Tag: Regulation and compliance

Landmark US-UK Data Access Agreement Enters into Force

On 3 October 2022, the Data Access Agreement (DAA) between the UK and US (see our earlier blog here) came into force.  In this blog post we look at this landmark agreement and consider its impact. What is the US-UK Data Access Agreement? Under the new agreement, on receipt of a qualifying lawful order telecommunication … Continue Reading

FCA launches new web page on raising standards in new firms and financial promotions

On 22 November 2022, the FCA launched a new webpage on raising standards in new firms and financial promotions. The FCA’s ‘Early and High Growth Oversight’ provides enhanced supervision for newly authorised firms. It provides enhanced supervision for firms as they get used to their regulatory status and supports them to understand their obligations so … Continue Reading

ESMA annual report – 2022 on the application of waivers and

On 21 November 2022, the European Securities and Markets Authority (ESMA) published its annual report 2022 on the application of waivers and deferrals. Articles 4(4) and 992) of MiFIR require ESMA to monitor the application of pre-trade transparency waivers and to submit an annual report to the European Commission on how equity and non-equity waivers … Continue Reading

Published in the OJ – Decisions amending annexes to the EEA Agreement

On 17 November 2022, there was published in the Official Journal of the European Union (OJ), two decisions amending the annexes to the EEA Agreement. Decision of the EEA Joint Committee No 187/2019 of 10 July 2019 amending Annex IX (Financial services) to the EEA Agreement. This Decision inserts into the EEA Agreement the following: … Continue Reading

FSB publishes 2022 annual report on promoting global financial stability

On 16 November 2022, the Financial Stability Board (FSB) published its latest annual report on promoting financial stability. The report, delivered to the G20 leaders ahead of their Bali Summit, describes the FSB’s work to promote global financial stability. Among other things the report makes the following findings: The outlook for financial stability is particularly … Continue Reading

FSB final report ‘Financial policies in the wake of COVID-19: supporting equitable recovery and addressing effects from scarring in the financial sector’

On 14 November 2022, the Financial Stability Board (FSB) published ‘Financial policies in the wake of COVID-19: supporting equitable recovery and addressing effects from scarring in the financial sector’. The final report considers exit strategies through the lens of financial stability and the capacity of the financial system to finance strong and equitable growth. Incorporating … Continue Reading

Financial Services Academy: Focusing on financial promotions | Global law firm | Norton Rose Fulbright

On 28 October 2022, the Bank of Italy (“BoI”) issued a communication (“Communication”) on Buy Now Pay Later schemes (“BNPL”) to draw the attention of consumers on the prevalent forms of BNPL on the Italian market, the related potential risks and the means of protections afforded to customers by banking transparency regulations. Currently, Italy has … Continue Reading

New briefing note – Spotlight on the Appointed Representatives regime: what you should be doing now

We have published a new briefing note, Spotlight on the Appointed Representatives regime: what you should be doing now. This briefing note follows our first briefing note on the revised Appointed Representatives regime. In this briefing note, we have focussed on five key areas including where the FCA has revised its original consultation proposals. We … Continue Reading

FSB chair writes to G20 leaders ahead of the Bali Summit

On 11 November 2022, the Financial Stability Board (FSB) published a letter from its Chair, Klaas Knot, to G20 leaders ahead of their Summit in Bali on 15-16 November. The letter sets forth that developments since the Rome Summit have been a stark reminder that global financial stability should not be taken for granted. So … Continue Reading

Monthly wrap up: France

In our latest monthly wrap up we highlight some of the key regulatory papers published by the Autorité Des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) during the period 20 September to 2 November 2022. Marie-Anne Barbat-Layani appointed Chair of the AMF By decree of the President of the … Continue Reading

FCA financial promotions quarterly data Q3 2022

On 4 November 2022, the FCA published financial promotions quarterly data for Q3 2022. The data highlights that the FCA had intervened to amend or withdraw 4,151 financial promotions between July and September, the highest since it started publishing the data. Retail lending, investments and banking are the sectors with the highest rate of amends … Continue Reading

ESMA publishes guidelines on the scope of the CRA Regulation

On 31 October 2022, the European Securities and Markets Authority (ESMA) published guidelines on the scope of the Credit Rating Agency (CRA) Regulation. The purpose of the guidelines is to clarify the scope of the CRA Regulation, in particular the provisions concerning: Obligation to register. Credit rating activities and exemptions from registrations. Private credit ratings. … Continue Reading

