On 26 September 2023, the European Commission published Commission Implementing Regulation (EU) of 26 September 2023 amending the implementing technical standards laid down in Commission Implementing Regulation (EU) No 945/2014 as regards an update of the list of relevant appropriately diversified indices in accordance with the Capital Requirements Regulation. The Commission has also published an … Continue Reading
Now that the Consumer Duty is in force for all on-sale products and services, firms should now be gathering evidence of the outcomes being received by retail customers, and looking ahead to the first Board certification exercise next summer. In order to aid firms in meeting these objectives and to help firms have confidence that … Continue Reading
On 25 September 2023, the FCA published a speech by Sarah Pritchard, its Executive Director for Markets and Executive Director for International, delivered at the City and Financial Global: Future of UK Capital Markets Regulation event. In her speech, Ms Pritchard discusses the role of regulation in encouraging investment in the City. The speech includes … Continue Reading
In this Regulation Tomorrow Plus podcast, Jonathan Herbst, Hannah Meakin and Anita Edwards discuss the obligations that firms have under UK REMIT to record and retain communications relating to their trading in wholesale energy products, in light of a large fine issued to a firm last month by Ofgem, the energy regulator, for breaches of … Continue Reading
On 20 September 2023, the European Parliament Economic and Monetary Affairs (ECON) Committee held its first exchange of views on the European Commission’s (Commission) crisis management and deposit insurance (CMDI) legislative package. The legislative package contains amending proposals to the EU regime for the recovery and resolution of credit institutions. The legislative package consists of: … Continue Reading
On 9 December 2022, the Chancellor of the Exchequer, Jeremy Hunt MP, unveiled at an industry roundtable in Edinburgh over 30 regulatory reforms. These “Edinburgh Reforms” followed on from the 2022 Chancellor’s Autumn Statement in which he highlighted financial services as one of the UK’s five key growth sectors. The reforms themselves are intended to … Continue Reading
The recent Patisserie Valerie charges against four individuals provide a preview of the type of scenario in which companies could be investigated under the new failure to prevent fraud offence as well as the expanded test for corporate criminal liability. In this blog, we outline the charges brought by the SFO, provide an update on … Continue Reading
In our EMEA regulatory insights series colleagues from our EMEA offices provide an update on the key regulatory issues they are seeing in their local market. In this first episode Floortje Nagelkerke and Nikolai de Koning from our Amsterdam office discuss what they are seeing in the Dutch market touching on the local regulator’s work … Continue Reading
On 21 September 2023, the Council of the European Union published the text of a proposed Directive of the European Parliament and of the Council on credit agreements for consumers and repealing Directive 2008/48/EC. The proposed Directive will replace the Consumer Credit Directive. The European Parliament adopted the proposed Directive on 12 September 2023 at … Continue Reading
On 20 September 2023, the FCA published a Dear CEO letter, in which it outlines its priorities for the funeral plans sector for 2023-25. The letter also updates firms on the specific risks of harm that the FCA is concerned about and what it expects firms to do about them. The FCA’s sector specific priorities … Continue Reading
On 19 September 2023, the FCA published a new webpage on landing slots for funds in the temporary marketing permissions regime (TMPR). The webpage explains that, in the coming months, the FCA will be contacting fund operators with respect to landing slots for exiting the TMPR. It also notes that the process of exiting the … Continue Reading
On 19 September 2023, the European Central Bank (ECB) published a speech by Frank Elderson (Member of the ECB Executive Board and Vice-Chair of the ECB Supervisory Board) entitled Treading softly yet boldly: how culture drives risk in banks and what supervisors can do about it. The speech discusses what the ECB assesses in terms … Continue Reading
On 14 September 2023, HM Treasury published Statutory Instrument 2023 No.999, the Central Counterparties (Transitional Provision) (Extension and Amendment) Regulations 2023 (the SI). The SI extends transitional provisions provided for in the onshored Capital Requirements Regulation (CRR) and the Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 (the CCP Regulations) as extended … Continue Reading
On 14 September 2023, the International Organization of Securities Commissions (IOSCO) published a consultation report on leveraged loans (LLs) and collateralised loan obligations (CLO) good practices for consideration. Broadly speaking, LLs are loans to highly indebted, non-investment grade, non-financial corporate issuers and are commonly used to fund mergers and acquisitions. They are typically structured as … Continue Reading
On 14 September 2023, the FCA published a speech, delivered by its Chair, Ashley Alder, at the Eurofi Conference. The speech focuses on international collaboration and the modernisation of financial services regulation in the UK. Mr Alder’s speech includes the following remarks:… Continue Reading
On 14 September 2023, HM Treasury published statutory instrument 2023 No.994, the Greenhouse Gas Emissions Trading Scheme Auctioning (Amendment) Regulations 2023 (the SI). The Greenhouse Gas Emissions Trading Scheme Auctioning Regulations 2021 (the Auctioning Regulations) provide for the auctioning of allowances used in the UK Emissions Trading Scheme, which was established by the Greenhouse Gas … Continue Reading
On 12 September 2023, the European Parliament announced that MEPs have adopted a proposed new directive on consumer credits. The new directive on consumer credits, already agreed between Parliament and Council negotiators in December 2022, aims to make the credit markets function smoothly while ensuring a high level of consumer protection. The legislation will cover … Continue Reading
On 12 September 2023, the Financial Markets Standards Board (FMSB) published a compendium: Precious metals market evolution. This compendium consolidates insights from three distinct spotlight reviews considering the potential evolution of precious metals markets. It outlines opportunities for enhancement and offers suggestions for heightening market transparency and efficiency. The compendium looks at key aspects of … Continue Reading
On 12 September 2023, the FCA published a new webpage: Applying to approve financial promotions for unauthorised persons, setting out how to apply to the FCA for ‘approver permission’ which will be required under new rules coming into force next year. The webpage is aimed at firms that currently approve, or intend to approve, financial … Continue Reading
On 12 September 2023, the FCA published policy statement PS23/13: Introducing a gateway for firms who approve financial promotions. PS23/13 sets out the FCA’s final policy position and near final rules and guidance on the gateway, which was introduced by the government through the Financial Services and Markets Act 2023. Once the new gateway comes … Continue Reading
On 11 September 2023, there was published in the Official Journal of the European Union (OJ) Commission Implementing Regulation (EU) 2023/1718 of 8 September 2023 amending the implementing technical standards laid down in Implementing Regulation (EU) 2015/2197 with regard to closely correlated currencies in accordance with the Capital Requirements Regulation. The Implementing Regulation inserts a … Continue Reading
On 29 August 2023, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) held a debate on the European Commission’s (Commission) proposal amending the European Market Infrastructure Regulation (Regulation (EU) 648/2012) (EMIR) as part of the clearing review. The clearing review proposals were adopted and published by the Commission in December 2022 with the … Continue Reading
On 7 September 2023 members of the European Parliament’s Industry, Research and Energy Committee (ITRE) adopted a final report on the European Commission’s proposal to amend the Wholesale Energy Market Integrity and Transparency (REMIT) Regulation. By way of background, the package of legislative measures published by the European Commission (Commission) in March 2023 was designed … Continue Reading
On 6 September 2023, the European Commission published Commission Delegated Regulation (EU) of 6 September 2023 supplementing Regulation (EU) No 575/2013 of the European Parliament and of Council with regard to regulatory technical standards (RTS) specifying the criteria for the identification of shadow banking entities referred to in Article 394(2) of Regulation (EU) No 575/2013. … Continue Reading
