2 min read
Includes developments in relation to: FCA/PRA secondary objective; Edinburgh Reforms; AI; financial stability; UK CRR; UK EMIR; UK-Switzerland agreement; banking supervision; credit risk management; SME finance; operational resilience; securitisation; CHAPS APP scam reimbursement; motor finance commission complaints; UCITS; overseas funds regime; digitisation in insurance; UK Solvency II; payment fraud; financial sanctions; AML/CTF; FCA enforcement; and financial promotions.
General
- FCA and PRA’s secondary competitiveness and growth objective - House of Lords Financial Services Regulation Committee launches inquiry and call for evidence
- Progress of Edinburgh Reforms - Treasury Select Committee publishes HM Treasury’s response to report
- AI and financial stability - Bank of England publishes speech
- UK CRR, UK EMIR and FSCS eligibility - PRA and FCA publish Occasional Consultation Paper (PRA CP6/24 and FCA CP24/10)
Beyond Brexit
- Mutual recognition in financial services - House of Lords International Agreements Committee publishes report on UK-Switzerland agreement
Banking and Finance
- Core Principles for Banking Supervision - BCBS publishes revised version
- Counterparty credit risk management - BCBS launches consultation on guidelines
- SME finance - Treasury Select Committee publishes report
- Operational resilience of FMIs - Bank of England publishes speech
- UK Securitisation Regulation - PRA and FCA publish policy statements (PRA PS7/24 and FCA PS24/4)
- Consumer credit product sales data reporting - FCA publishes policy statement (PS24/3)
- Generally applicable requirements - PSR publishes statement of policy on review framework
- Extensions and exemptions to specific directions - PSR launches consultation on draft guidance (CP24/6)
- CHAPS APP scam reimbursement - PSR launches consultation (CP24/8)
- Motor finance commission complaints - FOS provides update
Securities and Markets
- UK EMIR reporting requirements - Bank of England and FCA publish first set of Q&As and launch consultation on second set
- Market abuse surveillance - FCA publishes Market Watch No. 79
Asset Management
- UCITS Eligible Assets Directive - ESMA publishes call for evidence
- Cost-disclosure requirements for listed investment companies - House of Lords Financial Services Regulation Committee publishes letter
- Overseas Funds Regime - HM Treasury and FCA publish implementation roadmap
Insurance
- Digitalisation in the insurance market - EIOPA publishes report
- The Insurance and Reinsurance Undertakings (Prudential Requirements) (Transitional Provisions and Consequential Amendments) Regulations 2024 - SI made
- The Financial Services and Markets Act 2023 (Commencement No. 6) Regulations 2024 - SI made
Financial Crime
- New types of payment fraud and possible mitigations - EBA publishes opinion
- UK financial sanctions - OFSI launches FAQs
- UK financial sanctions - FCA consults on changes to Financial Crime Guide (CP24/9)
- AML/CTF guidance on wholesale markets - JMLSG launches consultation on revisions
Enforcement
- FCA’s new approach to publicising enforcement investigations (CP24/2) - House of Lords Financial Services Regulation Committee launches inquiry and call for evidence
- UK financial sanctions - OFSI publishes updated guidance on enforcement and monetary penalties
- FCA’s new approach to publicising enforcement investigations (CP24/2) - FCA responds to concerns of House of Lords Financial Services Regulation Committee
- Financial promotions - FCA publishes quarterly data