The U.K. Government has published the Retained EU Law (Revocation and Reform) Bill, known as the Brexit Freedoms Bill, which aims to repeal or assimilate retained EU law and abolish the principle of the supremacy of EU law in...more
Innovate Finance and Shearman & Sterling has submitted a comprehensive evidence paper to the House of Commons Treasury Committee inquiry into crypto-assets.
Analysis produced by Innovate Finance specially for the...more
10/6/2022
/ Cryptoassets ,
Cryptocurrency ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Instruments ,
Financial Markets ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
HM Treasury ,
Non-Fungible Tokens (NFTs) ,
UK
The U.K. Financial Conduct Authority has published its final rules and guidance for the new Consumer Duty, which is intended to establish clearer standards for consumer protection across the financial services industry. The...more
The U.K. Financial Conduct Authority has published a Policy Statement and final rules on improvements to the Appointed Representatives regime. The AR regime allows authorized firms to appoint representatives to conduct...more
HM Treasury has launched an inquiry into the role of crypto-assets in the U.K. and their regulatory framework. The inquiry poses questions on a range of subjects, including the likelihood of digital currencies (e.g.,...more
The recently published Financial Services and Markets Bill (FSM Bill) is intended to recast the U.K.’s regulatory architecture post-Brexit. It was introduced to Parliament on 20 July 2022. The Bill implements the outcomes of...more
8/2/2022
/ Commodities ,
Derivatives ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Financial Services and Markets Act ,
Financial Services Industry ,
HM Treasury ,
New Legislation ,
Stablecoins ,
UK ,
UK Brexit
The EU has published in the Official Journal of the European Union its Regulation on a pilot regime for market infrastructures based on distributed ledger technology. The pilot regime will permit certain DLT market...more
The U.K. Payment Systems Regulator Panel has published a report on its Digital Payments Initiative, which investigated potential barriers to the take-up of digital payments and possible solutions. The Panel advises the PSR on...more
The European Commission has published three consultations on the revised EU Payment Services Directive and on open finance. The results of the consultations will help inform the Commission's review of PSD2 and proposed...more
The U.K. Financial Conduct Authority has made three appointments to its senior leadership team -
Mel Gunewardena has been appointed to Senior Advisor, and will join the FCA from his role as Chief Market Intelligence...more
The European Banking Authority has published a discussion paper on whether, and how, environmental risks should be incorporated into the EU prudential frameworks for EU credit institutions and investment firms. The feedback...more
HM Treasury has published a Policy Statement on its plans for protecting the U.K.'s wholesale cash infrastructure. In recent years, use of cash has diminished in favour of cashless transactions but the U.K. government is...more
The U.K. Financial Conduct Authority has made three new appointments...more
The U.K. Financial Conduct Authority, Prudential Regulation Authority and Bank of England have published a joint statement on the London Metal Exchange's suspension of nickel trading between March 8-16, 2022. Trading was...more
The FCA has announced that Sberbank CIB (UK) Limited, the U.K. arm of Sberbank's corporate and investment banking division, has entered special administration. The firm has found itself unable to make payments due to the...more
The European Securities and Markets Authority has published a Call for Evidence on climate risk stress testing for EU central counterparties. Responses should be submitted by April 21, 2022....more
The U.K. Financial Conduct Authority has published a Dear CEO letter to Credit Rating Agencies setting out its expectations on the actions CRAs should undertake to minimize risks to consumers, market integrity and...more
The Financial Stability Board has published a letter to G20 Finance Ministers and Central Bank Governors outlining its work priorities for 2022, which are...more
The Financial Stability Board has published a report on the risks that crypto-assets pose to global financial stability. The FSB observes that the crypto-assets market is growing rapidly and could reach a point where it poses...more
The U.K. Financial Conduct Authority has secured changes to the contracts of four Buy Now, Pay Later firms – Clearypay, Klarna, Laybuy and Openpay. Certain terms, including contract cancellations, continuous payment...more
HM Treasury has published a summary of responses to its consultation on the U.K. funds regime. The consultation forms part of the U.K. Government's plans to make the U.K. a more attractive location for asset management....more
The U.K. Payment Systems Regulator has announced a phase-out of the Phase 1 technical environment that enables certain U.K. payment services providers to provide confirmation of payee services. The PSR's Specific Direction...more
The U.K. Financial Conduct Authority has appointed Richard Lloyd OBE as its interim Chair of the FCA. He will assume the position on June 1, 2022 and will continue until a permanent successor for former Chair Charles Randell...more
Striking a balance between investor protection and market development -
The U.K. is assessing its financial promotion framework, and changes are being made or proposed to amend the laws and rules. Financial promotions are...more
2/11/2022
/ Banking Sector ,
Banks ,
Cryptoassets ,
Financial Adviser ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
HM Treasury ,
Investors ,
Sustainable Finance ,
UK
The European Banking Authority has published final draft Implementing Technical Standards on Pillar 3 prudential disclosures of environmental, social and governance risks under the EU Capital Requirements Regulation. The ITS...more