Resolution powers and planning: IAIS application paper The International Association of Insurance Supervisors (IAIS) has published an application paper on resolution powers and planning. In this paper, the IAIS provides...more
UK CCPs: BoE discussion paper on supervisory stress test framework The Bank of England (BoE) has published a discussion paper on supervisory stress testing of UK central counterparties (CCPs) and announced its first public...more
Payment and Electronic Money Institution Insolvency Regulations 2021 (SI 2021/716) The Payment and Electronic Money Institution Insolvency Regulations 2021 (SI 2021/716) have been published, together with an explanatory...more
CRR: ECB extends leverage ratio relief for banks until March 2022 due to COVID-19 The European Central Bank (ECB) has adopted a Decision on the temporary exclusion of certain exposures to central banks from the leverage ratio...more
CMU: European Commission toolkit of indicators for monitoring progress The European Commission has published a staff working document containing a toolkit of indicators for monitoring progress on the Capital Markets Union...more
Draft Bank of England Act 1998 (Macro-prudential Measures) (Amendment) Order 2021 published A draft version of the Bank of England Act 1998 (Macro-prudential Measures) (Amendment) Order 2021 has been published, together with...more
6/21/2021
/ Bank Recovery and Resolution Directive (BRRD) ,
Banking Sector ,
Banks ,
Capital Requirements Regulation (CRR) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Prudential Regulation Authority (PRA) ,
Single Supervisory Mechanism ,
UK
Hogan Lovells Global Payments Newsletter: June 2021 We have published our latest Global Payments Newsletter which reports on key developments of interest to the payments sector over the last month, including ...more
Financial Services Act 2021 (Commencement No 1) Regulations 2021 The Financial Services Act 2021 (Commencement No 1) Regulations 2021 (SI 2021/671) have been published. SI 2021/671 is a commencement regulation made under the...more
SMCR: PRA PS11/21 and FCA Handbook Notice 88 on temporary, long-term absences -
The UK Prudential Regulation Authority (PRA) has published a policy statement, PS11/21, which confirms its final policy relating to temporary,...more
6/7/2021
/ Cryptoassets ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Instruments ,
Financial Services Industry ,
Prudential Regulation Authority (PRA) ,
RegTech ,
Regulatory Agenda ,
SMCR ,
UK
US-UK financial regulatory working group joint statement -
HM Treasury has published a joint statement by the US-UK Financial Regulatory Working Group following its fourth meeting, which was held virtually on 20 May 2021....more
PSRs 2017: FCA deadline extension for implementing SCA -
The UK Financial Conduct Authority (FCA) has announced that it is providing firms with a further six months to implement strong customer authentication (SCA) for...more
EU SSR: ESMA proposes permanently lowering reporting threshold of net short positions - The European Securities and Markets Authority (ESMA) has published an opinion in which it recommends that the European Commission...more
Climate change: BoE speech on course to net zero - The Bank of England (BoE) has published a speech by Sarah Breeden, Executive Director, UK Deposit Takers Supervision in which she talks about how financial services firms in...more
2022/23 supervisory benchmarking exercise for capital internal models: PRA statement - The UK Prudential Regulation Authority (PRA) has published a statement on its expectations concerning the 2022 and 2023 supervisory...more
Queen's Speech 2021 and Dormant Assets Bill -
On 11 May 2021, the Queen's Speech set out the government's legislative priorities for the next parliamentary session. ...more
Recent regulatory developments of interest to most financial institutions, including updates from the UK government, PRA, FCA, JMLG and the European Commission. See also our sector specific updates in the Related Materials...more
4/26/2021
/ Banks ,
Capital Requirements Regulation (CRR) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Legislative Agendas ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Retail Investors ,
Solvency II ,
UK
Financial Guidance and Claims Act 2018 (Commencement No 7) Regulations 2021 -
The Financial Guidance and Claims Act 2018 (Commencement No. 7) (Dissolution of the Consumer Financial Education Body) Regulations 2021 (SI...more
Omnibus accounts for payment systems operators and prefunding accounts: BoE update - The Bank of England (BoE) has updated its webpage on payment and settlement to add the following new sections to the information provided in...more
LIBOR transition: FCA and BoE encourage switch to SONIA in sterling non-linear derivatives market -
The Financial Conduct Authority (FCA) and the Bank of England (BoE) have published a joint statement announcing that they...more
4/5/2021
/ CSDR ,
EMIR ,
European Securities and Markets Authority (ESMA) ,
FICC Market Standards Board (FMSB) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Markets ,
Financial Regulatory Reform ,
Interest Rates ,
Libor ,
MiFID ,
MiFIR ,
Regulatory Agenda ,
Securities Regulation ,
Sterling Overnight Index Average (SONIA) ,
UK
UK-EU MoU on regulatory cooperation in financial services -
HM Treasury has announced that technical discussions on the text of the memorandum of understanding (MoU) on UK-EU regulatory cooperation in financial services have...more
4/5/2021
/ AML/CFT ,
Consumer Financial Products ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
Financial Institutions ,
Financial Services Industry ,
FPC ,
Insurance Regulations ,
Libor ,
Memorandum of Understanding ,
Money Laundering ,
Pensions ,
Regulatory Agenda ,
Reinsurance ,
Sterling Overnight Index Average (SONIA) ,
UK
CMA 2021/22 annual plan -
The Competition and Markets Authority (CMA) has published its annual plan for 2021/22. In 2021/22, the CMA will focus on the following themes...more
3/30/2021
/ EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
International Trade ,
Libor ,
Regulatory Agenda ,
Trade Policy ,
UK ,
UK Brexit ,
UK Competition and Markets Authority (CMA) ,
Whistleblowers
Open banking: CMA consultation on future governance -
The Competition and Markets Authority (CMA) is consulting on the future governance of open banking. In order to implement open banking, the CMA required the nine largest...more
AI Public-Private Forum: BoE publishes minutes of second meeting The Bank of England (BoE) has published minutes from the second meeting of the Artificial Intelligence Public-Private Forum (AIPPF), which was held on 26...more
3/15/2021
/ AML/CFT ,
BSA/AML ,
Cyber Threats ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Libor ,
Office of Financial Sanctions Implementation (OFSI) ,
Regulatory Agenda ,
UK
Future of UK financial services: Treasury Committee inquiry written evidence -
The House of Commons Treasury Committee has published written evidence to the committee's inquiry into the future of financial services in the...more
3/9/2021
/ European Securities and Markets Authority (ESMA) ,
FATF ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
MiFID II ,
MLD4 ,
Money Laundering ,
Regulatory Agenda ,
Terrorist Financing Regulations ,
UK
COVID-19: PRA statement on COVID-19 regulatory reporting amendments -On 5 February 2021, the UK Prudential Regulation Authority (PRA) has published a further statement on COVID-19 regulatory reporting amendments. ...more