2 min read
Includes developments in relation to: ESG ratings; CSDDD; AI; Big Tech and financial services; anti-greenwashing; SDR; PSR; PSD3; CRD VI; CRR III; CMDI framework; debanking; financial stability; private equity; Open Banking; ex ante contributions to SRF; EMIR 3; SME access to capital; CCP testing; Solvency II; IRRD; environmental and social risks; BSPS redress scheme; motor finance; and AML reforms.
General
- Proposed Regulation on ESG rating activities and CSDDD - European Parliament votes to adopt legislation
- Navigating the UK's digital regulation landscape - FCA publishes speech and launches AI and Digital Hub
- Data asymmetry between Big Tech and financial services firms - FCA publishes feedback statement on impact on competition (FS24/1)
- Anti-greenwashing rule and extension of SDR and labelling regime - FCA publishes final guidance (FG24/3) and launches consultation (CP24/8)
- Approach to AI - Bank of England, PRA and FCA respond to government paper
Beyond Brexit
- Financial Services and Markets Act 2000 (Disapplication or Modification of Financial Regulator Rules in Individual Cases) Regulations 2024 published
Banking and Finance
- PSR and PSD3 - European Parliament adopts proposed Regulation and Directive
- CRD VI and CRR III - European Parliament votes to adopt amending Regulation and Directive
- CMDI framework reforms - European Parliament votes to adopt legislative proposals
- Increase in debanking complaints - Treasury Select Committee publishes correspondence
- Financial stability risks posed by private equity - Bank of England publishes speech
- Wholesale cash distribution market oversight - Bank of England finalises codes of practice
- Private equity-related financing activities - PRA publishes Dear CRO letter and speech on thematic review
- ARs undertaking credit broking - FCA highlights good practice and improvement areas
- Open Banking next phase - JROC publishes proposals for design of future entity
- Commercial variable recurring payments model clauses - UK Finance publishes report
- Dexia v Single Resolution Board, (Case T-411/22) EU:T:2024:216
Securities and Markets
- EMIR 3 - European Parliament votes to adopt amending Regulation and Directive
- SME access to capital - European Parliament votes to adopt legislative proposals
- Outcomes of global CCP fire drill - ESMA publishes report
- 2024 CCP supervisory stress test - Key elements published by Bank of England
- Risk management and electronic trading algorithms - FMSB publishes statement of good practice
Insurance
- Solvency II and IRRD - European Parliament adopts proposed Directives
- Prudential treatment of environmental and social risks - ESRB publishes advice to EIOPA
- Restatement of assimilated law following Solvency II review - PRA consults (CP5/24)
- Regulatory developments for bulk purchase annuities sector - PRA publishes speech
- BSPS consumer redress scheme - FCA publishes main decision letter
- Affordability of motor premium finance - ABI publishes principles
Financial Crime
- AML Regulation, MLD 6 and AMLA Regulation - European Parliament and European Commission vote to adopt legislative package
Enforcement
- FCA proposal to publicise enforcement investigations - Financial Services Regulation Committee criticises CP24/2
- Unauthorised investment management activities - FCA commences criminal proceedings against individual