Global

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EU

UK

  • 30 September 2024 – On 26 July 2024, the Financial Conduct Authority (FCA) published several policy papers designed to strengthen the UK’s capital markets. One of these policy papers was Consultation Paper 24/14: Consultation on the derivatives trading obligation and post-trade risk reduction services (CP24/14). The deadline for comments on CP24/14 is 30 September 2024.
  • 30 September 2024 – On 22 August 2024, the FCA updated its webpage on the Overseas Funds Regime (OFR). The updated webpage confirms that the OFR gateway will be opened to new schemes (not currently in the Temporary Marketing Permissions Regime (TMPR)) on 30 September 2024, while landing slots for schemes in the TMPR will start in October 2024. For schemes in the TMPR, landing slots will start in October 2024 and will be available for operators of stand-alone EEA UCITS. After that, the FCA intends to issue landing slots to operators of umbrella UCITS by alphabetical order of the fund operator’s name. The sequence of landing slots is then staggered monthly to help with operational efficiency. The table of OFR landing slots on the webpage has been amended to reflect these dates.
  • 30 September 2024 – On 24 February 2023, the FCA and Bank of England (BoE) jointly published Policy Statement 23/2 confirming changes to the derivatives reporting framework under UK EMIR. The majority of the updated requirements are applicable from 30 September 2024, with a transition period for some aspects. On 12 July 2024, the BoE and the FCA published an updated set of UK EMIR reporting Q&As.
  • 1 October 2024 – On 9 September 2024, the FCA published a new webpage stating that it was offering firms temporary flexibility to comply with the ‘naming and marketing’ rules under the Sustainability Disclosure Requirements (SDR). The FCA is offering limited temporary flexibility until 5pm on 2 April 2025 for firms to comply with the ‘naming and marketing’ rules in relation to a sustainability product which is a UK authorised investment fund in exceptional circumstances where the firm has submitted a completed application for approval of amended disclosures in line with ESG 5.3.2R for that fund by 5pm on 1 October 2024 and is currently using one or more of the terms ‘sustainable’, ‘sustainability’ or ‘impact’ (or a variation of those terms) in the name of that fund and is intending either to use a label, or to change the name of that fund.
  • 4 October 2024 – On 9 September 2024, the FCA published a Guidance Consultation, GC24/5, setting out proposed changes to its Payment Services and Electronic Money Approach Document to support new legislation to tackle authorised push payment fraud. The deadline for responses to GC24/5 is 4 October 2024. The FCA plans to update the draft guidance following that date to reflect feedback from stakeholders, and to publish a revised Approach Document for payment services by the end of 2024.
  • 4 October 2024 – On 18 July 2024, the BoE published two consultation papers on central counterparty (CCP) resolution – one related to the BoE’s approach to determining commercially reasonable payments for contracts subject to a statutory tear up in CCP resolution, and the other concerned the BoE’s power to direct a CCP to address impediments to resolvability. The deadline for comments on the first consultation paper is 4 October 2024, and the BoE says responses to the consultation will inform its thinking ahead of publication of its statement of policy later in 2024.