Growth and competitiveness – speech by Sam Woods

On 27 October 2022, the Bank of England (the Bank) published a speech by Sam Woods, Deputy Governor for Prudential Regulation and Chief Executive Officer of the Prudential Regulation Authority, on growth and competitiveness, given at Mansion House. In his speech, Mr Woods discusses how prudential regulation can contribute to the competitiveness of the United … Continue Reading

Commission Delegated Regulation (EU) 2022/2058 supplementing Regulation (EU) No 575/2013 with regard to regulatory technical standards on liquidity horizons for the alternative internal model approach

On 26 October 2022, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2022/2058 of 28 February 2022 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council  with regard to regulatory technical standards on liquidity horizons for the alternative internal model approach, as referred … Continue Reading

Commission Delegated Regulation (EU) 2022/2059 supplementing Regulation (EU) No 575/2013 with regard to regulatory technical standards specifying the technical details of back-testing and profit and loss attribution requirements under Articles 325bf and 325bg of Regulation (EU) No 575/2013

On 26 October 2022, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2022/2059 of 14 June 2022 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards specifying the technical details of back-testing and profit and loss attribution … Continue Reading

Commission Delegated Regulation (EU) 2022/2060 supplementing Regulation (EU) No 575/2013 with regard to regulatory technical standards specifying the criteria for assessing the modellability of risk factors under the internal model approach and specifying the frequency of that assessment under Article 325be(3) of that Regulation

On 26 October 2022, there was published in the Official Journal of the European Union (OJ), Commission Delegated Regulation (EU) 2022/2060 of 14 June 2022 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards specifying the criteria for assessing the modellability of risk factors under … Continue Reading

FCA letter to the Chairs of the Industry Regulators and Economic Affairs Committees: Liability-driven investment funds

On 25 October 2022, the FCA published a letter addressed to the Chairs of the Industry and Regulators and Economic Affairs Committees regarding liability-driven investment funds (LDI funds), responding to a letter dated 14 October 2022 which had asked the FCA for more information on its work in this area. The FCA letter acknowledges that … Continue Reading

FCA Dear CEO letter – Thematic findings on the effectiveness of governance in credit rating agencies

On 24 October 2022, the FCA published a Dear CEO letter addressing thematic findings on the effectiveness of governance in credit rating agencies (CRAs). The letter has been sent out to all UK registered CRAs, with the FCA stating that it expects these firms to consider the risks outlined and act where necessary. The letter … Continue Reading

Regulation (EU) 2022/3036 published, amending Regulation (EU) No 575/2013 and Directive 2014/59/EU as regards the prudential treatment of global systemically important institutions with a multiple-point-of-entry resolution strategy and methods for the indirect subscription of instruments eligible for meeting the minimum requirement for own funds and eligible liabilities

On 25 October 2022, Regulation (EU) 2022/3036 of the European Parliament and of the Council of 19 October 2022 was published in the Official Journal of the European Union, amending Regulation (EU) No 575/2013 and Directive 2014/59/EU as regards the prudential treatment of global systemically important institutions with a multiple-point-of-entry resolution strategy and methods for … Continue Reading

EBA launches call for interest for two expert groups and a call for input to advise on its work under the recast Funds Transfers Regulation

On 21 October 2022, The European Banking Authority (EBA) issued a call for expression of interest to join two Technical Expert Groups – on crypto assets service providers and anti-money laundering and countering the financing of terrorism, and on restrictive measures regimes – and a call for input on the Joint Guidelines to prevent the … Continue Reading

Consumer Duty: Board checklist for implementation plan approval

In order for the FCA to be confident that firms will be in a position to comply with the new Consumer Duty from 31 July 2023 (for existing products), the FCA has outlined two interim deadlines that it expects firms to meet. These include a requirement for manufacturers to be able to share information on … Continue Reading

European Commission adopts work programme for 2023

The European Commission has published its work programme for 2023. The work programme contains the key legislative priorities for the upcoming year and provides an overview and rough timeline of when the Commission is expected to publish each initiative. With regard to financial services legislation, the following legislative initiatives are envisaged: Q1 2023 Retail investment … Continue Reading

Transforming data collection communication to firms

On 13 October 2022, the Bank of England (the Bank) and the FCA jointly provided an update on the joint transformation programme which seeks to transform data collection from the UK financial sector. The regulators explain that they are starting phase two of the joint transformation programme which involves new use cases and also taking … Continue Reading

Regulation Around the World – Operational resilience

In the latest instalment of our Regulation Around the World series, financial services partners in 15 jurisdictions provide an update on regulatory developments concerning operational resilience. Our global updater is accompanied by further analysis and insights in our Regulation Around the World podcast which is available now to stream and download. The podcast features speakers … Continue Reading
LexBlog