On 13 May 2022, HM Treasury issued a consultation on a new form of statutory debt solution, the statutory debt repayment plan (SDRP), that will allow for most of an individual’s debts to be combined into a single plan and repaid over a manageable period, with similar legal protections from creditor action as in breathing … Continue Reading
On 11 May 2022, the European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Among other things the annual report notes: Member State competent authorities (NCAs) made progress in the implementation of the EBA Guidelines on supervisory review and evaluation process (SREP). There needs to be more harmonised practices … Continue Reading
On 9 May 2022, the FMSB announced that it was changing its name from FICC Markets Standards Board to Financial Markets Standards Board.… Continue Reading
On 3 May 2022, the FCA announced that it had made the following senior hires: Mel Gunewardena will take up a Senior Advisor role at the FCA in mid-May. She is currently Chief Market Intelligence Officer at the Commodities and Futures Trading Commission. Graeme Reynolds has been appointed Director of Competition. He is currently one … Continue Reading
To all of our global readers we would like to take this opportunity to wish you all a Happy Easter. We will resume posting material on 26 April although if there are any significant developments we will endeavour to provide an update.… Continue Reading
On 5 April 2022, the Council of the EU adopted conclusions on strategic autonomy of the European economic and financial sector. The Council’s conclusions focus on: Strengthening the international role of the euro. A strong, competitive and resilient European financial sector servicing the real economy, avoiding risks arising from excessive reliance on third-country financial institutions … Continue Reading
On 23 March 2022, the European Commission published a framework laying down practical arrangements to implement EU-Japan cooperation on financial regulation under Annex 8-A to the EU-Japan Economic Partnership Agreement. The framework is between the European Commission’s Directorate-General for Financial Stability, Financial Services and Capital Markets Union and the Financial Services Agency of Japan. It … Continue Reading
Regulators around the world have made clear their view that responsibility for the culture of a bank sits at the top; if senior management creates the right culture, good regulatory practice and procedures will naturally follow. Following the financial crisis, the senior management of banks has come under increasing regulatory scrutiny and, in some jurisdictions, … Continue Reading
