The Financial Services Act 2021 (Commencement No 2) Regulations 2021 (SI 2021/739) have been published. The Regulations set out commencement dates for a number of provisions in the Financial Services Act 2021 (FS Act)....more
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
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
UK Solvency II review: PRA information on quantitative impact study The Prudential Regulation Authority (PRA) has published a webpage setting out information about its forthcoming quantitative impact study (QIS), which will...more
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
Proposed codified EU Regulation on cross-border payments: JURI draft report -
The European Parliament's Legal Affairs Committee (JURI) has published a draft report containing a draft European Parliament legislative...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
COVID-19: FCA statement on regulatory treatment of Recovery Loan Scheme -
The FCA has published a statement on the regulatory treatment of the UK Recovery Loan Scheme (RLS), which was launched on 6 April 2021 as part of the...more
6/1/2021
/ Bank Recovery and Resolution Directive (BRRD) ,
Capital Requirements Regulation (CRR) ,
Consumer Financial Products ,
Coronavirus/COVID-19 ,
European Banking Authority (EBA) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Infectious Diseases ,
IOSCO ,
Loans ,
MREL ,
Regulatory Agenda ,
UK
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
FCA credit broking survey -
The UK Financial Conduct Authority (FCA) has announced that it plans to send a survey to 300 credit broking firms on 20 May 2021 asking them to update the information the FCA holds on how the...more
Collections function: PRA Dear Chief Risk Officer letter -
The UK Prudential Regulation Authority (PRA) has published a letter to Chief Risk Officers (CROs) of non-systemic UK deposit takers, from Melanie Beaman, PRA...more
Financial Services and Markets Act 2000 (Collective Investment Schemes) (Amendment) Order 2021 -
The Financial Services and Markets Act 2000 (Collective Investment Schemes) (Amendment) Order 2021 (SI 2021/566) has been...more
Financial Services Act 2021 receives Royal Assent -
The Financial Services Bill 2019-21 has received Royal Assent. Among other things, the Financial Services Act 2021...more
5/4/2021
/ Anti-Corruption ,
European Central Bank ,
False Claims Act (FCA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Green Finance ,
Legislative Agendas ,
MiFID ,
Regulatory Agenda ,
Supervisory Guidance ,
UK
Draft Payment and Electronic Money Institution Insolvency Regulations -
Recent regulatory developments focussed on the payments sector. See also our Financial institutions general regulatory news of broad relevance in the...more
The Financial Conduct Authority (FCA) is contacting thousands of firms across various sectors that appear to have missed the 31 March 2021 deadline for submitting “Directory person” data.
...more
Recent regulatory developments focussed on the payments sector. Reports on a BoE update on its policy for omnibus accounts in its RTGS service, and an LSB update on the CRM Code for APP scams. ...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
Solvency 2 (Credit Risk Adjustment) Regulations 2021 The Solvency 2 (Credit Risk Adjustment) Regulations 2021 -
(SI 463/2021) have been published, together with an explanatory memorandum and a de minimis impact assessment....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
Consumer credit forms: FCA statement on post-Brexit changes - The UK Financial Conduct Authority (FCA) has published a statement and accompanying webpage relating to changes certain consumer credit firms will have to make to...more