The UK’s Financial Conduct Authority (“FCA”) has published Consultation Paper CP23/11 on enhancing the proportionality of the application of rules on remuneration for smaller, dual-regulated firms in relation to the risks...more
The UK’s Prudential Regulation Authority (“PRA“) has published its Business Plan for 2023/23 setting out its strategic priorities and anticipating its new, secondary objective to facilitate international competitiveness and...more
On 3 May, the UK’s Financial Conduct Authority (“FCA“) issued Consultation Paper CP23/10 setting out significant proposals to reform equity listing rules.
There has been a precipitous decline in the number of listed...more
In the context of a year that has seen record levels of volatility, the FCA has set out in its Business Plan for 2023/24 how it plans to tackle regulating firms with a view to delivering on its objectives of: ensuring markets...more
By way of diversion from the current crisis mode of regulators the world over, here we discuss positive regulatory initiatives on bank liquidity, CDS clearing and the development of Long Term Asset Funds.
UK bank...more
On 30 September 2022, the Prudential Regulation Authority (the “PRA”) published Consultation Paper 16/22 (the “Consultation Paper”) proposing for the implementation of Basel 3.1 standards in the UK. The consultation closes on...more
Under the Future Regulatory Framework (the legislative structure for a post-Brexit UK regulatory system proposed under the Financial Services and Markets Bill currently before Parliament) the UK’s Financial Conduct Authority...more
On 14 March 2023, the PRA launched a consultation on the Deductions for Non-Performing Exposures (Revocations) (CRR) Instrument 2023 to remove the current Common Equity Tier 1 (“CET1”) deduction requirement for NPEs that are...more
On 10 January, the UK’s Prudential Regulation Authority (“PRA“) wrote to international banks active in the UK to update them on regulatory priorities for 2023.
While these clearly reflect current macroeconomic drivers,...more
The FCA has warned cryptoasset firms to get ready for new rules controlling their financial promotions that reach UK residents. Regardless of whether they are operating from the UK or from abroad, cryptoasset providers are...more
The UK Government (Treasury) has published a consultation and call for evidence on a ‘Future financial services regulatory regime for cryptoassets’ which sets out what is being called ‘phase 2’ of the UK’s approach to...more
2/9/2023
/ Crypto Exchanges ,
Cryptoassets ,
Cryptocurrency ,
Digital Assets ,
Financial Markets ,
Financial Regulatory Reform ,
Financial Services Industry ,
Financial Transactions ,
FinTech ,
Investment ,
Market Abuse ,
UK
UK firms manufacturing financial products that reach retail customers are facing a significant deadline this April to conform those products to meet the new consumer duty....more
In CP16/22 (published on 30 November 2022), the UK’s Prudential Regulation Authority (“PRA”) sets out plans for implementing the Basel 3.1 standards for calculating risk-weighted assets (“RWA”). Concerned that downward...more
On 20 December 2022, the European Banking Authority (“EBA”) published the final report on its draft Regulatory Technical Standards on the identification of a group of “connected clients” under Article 4(4) of the Capital...more
The UK’s Financial Conduct Authority (“FCA”) and Prudential Regulation Authority (“PRA”) have together fined a leading bank a total of £48,650,000 for IT failures that left customers unable to access their accounts. The fine...more
As we make the transition from 2022 to 2023, this is a good time to look ahead to developments in the UK and the EU that will likely impact the financial services industry. Here are some observations....more
12/21/2022
/ Asset Management ,
Digital Assets ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Greenwashing ,
Investment ,
Proposed Regulation ,
Regulatory Agenda ,
Securitization ,
Sustainability ,
UK
On the 9th of December, the UK’s Chancellor, Jeremy Hunt, set out a “collection of announcements” aimed at reforming the UK’s financial services ecosystem to maximise its position outside the EU while aligning still with...more