On 18 March 2024, the Financial Stability Board (FSB) published a revised version of its 2016 guidance on arrangements to support operational continuity in resolution. The 2016 guidance assists supervisory and resolution authorities, and financial institutions to evaluate whether financial institutions that are subject to resolution planning requirements have appropriate arrangements to support operational continuity … Continue Reading
On 12 March 2024, the Financial Action Task Force (FATF) published guidance on beneficial ownership and transparency of legal arrangements. The guidance, which is non-binding, aims to assist stakeholders from public and private sectors that regulate, supervise, enforce, form, manage, or administer trusts or similar legal arrangements. It focuses on the Recommendation 25 requirements and … Continue Reading
On 7 March 2024, the Basel Committee on Banking Supervision (Basel Committee) published a Consultative Document setting out proposed amendments to its assessment methodology for global systemically important banks (G-SIBs). The proposed changes are intended to address “window-dressing” behaviour by some banks in the context of the G-SIB framework where regulatory arbitrage behaviour seeks to … Continue Reading
On 29 February 2024, the Basel Committee on Banking Supervision (Basel Committee) announced it had approved revisions to the Core Principles for Effective Banking Supervision. The final standard, which follows an earlier consultation, will be published following the International Conference of Banking Supervisors on 24-25 April 2024. The Basel Committee has also announced that it … Continue Reading
In our 2024 FinTech Outlook, our lawyers from across Europe, the Middle East, Asia and the US share their insights on what to expect across the regulatory landscape in relation to FinTech and cryptoassets in 2024.… 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 26 February 2024, the Financial Action Task Force (FATF) announced it is considering revisions to Recommendation 16 (R.16), its Interpretive Note (INR.16) and the related glossary of specific terms, to adapt them to the changes in payment business models and messaging standards. In the press release, the FATF outlines how R.16 and INR.16 must … Continue Reading
The next issue of our ESG updater which tracks regulatory developments in the ESG space is now available. Should you wish to receive the updater please sign up here. For further updates on regulatory developments in the ESG space please visit our Financial Services Regulatory Developments in ESG hub.… Continue Reading
On 13 February 2024, the Bank for International Settlements’ Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report ‘Streamlining variation margin in centrally cleared markets – examples of effective practices’. In September 2022, the Basel Committee on Banking Supervision, CPMI and IOSCO published a final report … Continue Reading
On 30 January 2024, the Economic Secretary to the Treasury, Bim Afolami, announced in a statement to the House of Commons that HM Treasury (HMT) has reached a decision regarding the equivalence assessment for EEA states under the UK’s Overseas Funds Regime (OFR). The Government legislated in the Financial Services Act 2021 for a new … Continue Reading
On 26 January 2024, the Board of the International Organisation of Securities Commission (IOSCO) published a consultation report on post trade reduction services (PTRRS). In 2015, IOSCO published the Risk Mitigation Standards (the Standards), setting out standards aimed at mitigating risk in the non-centrally cleared over-the-counter (OTC) derivatives markets. At the time the Standards were … Continue Reading
On 18 January 2024, members of Norton Rose Fulbright US LLP hosted a webinar to discuss the sweeping impact of California’s new ESG climate disclosure legislation. The session provides an update on some of the key aspects of California’s recently enacted legislation that requires certain public and private US companies doing business in California to … Continue Reading
On 23 January 2024, the Network for Greening the Financial System (NGFS) published a technical document, NGFS scenarios: Purpose, use cases and guidance on where institutional adaptations are required. The NGFS scenarios were introduced in 2020 and have been refined and updated over four iterations. They have assisted central banks, supervisors, and other financial actors … Continue Reading
On 17 January 2024, the Basel Committee on Banking Supervision (Basel Committee) and the International Organization of Securities Commissions (IOSCO) published a report on streamlining variation margin processes and the responsiveness of initial margin models in non-centrally cleared markets. The report follows the 2022 report reviewing margining practices and covers two areas that were discussed: … Continue Reading
To all of our global readers we would like to take this opportunity to wish you all a Merry Christmas and a Happy New Year. We will resume posting material following the festive period on 9 January 2024 although if there are any significant developments we will endeavour to provide an update.… Continue Reading
On 20 December 2023, the Financial Stability Board issued a report setting out revised policy recommendations to address structural vulnerabilities from asset management activities in relation to liquidity mismatch in open-ended funds. The revised policy recommendations supersede section2 of the FSB’s 2017 policy recommendations to address structural vulnerabilities from asset management activities. The revised recommendations … Continue Reading
On 19 December 2023, the International Organization of Securities Commissions (IOSCO) published a final report with policy recommendations to address market integrity and investor protection issues in decentralised finance (DeFi). The policy recommendations, which are principles-based and outcomes-focused, are addressed to relevant authorities and complement IOSCO’s policy recommendations for crypto and digital assets markets issued … Continue Reading
On 15 December 2023, the International Organization of Securities Commissions (IOSCO) issued a statement on the risk of online harm to retail investors from investment scams and frauds. IOSCO has issued the statement noting that with growing online retail investor participation there has been a rise of ‘bad actors’ using sophisticated and fraudulent tactics to … Continue Reading
Our global funds and financial services and regulation teams have recently created a new publication called Global Asset Management Review which comprises of a series of articles from colleagues around the world designed to help clients and contacts keep up-to-date with key trends in the asset management industry. Click here to view it.… Continue Reading
On 15 December 2023, the Financial Stability Board (FSB) issued a 2023 Resolution Report. The 2023 Resolution Report is the FSB’s twelfth report on the implementation of resolution reforms and takes stock of the progress made by FSB members in implementing resolution reforms and enhancing resolvability across the banking, central counterparty, and insurance sectors. It … Continue Reading
On 14 December 2023, the International Organization of Securities Commissions (IOSCO) issued a consultation report on market outages. Market outages occur when a technical problem or an operational issue causes a disruption of trading output or the orderly trading of a trading venue, leading to the suspension of trading. Market outages can be highly disruptive. … Continue Reading
On 14 December 2023, the Basel Committee on Banking Supervision (Basel Committee) issued a consultative document setting out proposed amendments to its standard on banks’ exposures to cryptoassets. In December 2022, the Basel Committee published its standard on the prudential treatment of banks’ exposures to cryptoassets. The standard is set out in a new chapter … Continue Reading
On 12 December 2023, the Basel Committee on Banking Supervision (Basel Committee) published a consultation on targeted adjustment to its standard on interest rate risk in the banking book (IRRBB). The IRRBB standard requires banks to calculate measures of interest rate risk for their banking book exposures. These measures are based on a specified set … Continue Reading
On 7 December 2023, the Basel Committee on Banking Supervision (Basel Committee) published a press release following the outcome of a meeting held virtually on 5 and 7 December 2023. The headlines from the press release are that the Basel Committee:… Continue Reading