One of the aims of the European Union’s Capital Requirements Directive VI (CRD VI) is to harmonise the banking supervisory and access framework across the EU, including in relation to the provision of core banking services....more
On July 15th, the UK Government published the final version of its Financial Services Growth and Competitiveness Strategy (the Strategy). The Strategy aims to “[roll] back regulation that had gone too far in seeking to...more
In Primary Market Bulletin 54, the Financial Conduct Authority ("FCA") addresses concerns about deliberate, unintentional and unlawful disclosure of market sensitive information during ongoing M&A transactions. Leaks to the...more
The UK’s Treasury ("HMT") has set out an Action Plan to ensure that regulation promotes growth and investment. Noting that while regulation has many benefits, the UK’s current stance is hindering its international...more
The UK’s Financial Conduct Authority ("FCA") has published findings from its multi-firm review of valuation processes for private market assets.
Given the UK’s status as the largest centre for private market asset...more
As previewed in our prior Cabinet News &Views issue here, the UK’s Accelerated Settlement Taskforce Technical Group has published its implementation plan for the first day of trading for T+1 settlement to be scheduled for 11...more
As set out in our previous Cabinet News & Views issue of December 2024 here, the Court of Appeal has found that some commissions paid to car dealerships for arranging loans were potentially unlawful as the loan agreements did...more
Regulation (EU) 2022/2554 on digital operational resilience for the financial sector (“DORA”), which establishes a uniform set of requirements relating to the security of network and information systems supporting financial...more
The UK’s Financial Conduct Authority ("FCA") and Prudential Regulation Authority ("PRA") have issued a joint consultation aimed at making dual-regulated firms’ remuneration regimes more effective, simple and proportionate...more
The UK’s Financial Conduct Authority ("FCA") is proposing to extend the payment optionality it has proposed for institutional investors to pooled funds, including UCITS management companies, full scope UK Alternative...more
In Policy Statement 24/14 (“PS 24/14”) the UK’s Financial Conduct Authority (“FCA”) has set out a “simpler and more timely post-trade transparency regime” for bonds and certain derivative transactions....more
In Discussion Paper DP 13/24, the UK’s Prudential Regulation Authority ("PRA") has set out its near-final proposals to restate the relevant provisions in the assimilated Capital Requirements Regulation (the "CRR") in the PRA...more
The European Commission has produced the first leg of its long awaited consultation on the function of the EU Securitisation Framework ("ESF") in the form of a paper setting out consultation questions....more
The UK’s Financial Conduct Authority ("FCA") has recently successfully applied to the Court of Appeal to uphold an earlier decision to impose requirements for redress in relation to conflicts of interest. This decision serves...more
In Policy Statement PS24/9 on Payment Optionality for Investment Research, the UK’s Financial Conduct Authority ("FCA") has set out its final rules on allowing payments for research to once again be ‘bundled’ (i.e. made...more
The UK’s Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have published updated Q&A covering changes to the UK European Market Infrastructure Regulation (UK EMIR) reporting requirements that go...more
Implementation:
The Regulatory Technical Standards (RTS) supplementing Regulation (EU) 2017/2402 (EU Securitisation Regulation) on Principal Adverse Impacts (PAI) of simple, transparent and standardised (STS)...more
7/30/2024
/ Consumer Lenders ,
Environmental Social & Governance (ESG) ,
EU ,
Financial Services Industry ,
Loans ,
Regulatory Standards ,
Securities ,
Securitization ,
SFDR ,
Sustainability ,
Sustainable Finance
By March 31, 2025, U.K. firms regulated by the Financial Conduct Authority will be required to have conducted mapping and testing to ensure they remain within their impact tolerances for identified operational risks of...more
There's been a flurry of regulatory activity in the UK and Europe over the past few weeks. Here's a look at the highlights.
The EU has renewed its determination that the solvency regime for US-headquartered insurers and...more
On 30 April 2024, the Financial Conduct Authority (the “FCA”) published Policy Statement PS24/4 (“PS24/4”) setting out the final FCA Securitisation Sourcebook (“SECN”). Subject to the repeal of the Securitisation Regulation...more
6/7/2024
/ Asset Management ,
Due Diligence ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Hedging ,
Investors ,
New Legislation ,
New Rules ,
Prudential Regulation Authority (PRA) ,
Risk Retention ,
Securitization ,
UK
The UK’s Financial Conduct Authority (“FCA”) has published a web page of observations aimed at helping firms prepare for new operational resilience rules due to be inforced by 31 March 2025. The relevant rules apply to banks,...more
The UK’s Financial Conduct Authority (FCA) has reported its observations on firms’ market abuse surveillance arrangements in the May edition of Market Watch. The newsletter looks at a peer review of surveillance model testing...more
5/17/2024
/ Colorado ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
DIDMCA ,
FDIC ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Information Governance ,
Interest Rates ,
Loans ,
Surveillance ,
UK
Greenwashing remains at the top of enforcement agendas in 2024. Marketing products and services as “green” and “sustainable” is a common practice and seen as an important way to attract the attention of environmentally...more
The UK’s Accelerated Settlement Taskforce published its report on reforms to the settlement cycle on 28 March 2024. Mirroring the move by all North American markets to a T+1 cycle in May 2024 as well as ongoing EU...more
December 2023 saw the publication by the EU of the near-final version of its ‘Banking Package’ that makes significant changes to the Capital Requirements Directive known as ‘CRD VI’. This article is going to focus on the CRD...more