussion document on the

Global

  • N/A

EU

  • 12 May 2024 –  On 22 April 2024, there was published in the Official Journal of the European Union (OJ) Directive (EU) 2024/1174 amending the Bank Recovery and Resolution Directive and the Resolution establishing the Single Resolution Mechanism (SRM Regulation) as regards certain aspects of the minimum requirement

In the latest instalment of our Regulation Around the World series, Financial Services partners in over 10 jurisdictions review recent steps that financial services regulatory authorities have taken as regards investment research.

Our global updater is accompanied by further analysis and insights in our Regulation Around the World podcast which is available now to stream

On 29 April 2024, the Committee on Payments and Market Infrastructures (CPMI) published a Report on service level agreements for cross border payment arrangements, with recommendations and key features. The Report has been informed by a stocktake of existing cross-border arrangements and regular exchanges with practitioners.

The Report outlines the complexity of the

Global

  • 3 May 2024 – On 26 February 2024, the Financial Action Task Force announced it was considering revisions to Recommendation 16 (R.16), its Interpretive Note (INR.16) and the related glossary of specific terms, to adapt them to the changes in payment business models and messaging standards. The deadline for comments is 3 May 2024.

On 24 April 2024, the European Parliament adopted the following draft legislative texts. These draft texts still need to be formally adopted by the Council of the EU. Following this they will be published in the Official Journal of the EU (OJ).

The draft texts are:

  • Regulation amending Regulations (EU) 2017/1129, (EU) No

Global

  • N/A

EU

  • 26 April 2024 – On 11 April 2024, the European Securities and Markets Authority published its 2023 report on the quality and use of data. A webinar to present the report in more detail will be held on 26 April from 11:00 -12:00 CET.

UK

  • 26 April 2024 – On 29 February

On 18 April 2024, the European Parliament issued a press release stating that the Economic and Monetary Affairs Committee had adopted a report on the proposed Regulation establishing the European Deposit Insurance Scheme (EDIS). MEPs approved the report with 26 votes to 18 and 3 abstentions. The file will be followed up by

On 18 April 2024, the European Parliament issued a press release stating that the Economic and Monetary Affairs Committee had adopted a report on the proposed Regulation on a framework for financial data access (FIDA). MEPs approved the report with 43 votes to 1 and 5 abstentions. The file will be followed up