3 min read
Includes developments in relation to: climate-related risks; cyber resilience; EU taxonomy; CSDDD; transition finance; mutual recognition between UK and Switzerland; CRR III; CRD VI; SSM; open banking; ESG; EMIR; digital securities sandbox; UK listings; UK MAR; MiFID II; benchmarking; IFD; non-life underwriting risk; IDD; and complaints against the FCA.
General
- Managing climate-related financial stability risks - ECB and ESRB publish joint report
- Cyberattack resilience - ECB announces stress test
- EU Taxonomy - European Commission publishes adopted guidance
- CSDDD - Provisional political agreement reached, including on financial sector inclusion
- Transition Finance Market Review - Announced by HM Treasury and the Department for Energy Security and Net Zero
- 2023 CBEST - Bank of England, FCA and PRA publish thematic findings
- The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) (No. 2) Order 2023
Beyond Brexit
- The Retained EU Law (Revocation and Reform) Act 2023 (Commencement No. 1) Regulations 2023
- Mutual recognition in financial services - HM Treasury announces agreement between UK and Switzerland
- BMR - ESMA updates its statement on the impact of Brexit
Banking and Finance
- CRR III and CRD VI - EBA publishes roadmap, consultations and discussion paper
- SSM - ECB updates its methodology for SREP
- Approach to resolution - publication updated by the Bank of England
- Open Banking Update - Joint Regulatory Oversight Committee outlines actions enabling the next phase of progress
Securities and Markets
- ESG rating activities - Council of the European Union agrees negotiating mandate on proposed Regulation
- EMIR - ESMA publishes final report on its guidelines on position calculation under EMIR Refit
- The Financial Services and Markets Act 2023 (Digital Securities Sandbox) Regulations 2023
- The Financial Services and Markets Act 2023 (Benchmarks and Capital Requirements) (Amendment) Regulations 2023
- FMI requirements powers - Bank of England launches consultation on approach to statutory notice decisions
- UK EMIR margin requirements for non-centrally cleared derivatives - PRA and FCA publish joint Policy Statement (PRA PS18/23 and FCA PS23/19)
- UK listings and other market improvements - FCA consults on new listing regime, transparency for bond and derivative markets and issues policy on consolidated tape
- Notification and disclosure of net short positions - FCA updates webpage
- Article 10 UK MAR, ESG stewardship and sponsor procedures - FCA publishes Primary Market Bulletin 46
- Ancillary activities exemption for commodity derivatives under MiFID II - FCA continues approach
Asset Management
- Diversity under CRD IV and IFD - EBA publishes final report on draft guidelines on benchmarking practices
- Selling client banks - FCA publishes statement
Insurance
- Value for money benchmarks - EIOPA launches consultation
- Non-life underwriting risk in internal models - EIOPA publishes comparative study
- The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2024
- IDD - Policy Statement with final rules published by FCA (PS23/18)
Enforcement
- IRHP further redress judicial review claim - reply to FCA grounds of defence published
- Oversight of Premier FX - Final report and FCA response published
- Upheld complaint - Office of the Complaints Commissioner publishes final report and FCA publishes response