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ESMA consults on the DLT Pilot Regime

Following its call for evidence earlier this year, ESMA is consulting on draft guidelines on standard forms, formats and templates to apply for permission to operate a DLT market infrastructure. The proposed draft...

FCA board discusses Consumer Duty

The FCA has published the minutes of a board meeting held on 26 May 2022 at which, amongst other items, the board discussed the new Consumer Duty. Highlights include: feedback from external stakeholders on the proposed...

EU reaches agreement on crypto measures

The EU has reached agreement on critical elements of crypto-asset regulation. The European Parliament and the European Council have reached a provisional deal new legislation aiming to ensure that crypto transfers can...

FCA hosts CryptoSprint events

The FCA hosted its first policy-focused CryptoSprint events in May and June 2022. The objective of the events was to seek industry views around the current market and the design of an appropriate regulatory regime...

PRA sets fees and levies for 2022/23

Following its consultation in the spring, the PRA has published a policy statement to confirm the final regulated fees and levies rates for 2022/23. The rates meet the PRA’s annual funding requirement for the...

PSR updates on card-acquiring market review

Following its initial consultation, the PSR has now published its provisional decision in relation to remedies for the card-acquiring market review. The PSR has launched a second consultation on proposals for three...

UK sanctions more Russian oligarchs

New sanctions under the Russian regime designate more individuals within Vladimir Putin’s inner circle, including Russia’s second richest man, and a relation to Putin’s who is president of a large...

Ruling on costs in collective damages action

Following the latest judgment in the matter of Merricks v Mastercard, the CAT has now given a ruling on costs. The ruling concerns: The costs between 19 August 2021 and 9 March 2022 – Mastercard submitted that the...

FCA seeks retrial in insider dealing case

Following the Court’s decision to discharge the jury after they were unable to reach a verdict following an 8-week trial, the FCA has announced that it will pursue a retrial of Stuart Bayes and Jonathan Swann for...

Outcomes of FATF plenary

The latest FATF Plenary meeting took place from 14-17 June. At it, FATF agreed to severely limit the role of Russia and its influence in FATF; approved a report to help the real estate sector better detect and prevent...

Treasury confirms BNPL proposals

Treasury has published its consultation response to its plans for regulating the buy-now-pay-later credit market. It has confirmed that: lenders offering BNPL will need to be authorised by FCA; lenders will need to...

FCA to delay PEMC review

FCA was due to carry out its post-implementation review of its requirements to help customers with serious pre-existing medical conditions to get travel insurance and report by October.  It has decided to delay its...

FCA update on market abuse and manipulation

Tackling market abuse is one of the FCA’s strategic priorities. Given recent press reports about the FCA’s approach, the FCA outlined the work it does to tackle insider trading and manipulation and to warn...

FPC withdraws mortgage affordability test

FPC has confirmed that it will withdraw its Recommendation on mortgage affordability with effect from 1 August. The current test specifies a stress interest rate for lenders when assessing borrowers’ ability to...

NCA updates SAR Glossary codes

NCA has published updated guidance on SAR Glossary Codes and Reporting Routes. The booklet follows the familiar form, providing: a checklist aimed at establishing whether the circumstances require immediate attention...

Treasury feeds back on MLR changes

Treasury has published the feedback on its consultation from last summer on amendments to the MLRs. It has now analysed the responses to the consultation, made the legislative changes, and most of the changes will take...

EBA publishes MLRO role guidelines

EBA has published its final guidelines on the role and responsibilities of the officer in charge of compliance with AML and CTF and of the management body of credit and financial institutions. As ever, the Guidelines...

FCA publishes quarterly consultation

The FCA’s latest quarterly consultation covers: a minor amendment to DEPP to reflect changes to the FCA’s decision-making processes implemented on 26 November 2021; amendments to the Compensation rules relating to...

Solvency II review updates

The PRA has launched the 2022 data collection exercise for the Solvency II review, primarily in support of the matching adjustment (MA) and fundamental spread (FS) calibration reforms. The exercise will cover three main...

FATF publishes UK follow up report

FATF has carried out its latest assessment of the UK’s compliance with its Recommendations, following the 2018 report. FATF says the report from the UK on the actions taken since the last evaluation has enabled it...

Pensions consumer journey feedback statement

On 7 June 2022, the FCA and the Pensions Regulator published a feedback statement (FS) to their May 2021 joint call for input on the behaviour of consumers at key points in the pension saving journey. The aim was to...

FCA to act to prevent CMC phoenixing

New rules being introduced by the FCA will prohibit CMCs from carrying out regulated claims management activity in certain circumstances on claims or potential claims to the FSCS, where the CMCs have relevant...

ESMA provides guidance on sustainability risks

On 31 May 2021, ESMA published a supervisory briefing setting out guidance on the integration of sustainability risks in the area of asset management. The guidance is aimed at national competent authorities (NCAs) to...

Court looks at meaning of “insurance”

A court has considered whether a law firm that offered an indemnity against adverse court orders when acting for claimants on a conditional fee basis was in fact carrying on insurance business. The defendant firm of...

ESMA speaks on retail funds

Verena Ross of ESMA has spoken on the priorities for EU retail fund investors. She focussed on: the PRIIPs review: she acknowledged that change is needed, particularly on the presentation of performance information, and...

HM Treasury speech on credit unions reform

On 24 May 2022, in a speech delivered at the Association of British Credit Unions annual conference, John Glen, Economic Secretary to HM Treasury, announced reforms to the legislative framework for credit unions. In the...

FCA sets up BSPS information page

FCA has published a new page on its website in which it gives answers to requests for further clarification that it has received from respondents to its consultation on the British Steel Pension Scheme redress scheme...

ESMA updates Q&As on crowdfunding

On 20th  May 2022, the European Securities and Markets Authority (ESMA) has updated the Questions and Answers on the European crowdfunding service providers for business Regulation. The changes specifically address...

FCA speaks on regulating finance in the UK

Charles Randell, FCA and PSR Chair, has delivered a speech on regulating finance for the whole of the UK. Highlights include: Importance of partnerships and policy coherence – the FCA recognises the continued importance...

FCA publishes issue 69 of Market Watch

On 17 May 2022, the FCA published Market Watch 69, its newsletter on market conduct and transaction reporting issues. The newsletter focuses on firms’ arrangements for market abuse surveillance, drawing on the...