The Standard Formula Podcast | Developments on the Horizon for the UK Change-in-Control Regulatory Regime
The UK Prudential Regulation Authority (PRA) has announced an extension to the consultation period for CP12/25 which sets out Phase 1 of its Pillar 2A review. The consultation was originally published on 22 May. In response...more
The European Banking Authority (EBA) has published a consultation paper on draft implementing technical standards (ITS) for the supervisory reporting of third-country branches under the Capital Requirements Directive (CRD...more
The Prudential Regulation Authority (PRA) has published consultation paper CP13/25 proposing amendments to the credit union investment rules to permit investments in credit union service organisations (CUSOs). The proposals...more
The PRA and FCA are consulting on new proposals to simplify the UK remuneration regime and make it more proportionate for banks. Changes would reduce the number of material risk takers (MRTs) subject to the rules, simplify...more
On October 24, 2024, the Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA) jointly announced the implementation of the Shared Responsibility Framework (SRF) in relation to phishing...more
The Glasgow Financial Alliance for Net Zero has published a consultation paper on nature in net-zero transition plans, which supplements the guidance provided in its November 2022 financial institution net-zero transition...more
The Financial Action Taskforce has published a consultation paper on revisions to its anti-money laundering and counterterrorism financing standards relating to financial inclusion. The consultation is part of FATF's program...more
The FCA is proposing to allow asset managers to rebundle payments for third-party research and trade execution. On 10 April 2024, the FCA published its much-anticipated Consultation Paper on payment optionality for...more
The consultation paper confirms a radical approach to bolster the international competitiveness of the UK markets and return to a disclosure-based listing framework. The FCA today published consultation paper CP23/31...more
The voluntary code aims to enhance transparency and improve comparability and reliability of ESG data and scores. The Monetary Authority of Singapore (MAS) has published a Code of Conduct for Providers of Environmental,...more
The UK’s Financial Conduct Authority and Prudential Regulation Authority have released a joint consultation on new regulatory framework on diversity and inclusion. This article focuses on the FCA’s Consultation Paper CP23/20....more
In June 2023, the Science Based Targets initiative (SBTi) published a draft of its Financial Institutions Net Zero (FINZ) Standard to enable financial institutions to establish targets consistent with achieving net-zero...more
On 12 April 2023, the three European Supervisory Authorities (EBA, EIOPA and ESMA, together the ESAs) published a joint consultation paper in response to their joint mandate to review and revise the RTS supplementing SFDR....more
The consultation seeks feedback on its “measures-based approach” to classifying industrial activities, as well as “Do No Significant Harm” criteria. The Green Finance Industry Taskforce (GFIT) was convened by the...more
2023 is here and ESG developments have continued apace throughout January with ESG remaining squarely on the financial services regulatory agenda in the UK and internationally. In this edition, we share the latest key focal...more
The UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) on December 20, 2022, announced fines totaling £48.65 million ($59 million) on TSB Bank plc (TSB) for operational resiliency failures, after...more
Key developments of interest over the last month include: UK FCA publishes final Consumer Duty rules and guidance; European Commission adopts Delegated Regulation amending RTS on SCA and CSC under PSD2; and South East Asian...more
The European Banking Authority (the EBA) recently published a consultation paper with proposed amendments to the regulatory technical standards (RTS) on the homogeneity of the underlying exposures in securitisation, following...more
On 28 July 2022, the European Banking Authority (the “EBA”) published a Consultation Paper on draft regulatory technical standards (“RTS”) specifying the criteria for the underlying exposures in on-balance-sheet STS...more
On 7 December 2021, the FCA published a second consultation paper (CP21/36) on the proposed "Consumer Duty" (the "Second Consultation"). The FCA's first consultation on this topic (CP21/13) was published in May 2021 and...more
After a summer hiatus, we return with a warning of imminent AML controls; a trend we witness across the region. On 1 October 2021, the Monetary Authority of Singapore (“MAS”) published a Consultation Paper on the FI-FI...more
FCA regulatory sandbox: new application guide and now always open The Financial Conduct Authority (FCA) has published a new guide to assist firms making a regulatory sandbox application. The FCA has also updated its webpage...more
Recent publications come in light of UK’s “greater autonomy” in setting AML and CTF regulations following Brexit. Background to the review - On 22 July 2021, HM Treasury published both a Call for Evidence on a review...more
UK and Singapore Financial Partnership on financial services HM Treasury has announced that it has agreed a new "Financial Partnership" between the UK and Singapore which will support increased financial services between the...more
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