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Recent regulatory developments of interest to most financial institutions, including updates from the UK government, PRA, FCA, JMLG and the European Commission.
Contents
UK FinTech and financial services plans
LC&F compensation scheme and complaints to FCA
Lessons from Greensill Capital: Treasury Committee inquiry
Diversity: BoE launches Meeting Varied People initiative
PRA authorisations: updates on rule waivers and modifications and CRR and Solvency II permissions
UK Investment Firms Prudential Regime: FCA second consultation CP21/7
FCA transformation programme: update to HM Treasury
FCA appoints sustainability and technology directors
FCA regulated fees and levies for 2021/22: CP21/8
On 19 April 2021, the Financial Conduct Authority (“
FCA”) published the second out of three consultation papers on the implementation of the Investment Firms Prudential Regime (“
IFPR”) (CP21/7). The IFPR is a new UK prudential regime for investment firms authorised under the Markets in Financial Instruments Directive (EU/2014/65) (“
MiFID”) and will come into force from 1 January 2022. For further details about the new prudential regime in general, please refer to our update from June 2020. We also included a summary of the key points from the FCA’s first consultation in our update from December 2020.
In its second consultation, the FCA is seeking views on the following areas:
Brexit
HoL EU Services Sub-Committee report on trade in services
On 24 March, the HoL European Union Committee published a new report on UK-EU trade in services. The report concludes that despite the agreement of the Trade and Cooperation Agreement (TCA), the UK and EU still have work to do in overcoming the significant challenges that remain for trade in services. The report focuses on the implications on sectors including: (i) financial services, the TCA does not include substantive provisions on financial services, and delays to key decisions about the future relationship, particularly on equivalence, mean that the sector is still in a period of uncertainty. The UK’s exit from the passporting regime has led to the movement of some activity to the EU and firms facing the challenges involved in navigating different market access requirements in each Member State. The Committee is concerned that over time this may lead to a big shift of people and assets out of the UK. The Commit
The Capital Requirements Regulation (Amendment) (EU Exit) Regulations 2021 gov.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gov.uk Daily Mail and Mail on Sunday newspapers.
26 February
The Financial Conduct Authority (“
FCA”) published Handbook Notice 85, which sets out changes to the FCA Handbook made by the FCA Board on 25 February 2021.
The Financial Action Task Force (“
FATF”) published a document setting out the outcomes from its plenary meeting on 22, 24 and 25 February 2021.
The FCA published a report on its review of product governance in a sample of asset management firms.
The European Securities and Markets Authority (“
ESMA”) issued a press release announcing the publication of revised version of its Q&As on the EU Securitisation Regulation.
ESMA published a consultation paper on draft technical standards under the Regulation on European crowdfunding service providers for business ((EU) 2020/1503) (“