On 15 December 2023, the FCA published Handbook Notice 114. This Handbook Notice describes the changes to the FCA Handbook and other material made by the FCA Board under its legislative and other statutory powers on 23 November 2023, 4 December 2023, and 14 December 2023. On:… Continue Reading
On 8 December 2023, the PRA updated its webpage regarding waivers and modifications of rules. The PRA has added a new section under the heading “Available waivers and modifications by consent” which concerns modifications by consent relating to the small domestic deposit taker (SDDT) regime. There are two modifications by consent offered from 1 January … Continue Reading
On 5 December 2023, the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) jointly published a Policy Statement (PS) on Remuneration: Enhancing proportionality for small firms (PRA PS16/23and FCA PS23/17). In the PS, the PRA and the FCA provide feedback to responses to the PRA’s Consultation Paper CP5/23 – Remuneration: Enhancing proportionality for small firms and … Continue Reading
On 29 November 2023, the FCA published Consultation Paper CP23/24 on Capital deduction for redress: personal investment firms (PIFs). The consultation sets out the FCA’s proposals to require PIFs to be more prudent and set aside capital for potential redress liabilities at an early stage. The changes are being proposed due to the FCA’s concerns … Continue Reading
On 21 November 2023, the FCA published Consultation Paper CP23/22: Regulatory fees and levies: policy proposals for 2024/25 (CP23/22). In CP23/22, the FCA sets out its proposed policy changes to the way it will raise FCA fees from 2024/25, as well as some adjustments to the rules affecting Financial Ombudsman Service (FOS) and Financial Services … Continue Reading
On 3 November 2023, the FCA published Financial Promotions quarterly data 2023 Q3. This update provides a summary of data generated between 1 July 2023 and 30 September 2023 from the FCA’s actions against firms breaching financial promotion rules, and referrals and investigations into unregulated activity. Key messages from the data include:… Continue Reading
On 27 October 2023, the FCA published Handbook Notice No 113. This Handbook Notice describes the changes to the FCA Handbook and other material made by the FCA Board under its legislative and other statutory powers. On 12 September 2023, the FCA Board made changes to the FCA Handbook, as set out in the instrument … Continue Reading
On 16 October, the FCA published a speech by its Chief Executive, Nikhil Rathi, delivered at the City Dinner at Mansion House, entitled ‘Collaborate to compete: why we must all embrace a growth mindset’. In his speech, Mr Rathi flagged that in order to achieve the FCA’s new secondary objective of supporting international competitiveness and … Continue Reading
On 11 October 2023, the Prudential Regulation Authority (PRA) published Occasional Consultation Paper CP22/23, which sets out the PRA’s proposals to make minor amendments to PRA rules. In CP22/23, the PRA proposes changes which would amend the: The deadline for feedback to CP22/23 is 13 November 2023. The PRA proposes that the implementation date for … Continue Reading
On 29 September 2023, the FCA published Handbook Notice No 112. This Handbook Notice describes the changes to the FCA Handbook and other material made by the FCA Board under its legislative and other statutory powers on 28 September 2023. On 28 September 2023, the FCA Board made changes to the FCA Handbook, as set … Continue Reading
On 19 September 2023, the Bank of England (BoE) published a speech by Victoria Saporta, Executive Director of Prudential Policy, which was delivered at the conference on the role of financial regulation in international competitiveness and economic growth held at the BoE. In her speech, Ms Saporta highlights the following: Ms Saporta concludes by noting … Continue Reading
On 1 September 2023, the FCA published Consultation Paper 23/18 ‘Quarterly Consultation No. 41’ (CP23/18). Among other things in CP23/18 the FCA is proposing to amend Supervision Manual (SUP) 12.4.10AR to clarify that it is the principal firm that must obtain and maintain continuous professional indemnity insurance (PII) cover for the activities for which it … Continue Reading
On 29 August 2023, the FCA updated its statement on the use of the temporary transitional power to modify the UK’s derivatives trading obligation (DTO). The updated statement announces that the FCA has varied its transitional direction for the DTO under the UK Markets in Financial Instruments Regulation (UK MiFIR). The FCA explains that, with … Continue Reading
On 29 August 2023, the FCA updated its statement on the share trading obligation (STO) to announce that it has revoked its transitional direction for the STO under the UK Markets in Financial Instruments Regulation (UK MiFIR). The FCA explains that, with effect from 29 August 2023, the STO (which is set out in Article … Continue Reading
On 29 August 2023, the FCA updated its statements of policy on the operation of the MiFID transparency regime. The section on the double volume cap (DVC) has now been deleted from the document. This reflects the removal by the Financial Services and Markets Act 2023 of Article 5 of the UK Markets in Financial … Continue Reading
On 28 July 2023, the FCA published Handbook Notice No 111. The Handbook Notice describes the changes to the FCA Handbook and other material made by the FCA Board under its legislative and other statutory powers. On 29 June 2023, the Board of the FCA made the relevant changes to the Handbook as set out … Continue Reading
On 27 July 2023, the Prudential Regulation Authority (PRA) published a consultation paper, CP15/23: Securitisation: General requirements. The Securitisation Regulation is retained EU legislation that aims to address behavioural risks in securitisation markets. Following the enactment of the Financial Services and Markets Act 2023, HM Treasury plans that most firm-facing provisions of the Securitisation Regulation … Continue Reading
On 27 July 2023, the FCA updated its webpage on Securitisation in relation to an upcoming consultation. The webpage has been updated to include the following text: ‘On 7 August 2023, we’ll publish a consultation paper (CP) setting out our proposed rules to replace the firm-facing provisions from the UK Securitisation Regulation (UK SR) which … Continue Reading
On 26 July 2023, the Prudential Regulation Authority (PRA) published Policy Statement PS11/23 – Credit Unions: Changes to the regulatory regime (PS11/23). PS11/23 provides feedback on responses to the PRA’s Consultation Paper on the same topic (CP7/22) and also contains its final policy. In CP7/22, the PRA proposed to: Respondents generally welcomed the PRA’s proposals, … Continue Reading
On 14 July 2023, the Financial Conduct Authority (FCA) published a statement regarding its secondary international competitiveness and growth objective. The statement sets out the FCA’s view of how its work to support ‘key drivers’ of productivity will support delivery of the secondary objective and explains how the FCA plans to report on its progress … Continue Reading
On 14 July 2023, the FCA published for comment its proposed rule review framework (Framework). The Framework explains how the FCA plans to monitor and review how its rules are working in practice. This is in line with the Financial Services and Markets Act 2000 (as amended by the Financial Services and Markets Act 2023) … Continue Reading