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Regulatory review – November 2021 | Proskauer Rose LLP


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Welcome to the Regulation Round Up, a regular newsletter highlighting the latest developments in financial services regulation in the UK and the EU.

November 30

The European Securities and Markets Authority (“ESMA“) issued a corrigendum by the European Commission to a set of responses on the application of the EU Sustainable Finance Disclosure Regulation (EU / 2019/2088) (“SFDR“).

The Financial Conduct Authority (“FCA”) Published a consultation paper (CP21 / 33) on its policy proposals for its regulatory fees and levies for 2022/23.

The FCA has issued a policy statement (PS21 / 20) on changes in conduct and organizational requirements set out in UK laws and regulations implementing MiFID II (2014/65 / EU) (“MIFID 2“).

29 november

The FCA has issued a policy statement on (PS21 / 18) on Limiting Claims Management Company (CMC) Fees for Complaints Related to Financial Products and Services (PS21 / 18).

The Prudential Regulation Authority (“PRA”) Has posted a discussion paper on planned updates to its regulations on its website.

ESMA published a letter issued by the European Commission on November 25, 2021 confirming that it is further postponing the application of regulatory technical standards (“RTS”) Supplementing the SFDR. Please see our alert on this matter.

FCA issued a policy statement (PS21 / 19) on changes to its technical standards on strong customer authentication and common and secure communication methods and guidance in its payment services approach document and electronic money and its scope orientation manual.

The FCA has released its review of mortgage prisoners.

25 november

The PRA published a consultation document (CP21 / 21) on operational resilience and operational continuity in resolution.

The European Commission has adopted a legislative proposal for a directive containing certain amendments to the Directive on alternative investment fund managers (2011/61 / EU) (“AIFM“). Please see our update on this.

The Bank of England published a speech on the role of the PRA in improving the processes that support insurers’ investments under the Solvency II regime.

The FCA and the Bank of England have published a joint consultation paper (CP21 / 31) on changes to reporting requirements, data quality procedures and trade repository registration under UK EMIR (EU / 648/2012).

The European Commission has adopted:

  • a legislative proposal for a regulation amending the Markets in Financial Instruments Regulation (EU / 600/2014) (MiFIR) as regards improving the transparency of market data, removing obstacles to the emergence of a consolidated band, the optimization of trading obligations and the ban on receiving payments for the transmission of customer orders; and
  • a legislative proposal for a directive amending MIFID 2.

The FCA has published a consultation paper (CP21 / 32) on improving non-occupational retirement outcomes.

23 november

The European Parliament issued a press release announcing that it had voted to adopt the following positions at first reading:

  • Position on the proposal for a regulation amending the PRIIPs regulation (EU / 1286/2014); and
  • Position on the proposal for a directive amending the UCITS directive (2009/65 / EC)

22 november

The European Banking Authority (“TSA”) Published a final report on its revised guidelines on sound remuneration policies under the Investment Firms Directive (EU / 2019/2034).

The EBA has published a final report on internal governance under the Investment Firms Directive (EU / 2019/2034).

ESMA has published a discussion paper on a review of compensation thresholds under EMIR (EU / 648/2012).

The Bank of England published a speech on improving cross-border payments and the Bank of England’s work to improve its real-time gross payments system.

November 19

ESMA published a speech on ESG reporting, risk management, strategy and responsibility.

November 18

The EBA has published a consultation document on the draft regulatory technical standards for Pillar 2 add-ons for investment firms under the Investment Firms Directive (EU / 2019/2034).

ESMA has published a final report on the draft RTS amending the RTS on the clearing obligation and on the derivative trading obligation under Article 5 (2) of EMIR (EU / 648 / 2012) and Article 32 of MiFIR (EU / 600/2014), respectively.

EBA has published a call for advice on a review of the Second Payment Services Directive (EU / 2015/2366).

The payment systems regulator has released a consultation paper on permitted push payment scams.

The Investment Association has published a revised version of its compensation principles for 2022.

November 17

The FCA released a consultation paper (CP21 / 30) on proposed new rules that would prohibit loan companies (and their designated representatives) from receiving compensation from debt solutions providers and their associates.

November 16

FCA released issue 68 of Market watch, its newsletter on market conduct and trade reporting issues.

The Basel Committee on Banking Supervision has published a consultation paper on the principles of effective management and control of climate-related financial risks.

The PRA has published a webpage containing a table which summarizes the correlation between the repealed provisions of the UK Capital Requirements Regulation (575/2013) (UK CRR) and their corresponding PRA rules.

The European Commission published a speech on the evolution of the EU payments market.

November 15

The Bank of England has released a consultation paper on changes to the Financial Policy Committee framework for other pillars of systemically important institutions.

The PRA issued a policy statement (PS26 / 21) on domestic liquidity subgroups.

The European Central Bank has launched a consultation on a draft guide on the notification of securitization transactions.

A draft Solvency II (Group supervision) (Amendment) 2021 regulation has been published.

12 november

The FCA published a letter Dear CEO on applying for license as a funeral service provider, which was sent to the CEOs of providers.

November 11th

The Financial Services (Gibraltar) (Amendment) (Exit from the EU) Regulation 2021 (SI 2021/1252) has been published.

The Bank of England has issued a letter from Sir Jon Cunliffe, BoE Deputy Governor, Financial Stability, to UK Financial Market Infrastructure CEOs and Specified Service Providers regarding profit allocation in light of COVID-19 .

November 10

The FCA has updated its web page on changes to its general insurance pricing practices.

November 9

Her Majesty’s Treasury has released a consultation paper on Phase II of the post-EU financial services regulatory framework.

The Bank of England has issued a statement outlining the next steps it and the UK Treasury are taking in exploring a central bank digital currency.

November 8

The PRA has issued a policy statement (PS25 / 21) outlining its final policy on the proposals set out in its June 2021 occasional paper.

The Bank of England has published a consultation paper on its approach to comparable compliance under Article 25a of the UK EMIR Regulation (648/2012).

The Bank of England has published a consultation paper on its approach to prioritization of inbound central counterparties (CCPs) under Article 25 of the UK EMIR Regulation (648/2012).

November 5

The FCA has issued a policy statement (PS21 / 15) on the regulation of prepaid funeral plans setting out final rules and providing comments on a July 2021 consultation document (CP21 / 20).

November 4

The International Organization of Securities Commissions (“IOSCO”) Published a speech on sustainable finance.

November 3

FCA has published a discussion paper on Sustainability Disclosure Requirements (SDRs) and Investment Labels (DP21 / 4). Please see our alert on this matter.

The FCA has published its strategy for ESG priorities, detailing the key actions it is taking or intends to take in the near future

The International Financial Reporting Standards Foundation issued a press release announcing the official creation of the International Sustainability Standards Board.

November 2

The FCA published a speech titled “The Drivers of Change in the Financial Services Industry and How We Are Responding to Them”. The speech focuses on the FCA’s response to new technologies and how it is best using its resources to address the challenges facing consumers and industry as an effective data-driven regulator.

IOSCO has published a final report outlining recommendations on practices, policies, procedures and disclosures related to sustainable development in asset management.

November, 1st

The Financial Ombudsman Service issued a comment statement on its consultation paper on temporary changes to reporting the results of proactively resolved complaints.

The Money Laundering and Terrorist Financing (Amendment) (No.3) (High Risk Countries) Regulations 2021 (SI 2021/1218) were adopted.

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