On 29 February 2024, the Financial Conduct Authority (FCA) published its final report on the Wholesale Data Market Study (MS23/1.5), which was launched in March 2023 to investigate persistent user concerns about how well wholesale data markets are working. The FCA highlights in its report the important role that wholesale data plays in wholesale financial … Continue Reading
On 29 February 2024, there was published a Commission Staff working document which provides an overview of the progress achieved to date on the main policy initiatives and technical workstreams contributing to the implementation of the December 2021 Communication ‘Strategy on supervisory data in EU financial services’. Background In its December 2021 Communication, Strategy on … Continue Reading
On 29 February 2024, the Financial Services and Markets Act 2023 (Commencement No. 5) Regulations 2024 were made and published on legislation.gov.uk. This statutory instrument (SI) contains the fifth set of commencement regulations made under the Financial Services and Markets Act 2023 (FSMA 2023). The explanatory note to the SI provides further information on those … Continue Reading
On 28 February 2024, the Quoted Companies Alliance (QCA) published its response to the FCA Consultation Paper CP23/31 on the Primary Markets Effectiveness Review. The response overall welcomes the FCA’s proposals for widening the sponsor competency requirements in the new listing regime. However, it flags that the proposals would benefit from being more extensive so … Continue Reading
On 27 February 2024, the Financial Stability Board (FSB) published a Peer Review Report on the Thematic Review on Money Market Fund (MMF) Reforms. The peer review takes stock of the measures adopted or planned by FSB member jurisdictions in response to the 2021 FSB report Policy Proposals to Enhance MMF Resilience. Background MMFs are … Continue Reading
On 20 February 2024, the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2024 (the Order) was published, along with an explanatory memorandum. The Order amends the regulatory framework, to make operating a pension dashboard service which connects to the Money and Pensions Service (MaPS) dashboards digital architecture a regulated activity. Such dashboards … Continue Reading
On 26 February 2024, the Chair of the Financial Stability Board (FSB), Klaas Knot, wrote a letter to the G20 Finance Ministers and Central Bank Governors. The letter was submitted ahead of the G20’s meeting on 28-29 February and highlights key issues and the current challenges to financial stability. The letter outlines a workplan for … Continue Reading
On 26 February 2024, a draft statutory instrument (SI) – the Financial Services and Markets Act 2023 (Disapplication or Modification of Financial Regulator Rules in Individual Cases) Regulations 2024 – was published on legislation.gov.uk, along with a draft explanatory memorandum. One of the tools introduced by Financial Services Markets Act 2023 (FSMA 2023) is new … Continue Reading
Global Consultations closing for comments: European Union New legislation: Consultations closing for comments: Public hearings: United Kingdom New legislation: Consultations closing for comments:… Continue Reading
On 22 February 2024, the Prudential Regulation Authority (PRA) published Policy Statement PS4/24, which provides feedback to responses to Consultation Paper CP11/23 on its proposed approach to reviewing its rules. PS4/24 also contains the PRA’s final statement on the review of rules, which the PRA is required to publish under section 3RB of the Financial … Continue Reading
On 21 February 2024, Ashley Alder, Chair of the Financial Conduct Authority (FCA), delivered a speech on ‘Open regulators and open markets’. The speech centred around the importance of effective global cooperation in enabling the FCA to manage the considerable risks that accompany extremely large volumes of cross-border financial activity. This includes activity between the … Continue Reading
On 20 February 2024, the Council of the EU issued a press release stating that it has adopted the proposed Directive amending MiFID II and the proposed Regulation amending MiFIR as regards enhancing data transparency, removing obstacles to the emergence of consolidated tapes, optimising the trading obligations and prohibiting receiving payment for order flow. Consolidated … Continue Reading
In our EMEA regulatory insights series colleagues from our EMEA offices provide an update on some of the key regulatory issues they are seeing in their local market. In this latest episode Michael Born from our Frankfurt office discusses recent German regulatory developments including the Financial Market Digitisation Act, the Credit Secondary Market Promotion Act, … Continue Reading
On 15 February 2024, the Financial Conduct Authority (FCA) requested information from several financial services firms concerning their delivery of ongoing services, for which their clients continue to be charged after advice has been given. The survey asks whether firms have assessed their ongoing services in light of the introduction of the Consumer Duty, and … Continue Reading
On 15 February 2024, the Economic Secretary to the Treasury Bim Afolami appointed Bryan Zhang to the board of the Financial Conduct Authority (FCA). Mr Zhang, who is a Co-Founder and the Executive Director of the Cambridge Centre for Alternative Finance at the Cambridge Judge Business School, will take up a role as Non-Executive Director … Continue Reading
On 14 February 2024, the Financial Conduct Authority (FCA) published a press release outlining its progress in stopping misleading advertisements and promotions. The press release was published in conjunction with its financial promotions quarterly data for Q4 2023 and its financial promotions data for all of 2023. The data reveals that during 2023, over 10,000 … Continue Reading
On 13 February 2024, the European Securities and Markets Authority (ESMA) issued a public statement concerning Regulatory Technical Standard (RTS) 28 under MiFID II. The public statement follows an earlier public statement that ESMA issued on 14 December 2022 on the deprioritisation of supervisory actions on the obligation to publish RTS 27 reports after 28 … Continue Reading
On 8 February 2024, the Financial Conduct Authority (FCA) published an update on its progress in tackling financial crime, which identifies four areas of focus for the coming year. The paper firstly summarises the FCA’s impact in the year 2022-2023, on fraud, money laundering and sanctions, as well as its coordination with firms. As regards … Continue Reading
On 8 February 2024, there was published in the Official Journal of the European Union Decision (EU) 2024/461 of the European Central Bank (ECB) of 29 January 2024, on the reporting by Member State national competent authorities (NCAs) on remuneration, gender pay gap, approved higher ratios and high earners for the purposes of benchmarking. The … Continue Reading
On 6 February 2024, the European Securities and Markets Authority (ESMA) issued a warning for people posting investment recommendations on social media. The warning is made by ESMA and Member State competent authorities who note that social media is playing a key role when used to disseminate, share and discuss information about financial markets and … Continue Reading
On 6 February 2024, the Financial Conduct Authority (FCA) published a document outlining its approach to analysing the costs and benefits of its policies. The document explains that identifying the cost of an intervention, who will pay and who will benefit (and how by how much) provides an empirical weighting that enables it to assess … Continue Reading
On 2 February 2024, the European Securities and Markets Authority updated its Q&As on the following topics: This follows ESMA’s objective of ensuring consistent application of the EU Single Rulebook for financial services.… Continue Reading
On 2 February 2024, the Council of the EU published the text of the proposed: The European Parliament adopted the proposed Regulation and Directive on 16 January 2024. The new provisions are intended to reduce information asymmetries between market participants and improve orderly trading in commodity derivatives concerning energy and food. To protect investors from … Continue Reading
In our latest Regulation Tomorrow Plus podcast, colleagues from our EMEA offices provide an update on some of the key regulatory issues they are seeing in their local market. In this latest episode Hannah Meakin and Matthew Gregory from our London office discuss recent UK regulatory developments including the UK’s proposed new retail disclosure regime, … Continue Reading
